If you’ve watched any tv news broadcast lately, it’s no secret that the economic future is clouded by uncertainties. Businesses have faced an onslaught of obstacles in the last couple of years. The Pandemic persists to this day. Additionally, the ongoing crisis in Ukraine puts additional pressure on soaring interest rates. Third, consumers are delaying purchases because of high inflations and gas prices. Finally, Chinese lockdowns obstruct supply lines. To survive the recession – or stagflation, if you prefer – is paramount on the businessman’s list of goals.
Fundamentally, most economists assert that the United States is already in recession. As inflation ripples through the global economy, those economists who disagree acknowledge, at least, that the U.S. is in a period of stagflation, So, with a recession on the horizon, businesses and industry leaders are in uncharted territory.
How Does Your Business Survive the Recession?
Is digital marketing a good approach during an economic downturn?
To put it simply, Yes!
Even now, people continue to look for products and services online. Even when consumers reduce their overall demand, it becomes more important to your survival than ever that you maintain your digital marketing efforts.
In fact, this is likely the most useful marketing expenditure you make during an economic slump. Effectively and efficiently, digital marketing and digital advertising allows you to reach people who are actively seeking your offers. Moreover, these consumers most closely match your target audience.
Certainly, experts agree that a strong internet marketing strategy is the smartest long-term investment you make. On the one hand, digital strategies safeguard your company during a downturn in the economy. On the other hand, it is quite possible to use digital marketing to increase your market share. Therefore, recession-proofing your business with these marketing methods is more important today than ever.
Preparing Your Business to Survive the Recession
Indeed, there is one thing that separates recession-proof businesses from the competition. It is, in fact, that recession-proof businesses act and re-act quickly to the economic climate. Namely, they start business planning for a recession before their competitors do.
When do you begin plans for a recession in your business? Follow these digital marketing tips to better prepare your business for a recession and safeguard your brand:
Improve Your Online Presence
Fundamentally, recession-proof companies build and maintain a strong online presence. Regardless of the economy, this Bis one of the foundations of recession-proof companies. Because others are shrinking their online activity, maintaining a strong digital presence enables you to capture a larger portion of the market.
First and foremost, keep your business top of mind with your target audience, Invest in market research with the goal of staying in front of your audience. Also, create a mobile-friendly website for consumers when they are ready, willing, and able to buy. Moreover, it is important to hire a expert to guide you with cost-effective, efficient strategies. Without a doubt, getting found on the internet is critical. However, search engine optimization (SEO) often takes time, and pay-per-click (PPC) marketing is often expensive. Recommending less expensive and more effective alternatives makes an expert worthwhile. Frequently, experts pay dividends with their counsel and strategies.
Certainly, with a recession on the horizon, establishing a stronger digital presence is even more important in staying on potential clients’ radars online.
Do Not Reduce Your Marketing Budget
On the one hand, nothing happens until a sale is made. On the other hand during a recession, too many business owners decide to reduce their marketing budget. Furthermore, some businesses suspend marketing efforts altogether.
Although I cannot imagine how It appears to be sensible to some to suspend marketing during a recession. Spending a lot of money on digital marketing seems counterproductive when revenues are down. Consider what took place in 2020. Spending on digital marketing campaigns fell about the same time that 255 million full-time jobs were lost globally. Due to lower ad earnings during the COVID-19 epidemic, even Google had to cut its marketing budget by half.
So, why do you keep working on your digital marketing strategy and investing in digital marketing services?
Businesses that continue to market throughout a recession are more likely to survive, according to studies. During an economic downturn, many businesses reduce their advertising budget. Yet, this is a opportunity to show that your business is stable even when times are difficult. So, continue your digital marketing campaign efforts or, at the absolute least, dial them back only slightly, but never fully suspend them.
To keep business flowing, have a digital marketing strategy in place. Therefore, if you decide to discontinue your marketing efforts, you are doing it at a great risk. You are making it much easier for your competitors to take a bigger slice of your customer pie.
Maximize Your Website Opportunities… Now!
Generally, SEO expensive and takes a long time to improve your rankings generate traffic from search engines. However, you want your website to be found. Your business needs consumers to find your website in searches.
Inasmuch as you check out your website and find that it’s not generating enough leads and traffic 24 hours a day. Then, when funds are slim and time is short, what helps you grow your traffic and leads sooner? In the meantime, while you’re waiting for SEO to generate search results, what are your options?
When There is Low or No Traffic to Your Site
Accordingly, this is where content and social media become some of your best allies. Make your content about your target – your prospect. Hence, the articles and posts you compose help the consumer with the “how-to’s”. Thus, potential consumers want to know about purchases, maintenance, and best uses. Post the full article in your blog. Next, repurpose the article by posting tidbits in social media while linking back to the full article for more information. Another strategy is describing briefly in short bullet points in your social post the content in the blogpost. Again, link back to your blogpost. Subsequently, we discuss more on social media and video below.
Already Getting Traffic – You Still Have a Big Marketing Gap
Studies show that 96% or 97% of the visitors to your website leave without telling you who they are. Consequently, 96 of every 100 visitors do not complete a form, email, call or contact you in any way. Unfortunately, they just leave. Studies, and experience, show that only 2% of sales occur on the first visit. There are strategies, like Pay Per Click, that are successful in generating traffic to your website. However, PPC, like other strategies, is a ‘one-and-done” strategy. Additionally, the clicks become more expensive strategy when 96% of website visitors leave anonymously. Consider implementing one or more of our retargeting strategies. Fundamentally, these strategies keep your messages in front of 100% of your website visitors until they are ready to buy. They are efficient and cost effective.
Maintain Your Social Media Efforts
Logically, during an economic downturn, many people prefer to stay at home to spend less and save more. It follows, then, that potential customers spend more time on their mobile devices. This is an ideal time to use social media marketing to attract new consumers and nurture leads via your sales funnel. Thus, this means that you have links back either to your website or a landing page. To accomplish this, many times posts on Facebook, LinkedIn, etc. get advertising boosts.
Continuing your social media marketing during this time also ensures that your audience is aware. Furthermore, your presence on social media shows that your business is still present and active online. Even though you reduce the number of posts per week or your advertising social medial budget, it goes a long way to attracting new/existing customers. Finally, investing in building authority, credibility, and trust with your audience builds relationships. Survive the recession by building relationships based upon know, like,, and trust.
Survive the Recession by Creating Compelling Video Content
No doubt, certain web marketing approaches pay off tenfold due to their cost-effective, creative approach to audience involvement. Video marketing is one such example.
Overall, video is still one of the most engaging ways to connect and deliver valuable information to your target audience. Most often, it fosters trust and confidence in ways that text alone simply cannot.
Consider creating video content that is evergreen (always relative). Often, video continues to be useful content for years to come. This ensures that your dollar goes further as opposed to spending more on campaign-specific content.”
Share videos on your social media platforms. Request that customers create video testimonials for you to use on your website. Allow followers to communicate with your brand and ask questions in real time by live-streaming on Facebook, Instagram, or YouTube.
During a difficult time, Americans are more inclined to spend time online keeping up with friends and current events. Video marketing is a wonderful way to engage with your target audience where they spend the majority of their time and grow your customer base.
When done correctly, video marketing can be one of the most effective digital marketing ideas for maintaining revenue during a slump.
Optimize Your Marketing Budget and Choose Your Priorities Wisely
In a few words, digital marketing is not like a light switch. You can’t just turn it on or off. Most certainly, to survive the recession, it is a continuous process.
Even though the economy is struggling right now, helping your business survive is paramount. Indeed, it is your responsibility to guide your business to get through uncertain times. It falls on your shoulders to determine how to source, sell, and optimize the business.
As a result, it is crucial that you begin improving your digital presence. In fact, investing in new digital marketing methods gets you ahead of the competition. Very often, it produces positive long-term benefits for your business.
If you would like help with navigating the digital world, Hi Octane Metrics is here to assist.
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Traffic & Conversion Analyst
Hi Octane Metrics LLC