The last couple of years has indeed been tough on commerce and even harder for those in the hospitality industry. Some businesses sunk, while others took advantage of new opportunities and hit the ground running.
So, what did these successful businesses do that allowed them to keep their doors open and grow despite the turmoil? Let’s look at three of the strategies resourceful organizations adopted to weather the uncertainties of an economy in chaos – which are applicable in any market, anywhere…
Nobody knew what to expect when COVID-19 hit, and shutdowns are still an unpredictable certainty playing havoc with many businesses’ bottom line.
Small business owners often don’t have the resources or software to closely monitor trends, which is where working with a professional content marketing agency can come in handy.
Online marketing agencies have years of experience guiding their strategic decision-making.
A report by CallRail revealed that more than 40% of businesses stated they were overwhelmed with running their company but could not hire anybody to take over the marketing roles. A further 74% said they would rather spend their time on core business processes.
Agencies deliver marketing experience without the overheads of a full-time employee while also freeing a business owner to get on with what they do best; managing their business.
The marketing efficiency ratio (MER) measures the ratio between your ad spend versus your overall revenue.
When you have several marketing campaigns on the go at once, it can be difficult to work out an accurate return on ad spend for any single channel. For instance, a TV ad and a Facebook ad both keep the phones ringing and add leads to the email marketing list.
When subscribers convert through a newsletter delivered via email sometime later, neither the TV ads nor the Facebook ads will get the credit for the conversion. Calculating the MER value creates an opportunity for a business to closely monitor conversions versus ad spend, regardless of where the conversions are coming from.
The MER figures can provide a bird’s eye view of all channels’ performance, and an understanding of which paid advertising campaigns are having the most impact. Businesses with a firm grasp on when to dial back or ramp up their campaigns can more accurately manage their resources and maintain profit margins in an unpredictable economy.
Regardless of who your ideal customers are, most of them are online. The majority are heading straight to Google, Facebook, YouTube, Instagram, or one of many other popular online platforms to research and engage with a new business.
The resources are available for every business to expand its reach through online content marketing or inbound marketing as it is otherwise known.
Your marketing campaigns need to get with the times, which means social media, email, and content marketing.
Are you struggling to face the challenges of a pandemic embattled economy? Get your marketing up to speed, increase your ROAS, and grow your business by accessing our expertise through our content marketing agency today.