Digital marketing during a downturn: how to market in a recession
Brexit, Trade wars, Corona virus, Frozen economies & Falling confidence. If its indeed a recession on the way, then here are 5 steps you can take for your business to thrive when times get tough.
The feared recession word is rearing its ugly head, and as digital marketers we may be facing leaner times as our businesses are putting a laser focus on profitability, and ensuring every cost gives the great return on investment.
The 5 steps you can take:
- Work smart to retain your existing customer base
- Get even more visible in front of your target market
- Focus on driving conversions
- Measure, measure, measure
- Test, learn, test
The 5 top digital marketing techniques to power your way through a recession
Businesses are looking more carefully at budgets, making sure we can squeeze every penny of profit out of our investments, and looking for the most cost-effective ways of delivering our products and services.
Marketing budgets may appear to be a soft target for businesses looking to make budget cuts. But a cut in marketing activity is a short-term fix that is sure to have long term consequences. Maintaining visibility in your market is essential for long term profitability and continued investment.
And our customers are also watching the pennies, but they are still spending money. They may be spending less, but we need to figure out what they’re spending their money on. And they don’t want to risk wasting a penny. They want to buy the right products; from companies they can trust.
1. Work Smart to Retain your Existing Customer Base
“Out of sight means out of mind”. You need to keep in touch with your customers or you risk losing them. And it is always cheaper to retain an existing customer than acquire a new one.
- Marketing automation personalize the message and deliver to your key accounts on regular basis, understand what is business challenge they are facing and try to solve the issues. This will be your strong impression on them. Remember one who helps in tough times always stays in good times.
- Content production: – Recession gives good free time to circulate the best quality content which can be curated through activities among the team, focus on well-crafted content.
- Getting more social beyond social media: – meet the prospects in trade fairs, meet them at flee see the buying behavior and understand how they can be linked on social media
2. Get Even More Visible in Front of Your Potential Clients
You have to build your brand awareness and get more visibility, which means driving visitors to your website to make the sales. And one of the best times to get found by potential clients is when they’re searching for what you’re selling. You need to get found at every stage of the purchasing lifecycle, from exploring new suppliers to evaluating specific offerings.
3. Focus on driving conversions
A low cost, high impact digital marketing technique to focus on is conversion rate optimisation. Small incremental changes to the user journey will turn more of your website visitors into customers.
4. Measure, Measure, Measure
If you don’t measure, then you can’t manage. And if you’re not managing, then you could be pouring money down the drain.
Measuring means accountability for your marketing spend. You need to be measuring against your success criteria. You may want to measure sales, numbers of lead generated, upsells, or referrals. Now is the time to ensure you have defined your key performance indicators.
If marketing budgets are tight, then knowing what works makes it easier to make the decisions of where to invest your cash.
5. Test, Learn, Test
And finally, there is no one size fits all answer to the digital marketing puzzle.
You will need to be nimble and creative. Measure your success, and learn from the experiment.
- Experiments should be quick, cheap, and easy to deliver.
- If it works, then well done, and more of the same, please.
- And if it doesn’t work so well, then kill the experiment and move on. No harm done. Be quick and be ruthless. You will have tested something, learned from it, and moving on to test something new.
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