As businesses gear up for the challenges and uncertainties that lie ahead in the coming months, many executives are evaluating their marketing tactics. When the economy feels uncertain, organizations look for ways to cut back. However, time and time again, research has shown that companies who react defensively and make deep cuts lose market share and are slower to recover, if they manage to stay in business at all.
Instead, business owners should take the opportunity to ensure that their marketing efforts are strategically aligned with their long-term goals. Recently, PilmerPR conducted a survey in order to gain insight into what is driving business growth, and what is on the minds of executives as they plan their next few quarters. The overwhelming takeaway was optimism. One hundred percent of survey respondents indicated that they will maintain or increase marketing budgets in 2024. Backing that confidence, we are sharing our findings to help other businesses understand the marketing tactics that our clients are prioritizing to not only survive but thrive through whatever economic fluctuations may come.
1. Social Media Marketing
More than two thirds of our survey respondents said that social media is something they are focused on this year. When budgets are tight, social media is a cost-effective way to reach your target audience directly. Consider this: during the COVID-19 pandemic, one of the most uncertain times in recent memory, social media use grew by 20%. Consumers are increasingly turning to online social channels for entertainment, connection, information, and even in-app shopping. By strategically investing in social media marketing, brands can capitalize on this increased online activity.
As professional storytellers, your PR team can contribute to and amplify social media engagement. A skilled PR partner can help you craft an authentic community, organize events, proactively listen and respond to your audience, and use smart tools and techniques to measure success.
2. Content Marketing
Content marketing remains as relevant today as it was when brands first began using it as a way to reach consumers in the 1990s, at the dawn of the internet. More than half of our surveyed executives mentioned content marketing as a focus for the future. Content marketing is 62% less expensive than traditional marketing, and generates two thirds more leads. It is also one of the most commonly outsourced tactics for brands.
The most successful content tends to be thought leadership pieces or other articles written by subject matter experts within your organization. This is a challenge, since executives and top performers are not often able to spend hours crafting the kind of well-written content that top outlets are interested in publishing. That’s why it makes sense to bring in a PR team with a wealth of experience in identifying emerging trends, writing compelling messages, navigating the media, and adapting content strategies for maximum impact.
3. Influencer Marketing Strategies
A few decades ago, marketing was as simple as coming up with a clever concept and then getting eyeballs on it through newspapers, magazines or television. These days, audiences are as fragmented across millions of channels. Enter influencer marketing, where brands can reach customers in a much more personal way by having products and services recommended by a trusted source.
Finding niche influencers, in-budget with the right audience and conversion rates is not as easy as a Google search. Public relations partners leverage their expertise to negotiate partnerships, manage contracts, and align influencer activities with broader brand messaging and goals.
4. Media Relations
The third-party validation that comes with media mentions is a valuable tool that can be used in sales, customer service, and courting investors, to name a few. In the age of information overload, having a strong media relations strategy ensures that your brand’s messages are communicated through reputable channels, fostering trust and authority. As media continues to evolve, an investment in media relations positions a business to adapt and leverage opportunities for positive public perception.
Many brands view media coverage as “free advertising,” but the truth is, cultivating media relationships takes time, effort and dogged persistence. Based on our survey responses––one third of respondents are looking to outsource media relations in 2024––many business leaders understand the investment and expertise required in order to land the kind of press that will elevate their company.
In the current economic landscape, businesses have a choice––take advantage of gaps in the marketing space to drive their reputation forward, or make deep cuts and cede market share to competitors. Instead of shrinking over the next few months, find out how PilmerPR can help you stay ahead of the curve, implement these priorities effectively, and position your business for marketing success.
Email or call us today at 801-369-7535 for help with social media, content marketing, influencer strategy, media relations, or schedule a FREE consultation and let us help you determine what tactics best align with your budget and goals.Share