Every aspect of business changed dramatically once the pandemic became a reality. Companies went into freeze mode, unsure of what steps to take to continue operating. In many cases, this meant a decreased marketing budget, but that wasn’t the case for all. Some businesses are thriving and reallocating budgets to digital marketing. Bonnie Crater, CEO of Full Circle Insights, a provider of marketing and sales performance measurement solutions, offered her take on the environment.
Ms. Crater remarked that not all companies are facing budget cuts, “We focus on B2B, and tech has done well during this period. The shift really is that many of these companies spend one-third or more of marketing budgets on in-person events, and those are, of course, not happening.
These businesses are seeing a flush of cash they can reallocate to digital marketing mediums. “You’re seeing some companies completely reevaluate their marketing spend and then focusing on improving digital marketing, looking at their websites, landing pages, and ad campaigns. What they want to be now is agile,” Crater said.
Ironically, digital marketing is rather well-suited for uncertainty. It involves testing and exploring options. One area Ms. Crater sees new investment is virtual events. “Companies have done webinars, but this is different. They’re trying to create an interesting, compelling virtual event that has a mix of pre-recorded and live content,” she remarked.
Her final advice to any company dealing with budget changes is to measure everything. “You have to measure all of your efforts to really know what’s working and so you can be nimble to react to that data. It’s very empowering,” she added.
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