Cutting costs isn’t bad, but it has to be done right. You have to have all the facts and data to ensure you don’t arbitrarily cut costs.
We discuss ways that you can redistribute your budget based on your current needs including these main takeaways:
- Look at the short, medium, and long term and what are the activities being done for those things
- How can you distribute your budget and spend based on your current needs - if you’re in a good position, you can start looking farther out to how you can invest in longer-term initiatives.
- This could look like branding, building your email lists, content marketing
- Investing in medium and long-term initiatives will allow you to reap the benefits of your early investments and get you a lower cost per conversion
- If you need sales now, stop shifting dollars away from long-term initiatives
Have you listened to the other sections of the How to Win in a Recession series? If not, check them out here!
You can also find the downloadable whitepaper about this discussion here.
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