How to Save Marketing Dollars During COVID-19

With uncertainty around COVID-19, it’s time to optimize your campaign strategies and do more with less.  You’re likely asking yourself, “How do we get lean, and then ramp back up? Where do we start?”  Right now, teams are evaluating the next 90 days and determining how to be responsible with their cash.  Below is our recommended approach to modifying your tactics.  Also, I have included links below to the stimulus packages for SMBs, as well as advertising credits from Google and Facebook.

 

Step 1: Analyze current spend

You must continue to push for sales, but your short-term approach needs to change.  Evaluate the budget items associated with the list below.  Print this blog and write down how much you are spending on each item per month.  Now, rate the effectiveness of each item, which is determining how well these components support the sales funnel.  Finally, rank them on effectiveness from highest to lowest.

 

Monthly Spend

Effectiveness Rating

Outsourced Partners

   

Marketing Agencies

   

Freelancers

   

Media Buyers

   

Marketing and Advertising

 

 

Lead Generation Campaigns

   

TV

   

Radio

   

Print

   

Tradeshow

   

PPC (Google, Facebook, LinkedIn)

   

Sales Enablement Production

   

Videos and webinars

   

Blog

   

Brochures and sales decks

   

Direct Mail

   

White papers and eBooks

   

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Questions to consider:

What are the low-rank, high-cost items?

Which of these can be paused or cut?

What can you bring in-house or outsource to a less expensive partner?

Step 2: Evaluate your sales channels

Analyze the impact and profitability of the channels you’re selling through. Document the annual cost of each channel and compare that to the annual revenue generated from that channel. 

 

Annual Cost

Annual Revenue

Inbound Marketing

   

Inside Sales

   

Outside Sales

   

Cross Selling or Up Selling

   

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Questions to consider:

What group is driving the most revenue? Profit?

Should you continue to engage in channels with low ROI?

Can these resources be repurposed to a more profitable channel?

Step 3: Use the data and remake your 90-day budget

You should have a clear understanding of what items have high cost and don’t directly drive revenue, in addition to which channels perform better than others.

The final takeaway is a simple and effective plan, a way forward.  We want to help, so we’re giving everyone access to Peer’s 90-day Sales Accelerator, located at the bottom of this article.  This will help your teams execute without unnecessary spend. Focus on tactics with direct ties to deal metrics.

Let us help

If you know someone who is struggling with their marketing and sales strategy due to COVID-19, we are here to help.  Here are three links to help you access funds during this crisis:


Below is my calendar... if you want to chat, grab any free block of time. No charge, no sales pitch, no agenda, just assistance and a way forward.

 

 

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Peer's 90-day sales accelerator worksheet

Help your teams execute without unnecessary spending, and focus on tactics directly tied to deal metrics.