The challenge for 2021 appears to be: do more with less, be innovative and qualify where those marketing dollars are going and what type of ROI each marketing effort will produce.
Now more than ever, every marketing dollar is important!
In a recent survey conducted by D&B, budget constraints were listed as one of the top five challenges marketers face. 70% of senior marketers said marketing budget commitments have been delayed or cut. Yet 76% are facing pressure to deliver results.
Below are some ideas that can help you be as efficient as possible with your marketing dollars:
• Add digital and social channels that are targeted specifically to mail recipients. This can increase visibility to your message by 8 to 10 times at a nominal cost.
• Focus some marketing dollars on business acquisition and use data points like “cash on hand” to find businesses likely to bring in higher balances.
• Use attrition modeling to identify customers likely to leave and implement a program to save the customers worth saving. It costs 5 times less to retain a customer than to acquire a new one.
• Create dashboards that provide key metrics in a timely manner. Once they are built, dashboards save time and resources since reports don’t need to be recreated each time, so campaign decisions can be made quicker.
We can help you, so bring on that challenge!