Max Impact, Min Cost.

Prices are going up, and shoppers are changing how they spend money. A recent McKinsey poll shows that people are focusing more on buying essential items and cutting back on "semi-essential" ones, like skincare. But even though they're spending less on some things, many people plan to splurge in the next three months.

As Businesses are forced to react and protect their bottom line, many think about cutting back on brand strategy and marketing and instead focus solely on moving products through things like discounts or product-specific advertising. Don’t make this mistake! 

Research shows that people are likelier to buy from brands they connect to. Also, Google says it takes at least six interactions with a brand before someone will make a purchase, so keeping your brand visible is essential to attract new customers when they are willing to spend.

Assuming you have a brand strategy in place, consider these recommendations for continuing to focus on your brand while on a budget.

🏃‍♂️ Start Now—Make it a priority to create a formal plan early. Ensure your plan is simple, measurable, and has a justified and protected budget. This can help you start things early, negotiate better, and say "no" when people ask for money later in the year.

🎯 On Target: Focus your efforts on a core target who needs what you are offering, doesn’t mind what you don’t provide, and is not well served by others. Having a target that is too broad dilutes your message and makes you less relevant.

🏄‍♀️ Be RAD—take the time to review your brand strategy… Check that it reflects a positioning that is relevant to your target audience, authentic to who you are, and different from what others are offering. 

🧘‍♂️ Look within—ensure consistency in everything you do, every interaction with customers, and every touchpoint. By losing focus, you send mixed messages and waste money.

📏 Measure Results—Finally, ensure you track results to see if your spending works and be ready to make changes if needed. But be careful not to change too quickly – some activities take time to seed in the marketplace.

Have you found other ways to focus on your brand while cutting back on budgets?