The impact of COVID-19 is causing panic among the business owners, big and small as the economy of the world in balancing on strings.
When all the warning signs of the economy going down is red the next recession is about to hit soon.
And recession, my friend has a habit of destroying the business. In the last one, more than 400,000 small businesses went bankrupt or permanently closed.
Now one thing apparently is that digital marketing will be a necessity even during the recession period.
Why digital marketing is required during a recession?
More money on online sales
Let’s face it. Traditional marketing is much more expensive than digital marketing.
And the recession won’t is kind on any business. According to reports the last recession cut down cost expenditure on ads by 9%.
Simultaneously, online marketing has plumed up to 27% in over two years during the last recession.
Given that online marketing has far more scope now, thanks to the internet, it is only beneficial to spend money on online marketing.
Shifting focus
With tight outbound marketing budgets, companies will shift focus toward increasing revenue from current customers, either through more frequent purchases, or larger ones.
Instead of wasting money on flyers, TV commercials, it is better to target audiences via email.
Online marketing is more flexible
Apart from being effective, online doesn’t require much long-term commitment.
For instance, PPC ads can go up and down on a day to day basis. Even banner ads can be done for just a week. You cannot do that for printed banners, can you?
Retargeting
One of the greatest benefits of online marketing is its ability to retarget its audience.
Look, as many businesses are out of function, for now, you will need your customers to get back to you.
Behavioral targeting mines a person’s Web page visits and search terms to serve relevant ads. With average conversion rates hovering around 2%, this is an ideal way to reach the other 98% that have taken the time to visit your site but haven’t yet converted.
What are the 5 ways to use digital marketing during a market downturn?
Work hard on your existing customers
With so much going on right now, you can’t really blame your customers to be away for a while. So, you need their focus right back, and you need to work hard for that.
Market automation
It is one of the easiest ways to gain the focus back of your customers.
You need to be sending out personalized, contextualized, targeted messages to existing customers who want to hear your news. Now, to do such things, automation is essential for your business.
Invest in social media marketing
LinkedIn, Twitter, Facebook: these are places where your customers are reviewing your products, discussing their purchasing decisions, exchanging views on your business.
People are at home, they are going to use more and more social media. It is not the advertisement, it is to generate conversation and engagement among your audience.
DO NOT cut down your marketing budget randomly
This is a move many business owners are going to make and it is the worst you can do right now.
We will tell you why.
When a recession hits, marketing is typically one of the first places business owners are tempted to cut. However, down turning your marketing budget will only fetch you profit for a very, very short time.
Building a brand that your consumer can recognize is one of the primary reasons for doing business in the first place.
Instead of making deep reactionary cuts, objectively look at where you’re spending money and what kind of return you’re getting on that money objectively.
Focus on driving conversions
One of the most effective marketing techniques in conversion rate optimization. It is effective yet inexpensive.
Revisit how you are using your case studies, recommendations and reviews at every touchpoint in your marketing.
Use AI. AI can be used in the simplest forms of chatbots, voice search which will enhance the user experience thus gaining potential clients.
People change with the world changing around them. So understanding the needs of your target consumers may change with changing situations. So, research and have a deep analysis of that.
This way you can filter out all the unnecessary distractions and only focus on what will work with your audience in the present scenario.
Increase your visibility
You have to build your brand awareness and get more visibility, which means driving visitors to your website to make the sales. You need to get into their head every step of the way.
Update your old content, filter out the unnecessary ones to increase traffic to your site.
Experiment
I know this may sound crazy but digital marketing is no equation that will work a similar way for everybody.
Be creative and experiment with your ways. Make sure they are easy, budget-friendly and quick.
Even if they don’t work, you can move on.
Want some help in increasing your visibility? Or channeling a well-suited internet marketing plan for your business? Contact Us at Skyram Technologies and let us help you!
For more blogs read here! Till then, please follow the WHO guidelines to protect your family and yourself. Stay safe, stay indoors.
