2025 is going to be an interesting year for the nation’s economy. If you look at one report, it says everything’s going to be incredible; glance at another projection, and things are iffy. If you compare 10, you’re going to see guesses that swing wildly across the spectrum.
And that’s exactly what they are, for right now—guesses.
There are a lot of unknowns, and while all kinds of different factors will touch different industries in different ways, we do know that you’re probably wondering how all of it will affect your business. You might be thinking: I know what I invested in marketing last year, and I had an idea of what I would budget for this year—but now I’m second-guessing everything!
So how can you finalize your marketing budget with so much economic uncertainty?
First of all—marketing is a critical component of any business’s economic growth, and that’s true even in difficult or unknown economic times. So you’ll want to make sure you develop a strategic plan, even if you can’t see into the future.
That would involve:
Evaluating what has worked in the past. Focus resources on proven strategies, which is a risk-averse approach. Use data to inform you on what has historically driven the greatest amount of ROI.
Rely on strategic partnerships. Working with partners means deflecting some of the risk and sharing some of the budget on ventures. Plus, it can broaden your exposure without extra investment. If you work with partners who have complimentary ventures, that diversifies your exposure and further reduces any risk related to the budget that you do allocate to the work.
Invest in cost analysis. In the past, you might not have put too much time into the cost analysis that went into your campaigns before they went out the door. If you put your time into this step, at the beginning, and allocate some labor or budget here, it will likely wind up paying for itself down the line by ensuring you don’t overspend anywhere and make the most profit possible.
Find cost-friendly marketing methods. Digital marketing will be your friend in times of uncertainty. With digital ads, you’ll never spend more than you want to and always know exactly where you stand with ROI. You can ensure the right audiences are seeing your ads and receive data in real-time about who is clicking through. Similarly, direct email is extremely low-cost and provides thorough insights about who’s engaged with your brand.
For additional ideas based on your specific budget, contact the wallet-friendly and cost-flexible team at Mad 4 Marketing.