Dave's Outlook on Marketing Economics

How to invest your marketing budget.

If you’re a marketing or communications professional, you’re facing new budgetary challenges each and every day. Senior management can’t prepare strategic plans and are afraid to invest back into the businesses simply because they have no idea what’s going to happen next. In fact, every time we think things can’t get any worse, we’re proven wrong, because they do.

Exactly one year ago I published a video blog entitled “What does $150,000 get you”? At that time I said you can buy one B&W page in the NY Times but reach only their Manhattan circulation, or you can buy a billboard for two months in Times Square, or run one or two print ads in a nationwide consumer magazine. Or you can be smart and invest in an integrated public relations and social media strategy that can reach virtually millions of people 24/7/365.

Dollar for dollar, an integrated PR and Social Media program will outperform all marketing, media advertising or other communication tactics. A coordinated strategy will produce the most effective and cost efficient means to brand your product or service, and if the content is entertaining, will educate and engage your targeted audience in a two-way interactive communication.

Many companies have recognized the need to start participating in the social media phenomenon, however, too many are still just making a token effort and aren’t truly committed to this communication tactic. Without a coordinated and comprehensive strategy, the execution and implementation is typically amateurish at best and can have a negative effect on a brand's reputation.

Even in these difficult and fragile economic times companies must continue to communicate with their customers and proactively promote their brand. And with budgets being slashed to the bare bone they can’t afford to make even the smallest marketing and communication mistake.

I don’t know anyone who isn’t facing this economic dilemma and being forced to produce more with much less. But while you may have no control over this budgetary situation, you do have control over your marketing and communication strategies and tactics. Even with a total annual budget of only $50,000 you can still implement a program that effectively and efficiently communicates with your existing customers, promotes to new sales prospects, maintains your brand, and generates measurable ROI reports.

Don’t make a mistake and dilute your precious marketing and communication investment. Speak to a PR professional about developing a coordinated and comprehensive public relations and social media strategy.

If you do, I’m confident you’ll weather this economic storm we’re all experiencing and be way ahead of your competition, when the sun starts shining again.