Marketing Budget Reallocation (Optimizing Your Marketing Spend)

We know this is a difficult time for everyone as we cope with the impacts of social distancing policies to limit the spread of the Coronavirus. I saw this chart illustrating how B2B marketers are adjusting their budgets in light of restrictions that have essentially brought trade shows to a halt. We are sharing this in hopes that at worst it is a useful distraction and at best it might give you some new ideas.

A survey of more than 200 industrial marketers conducted by IEEE GlobalSpec found that, at the time of the survey, more than half (54%) of respondents said that the Coronavirus has not impacted their trade show plans. Obviously, that data point will change, or already has.

Even before virus-related restrictions took hold, however, we saw many companies dialing-back trade show activity and expenses. Given a conservative cost estimate of $15,000 to $24,000 (or more) per show for travel, entertainment, meals, floor space, ancillary costs, SWAG and more – even for a postage-stamp sized space – the ROI is hard to measure. The hard dollar cost for attending an investor conference might be less, but the investment of time and effort can be significant.

At least 46% of respondents at the time were actively reallocating trade show budgets to digital marketing, content creation and sales travel. We anticipate that sales travel number has trended lower since the survey was taken.

To put things in perspective, the amount spent on just one trade show exhibition can fund a quality digital marketing program that includes covering social media, content development and email marketing. Better yet, it is all trackable and measurable. Like other cycles, we know the winners on the other side of this one will be those who utilized all of their resources – human, technological, financial and otherwise – most efficiently and effectively.

If you want a pragmatic sounding board on marketing and/or investor communications during this time, please don’t hesitate to use us as a resource. This isn’t our first rodeo, and we are happy to share some of our time and expertise.

About Prism Group

Prism Group is a multi-talented marketing and investor relations agency for leaders that are serious about building Prism Group is a full-spectrum, multi-talented B2B agency focused on Energy Tech, Technology, Energy, Services and Media markets. Our work is telling stories that matter, because our clients are working to change the world for the better. What makes us different is that we put into action the strategies we recommend – we get it done, so you can get results and increase the value of your business.