3 Marketing Decisions You Need to Get Right in a Recession
Published: 15 Sep 2022
Every business is different. What works for some companies won’t work for others. But there are some marketing mistakes that we see crop up time and time again.
In this month’s newsletter, we’re going to tackle some of the most common marketing mistakes: pricing, budgeting and customer personas.
How much should you be spending on your marketing?
This is a question we get asked all the time by business owners. It’s also an area where there are a lot of misconceptions. The most common one is that setting a marketing budget is as simple as “XX% of revenue”.
A meaningful marketing budget isn’t simply a proportion of revenue. It needs to be rooted in your business goals and marketing strategy.
Check out the full article to find out how to set a budget that will help grow your business - instead of delivering ‘random acts of marketing’.
What is a customer persona - and why do most businesses get them so wrong?
Customer personas can be a powerful marketing tool - or an expensive waste of time.
Unfortunately, the majority of customer personas that we encounter are heavy on opinions and light on actionable facts that help improve marketing performance.
Find out what a customer persona is, why they’re so important and how to create a really good one.
UK inflation has entered double digits. Price increases are something that every business owner needs to be thinking about - if they haven’t already taken action. That said, pricing is a sensitive topic that business owners understandably want to get right.
Our resident pricing expert, David Abbott, recently caught up with Vistage to unpack some of the challenges when it comes to pricing and how to handle price increases during times of volatility.