How to Manage and Maximize Your Marketing Budget During Times of Economic Uncertainty

Are you confident that your business can weather a coming recession? Small business owners saw their revenue grow by a staggering 87% in 2022, but profits have dipped by 4%. The reason? Inflation forced businesses to raise spending to cover their operating costs and rise above the competition.

The good news is that your marketing plan can help you gain traction in an uncertain economy. Here’s how to manage your marketing budget during an economic downturn.

Set specific marketing goals

Start by revisiting your overall business strategy. What goals are you trying to achieve through your marketing campaigns? These goals can help you decide what sort of marketing methods you wish to focus on and can also be used to measure the effectiveness of your marketing campaigns.

Many business leaders emphasize the need to set “SMART” goals. These goals are:

• Specific
• Measurable
• Attainable
• Realistic
• Timely

For example, a good goal might be to increase customer conversion rates by 15% over the next six months. This goal is specific, measurable, and includes a clear time…