We’ve seen a lot of headlines recently about how budget decreases in digital marketing are becoming the norm, not the exception. It seems that it’s time for another reminder: decreasing your digital marketing budget can spell disaster for your business. Here are 4 reasons why you shouldn’t decrease your digital marketing budget this year.
In the past 20 years, digital marketing has been the greatest thing to happen to business. With just a few clicks of a button, you can reach hundreds of thousands of people across the globe.
But what about in 2023? What will be different?
Amendeep Sharma, CEO of HeartCMS, has some thoughts on the matter.
“Digital marketing is going to be even more important than it is now because traditional marketing methods are becoming less effective. People are getting tired of seeing random ads everywhere they go—and I don’t blame them! But digital marketing is much more targeted and can help you reach your audience in ways that traditional methods simply cannot.”
“People want authenticity from brands and businesses,” he continued. “And if they don’t receive that authenticity from you, they’ll find someone who will give it to them!”
Sharma has been in the industry for over 12 years and is now CEO of HeartCMS, an award-winning digital agency based out of Nottingham which offers bespoke services related to marketing, branding, social media marketing, web development and more.
Under Sharma’s leadership, they have created memorable brands for clients such as Ne-Yo (a singer-songwriter of international fame), Gluteywear (a fitness brand, specialising in booty-hugging leggings and shorts), and Bowel Research UK ( a UK based charity that funds life-changing research into bowel cancer and other bowel diseases) which has led to successful campaigns across various other industries such as hospitality and health & fitness among others
Here’s why he thinks your digital marketing budget should not decrease in 2023:
1. Your competitors aren’t decreasing their budgets.
If you want to stay ahead of the competition, then you need to make sure that your digital marketing budget is on par with theirs.
The reason for this is pretty simple: your competitors aren’t decreasing their budgets because they know that it works. Many small businesses are giving up on digital marketing because they think it doesn’t work or isn’t cost-effective, but the truth is that if you’re not investing in it, then your competitors will be able to get ahead of you simply by doing so themselves.
It’s a matter of choosing where best to spend your money—and if there’s one thing we’ve learned from our experience working with HeartCMS clients over the years (including those who have been with us since day one), it’s that investing in effective digital marketing campaigns always makes sense!
2. You’ll miss out on reaching new users and engaging them.
Your customers are already there! They’re searching for you and your products—they want to know more about what you do and how you can help them. If you cut your budget to zero, they’ll be left in the dark.
When you decrease your digital marketing spend, you’re not just losing out on potential customers, you’re also losing out on the chance to connect with them.
The fact is, the most successful businesses use digital marketing to reach their audience at every stage of the sales funnel. From acquiring new prospects to nurturing them through the buying process, they make sure that every touchpoint along the way is as optimised as possible. A customer who has never heard of you, or one whose interest in your product or service has been piqued but not sufficiently satisfied, will go elsewhere and won’t find you again.
3. You’re likely to lose brand loyalty if you stop creating brand awareness.
Brand loyalty is hard to earn, but easy to lose. It’s one of the key metrics by which you can measure your success as a business. If you want customers to continue buying from you and referring others, they need to feel that your product or service is superior in quality and value compared with other options out there.
When you stop building brand awareness, it will be harder for them to recognize why they should stick with your company over time.
It’s important not just for long-term success but also for short-term revenue generation as well, so if these loyal users don’t know about the brand anymore, then it becomes increasingly difficult for businesses who want repeat sales opportunities through word-of-mouth referrals (instead of relying solely on advertising).
4. Digital ads can be more effective in your business’s current climate.
People are using more and more digital devices to shop and keep up with the news. With this shift comes a major opportunity: digital advertising.
Digital ads can be measured in real-time, which means you can see exactly how many people saw your ad and whether or not it converted, and adjust accordingly. With traditional advertising, you have to wait until after a campaign has ended before getting the full picture, if at all.
Digital ads can also be targeted, meaning that instead of wasting money on people who aren’t interested in what you’re selling, you can target only those who are most likely to buy what you’re selling. This saves time and money while increasing sales potential!
What we’ve found is that businesses in a variety of industries are using digital marketing to grow, even in times of economic uncertainty. With the flexibility and scalability of digital marketing strategies, there’s no reason not to continue investing in them, even when the budget is limited.
Sharma’s latest businesses are thriving, thanks to his adept use of his digital marketing budget and other strategies.
He started his online printing business ‘The Online Printer’ during lockdown and has since expanded into other ventures, including ‘Handcrafted Shelves‘.
He says: “Digital marketing is crucial for any business today. It can help you reach your customers and tell them about your services or products. It’s important that you use the right strategies and tactics so that you can see results.”