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  • Writer's pictureAndy Hamer

The Marketing Budget Dilemma: Spend Less, Lose Customers or Spend More, Risk Bankruptcy?

The ongoing uncertainty in the UK economy and the funding wobble have made leading businesses tighten their marketing budgets. However, as one of the old bosses stated, attending just enough events to ensure your competition can't say you're going out of business is critical.

Balancing the books against the need to keep marketing stoked to maintain engagement and the pipeline full is a delicate task. Cutting back on marketing seems like a natural function, but it's essential to remember that it's crucial to maintain engagement to keep the pipeline full. Therefore, you'll need to consider what activities you cut back on and always consider them strategically rather than short-term.

The low turnout at UKCW London in May 2023 may be because DCW London 2023 is less than two weeks away. DCW London 2023 is a much more exciting technology review, and it's an opportunity to feed at the best watering hole when you know your prey will gather.

Attending events strategically is important, but knowing which events to attend is also essential. DCW London 2023, being entirely technology-oriented with no brick-and-mortar in sight, is one of those events that construction industry professionals should notice. It's a chance to stay ahead of the curve and gain insights into the latest technology trends in the industry.

Throughout my career, I've held onto a piece of advice that my boss gave me during my industrial training. He said, "You need to attend as many events as possible not all, but make sure it's enough to stop the competition from suggesting that you're out of business or in trouble." These wise words have stayed with me over the years and have helped me balance attending enough events to maintain industry visibility and avoid overspending on marketing.

In a tight economy and funding crisis, businesses must allocate their marketing budgets wisely. The key is to strike a balance between cost-effectiveness and the need to maintain engagement with customers. One way to do this is by investing in targeted marketing campaigns that deliver maximum impact for minimal investment.

Another way to make the most of your marketing budget is by using social media and other digital platforms to reach out to customers. These platforms provide a cost-effective way to engage customers and build brand awareness.

In conclusion, marketing budgets in a tight economy and funding crisis require careful consideration and strategic planning. Attending events such as DCW London 2023 can help businesses stay ahead of the curve and gain insights into the latest trends and technologies in their industry. By investing wisely in targeted marketing campaigns and using digital platforms to engage with customers, businesses can maintain engagement and keep their pipeline full without breaking the bank.

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