Content Marketing Budgets: Avoid Cutting Quality While Keeping Costs Down During Economic Downturns
Studies show content marketing generates three times as many leads as traditional marketing methods and costs 62% less. That means content marketing is consistently one of the most reliable marketing tactics. So, if you’re considering cutting your content marketing budget, you might want to pause first. Making that decision can feel heavy during economic uncertainty. However, Harvard Business Review notes that companies that continued to prioritize marketing bounced back strongest after an economic downturn. These brands take up more space in a less saturated market because their competitors take a break from marketing. That means when you avoid cutting your content marketing budget, you’re able to maintain visibility that others don’t. You probably know that long-term content marketing success comes from continued and sustained effort – not in fits and spurts. It’s not a get-rich-quick gimmick but a powerful tool that improves over time. Still on the fence about your content marketing budget? Read on to learn more about: How content marketing can increase profits. The versatility of content marketing. Ideas for implementing content marketing successfully. We’ll show you how you can maximize ROI, so your content marketing pays for itself while you build customer loyalty and attract new audience members. A Consistent Content Marketing Strategy Means Better Budget Use Under economic pressure, leaders prioritize short-term solutions. But standing your ground by advocating for your department and its budget is essential. When you establish goals for your content from the start, you can justify the paths you take to bring visitors to your site. With over 50% of trackable website traffic coming from organic search, you can’t discount the importance of optimizing content that encourages folks to stay on your site. That means understanding Search Engine Optimization (SEO) is essential so your site has a better chance of bringing in visitors. The more content you have on your website, the more opportunities there are for keyword placement, links, and people-first content through SEO. Though Google continually modifies its ranking factors, we know one of the chief characteristics of high-ranking pages is high-quality content. Google will see right through web pages that lack substance. By having high-quality pages, users spend an increased amount of time on the page, the page has a lower bounce rate, and the content offers the reader solutions to a problem they have. So, if your competitors decide to reduce the intensity of their content marketing budgets, then competition for Search Engine Results Placement (SERP) will diminish. Fewer competing search results make it more likely that your content gets on the top pages in search engines. In order to take advantage of this decrease in competition, you need to have a content marketing strategy. Instead of posting content whenever something strikes your fancy, create a content marketing calendar to establish the topics that you’ll write about and a consistent schedule. This schedule provides structure and stability, whether you’re pushing out content once a week or once a month– it also gives your audiences something they know they can look forward to. Focus on the content marketing methods your brand finds success with. It’s not necessarily the time to go out on a limb with the newest experimental social media platform, but you could find that taking a risk pays off in the long run. By focusing the bulk of your content on the things your business does well, you have that space to try a few new things, which helps you expand your strategy without losing steam. Should Your Content Marketing Strategy Include Paid Search? Overall, content marketing executed correctly results in higher ROI than paid search advertising. But it can be important to know the difference, especially during a recession or down economic year. Advertisers only pay for these ads when they get clicked, so paid search essentially comes with a built-in ROI tracker, while content marketing proves notoriously tricky to attach directly to revenue. However, Kraft did show that its content marketing had 4x better ROI than traditional advertising. The most significant financial advantage of relying on organic search results is that they cost nothing. Once you’ve paid for the content, it exists on the internet and anyone who uses the right search term can access it. As long as the keyword is relevant, you can pull your target audience directly to your site. In contrast, paid ads only show up if you’re willing to pay for them. For example, Google ads uses a bidding system that prioritizes larger ad spend when targeting a keyword. When you’re thinking about this from a budgetary perspective, it might not be the most helpful way to keep costs low. Organic content is also seen as more trustworthy since trust in advertising continues to decline. Content marketing often reaches audiences in the awareness phase of customer lifecycle marketing and builds rapport with audiences. Even if they aren’t ready to purchase, your brand will be top-of-mind when the time comes. Try not to get caught up in reaching whatever metric or measurement you think will impress at next week’s budget meeting. Instead, stick to long-term solutions to bring in continual dividends. This gives you the chance to cultivate better relationships with your target audience since you’re taking the time to develop content that actually helps them. Work Smarter, Not Harder with Your Content Marketing Budget During economic lows, people are more likely to change their spending habits to save money. Some even limit spending to only essential items. One strategy that has worked for years with consumers is to offer them something for free. You can capitalize on this when consumers aren’t spending as much money. The goal of this tactic is to get their attention. Offering up information your clients need as a free downloadable gets attention on your brand and builds trust with your readership. They don’t feel that you’re only trying to sell them something. The attention theory holds true regardless of the world’s financial state, but during less prosperous times, it can be even more beneficial. … Read more