When the pandemic was declared and countries started implementing lockdowns, (big) business loss was inevitable across industries. In that rush, many business owners made some decisions assumingly in interest to stay liquid. One of those decisions was ending the relationship with their outsourced digital marketing agencies. Of course, as we saw in the following weeks, that decision turned out to be a misstep and many startups then went on to re-hire agencies.
In these difficult times when the demand has slowed and consumers’ purchasing power has declined, one of the few ways for business owners to revive and make sales is to invest more in digital marketing. Yes, new practices and methodologies must be adopted in digital marketing in itself that optimizes ROI; a lot more attention must be paid to big data and analytics to craft high-return campaigns. But the punch line is you cannot keep your business alive by cutting your spending in an area that’s responsible for keeping it alive.
It’s all about better budget allocation and optimization. There are many things startups can do to stay liquid and financially adept without the need for dumping their American, Indian or Canadian digital marketing agency. The first step is to re-define the entire digital marketing strategy to accommodate the needs and challenges of today. It could include cutting back your spending on select platforms and sourcing that same amount to better channels; creating a new editorial calendar and publishing more topical content; so forth. Updating your site to add more relevancy is another important step that can help drive you more ROI from your digital marketing; hire a web development agency in Kolkata and make the needed changes.
In the end, working as a team with your digital marketing agency is what that will make the biggest difference… and not distancing yourself from them with short-term money-saving goals. With weeks and months ahead still looking uncertain, treading the water carefully is crucial. Hasty decisions can push your startup in a pitfall; many are down there already owing to their apprehensive decisions. There are numerous ways to save money and keep the finances of your establishment in a good condition. Digital marketing is an investment and not an expense that can be cut.
Henry Ford once said, “Stopping advertising to save money is like stopping your watch to save time.” The new-age spin to it is ‘Stopping digital marketing to save money is like stopping your watch to save time’.