Many companies face a situation where they have no money left to execute their current challenging marketing strategy. It can be extremely difficult for brands in the current pandemic to cover marketing costs to existing customers, new customers, and potential new customers. Suppose your brand is faced with such a scenario. In that case, it might be time to reevaluate your budget management plan and implement effective marketing techniques that continue to drive awareness at a low cost. Tactics like video advertising in the digital space can be highly cost-effective, with views often being as low as 1p per view. YouTube has implemented many advances over the last 12 months, including Video action campaigns. Video action campaigns are a cost-effective and straightforward way to drive more conversions across YouTube. Video action campaigns take the best features of TrueView for action and scale them to more places on and off YouTube – all in a single automated campaign.
You could also use YouTubes new Video Builder, which is a free, self-service tool that animates static assets—images, text, and logos—with music from their library. You can choose from various Youtube-optimised video layouts based on your message and goals, customise visual aspects like colours and font, and quickly generate a short YouTube video (6 seconds, 15 seconds, or 16 seconds).
By implementing effective tracking and re-marketing techniques, you will maximise your conversion opportunity and provide metrics that justify your marketing expenditure.
Most brands that face similar financial challenges will eventually hit a point during which they must increase their budget and implement effective marketing strategies to bring in more revenue. Unfortunately, if you’re operating with restricted funds, increasing your budget and marketing often means cutting back on other things that may be equally important. To mitigate this impact, you may look at marketing tactics that are more cost-effective than the ones you used to use. In these new areas, don’t be afraid to look at smaller agencies with experienced teams. The staff here are often the same people you would get working on your account in the larger agencies but for half the cost and often overseen by a director with a great deal of experience. Smaller agencies will often know the challenges that face business owners with restrictive budgets and how to overcome them.