The Importance of Digital Marketing During a Down Economy
When the economy takes a downward turn, a business’s first response is typically slashing budgets. For many companies, marketing is usually first on the chopping block, as some feel this area can afford to take a hit. This idea could not be more false! While you can theoretically switch off, your business should not.
Before the age of digital marketing, brands were committed to ongoing and expensive print and radio campaigns. Now, with digital opportunities, switching off campaigns is a one-click job. Ending your digital marketing efforts in a recession, however, would be harmful to your business as now is the time more people will be online than ever before.
While people are not spending money on nonessentials as they were before, nothing lasts forever, including a recession! By taking yourself out of the digital marketing game, you are cutting yourself off from current and potential consumers. When people are ready to spend money again, your brand will no longer be top of mind.
During this time, and well, all the time, we need to work smarter, not harder. One of the great things about digital marketing is flexibility. Your business can control your budget, so instead of cutting it altogether, you can narrow your targeting strategy to ensure you are using those marketing dollars to their potential.
If you are not getting in front of your target audience online, your competitors will, making them a trusted name by your demographic. With consumers continuing to shift to online shopping, you cannot afford to not have an ongoing presence across social media, email, Google, and more. Establishing long-term brand awareness is critical for any brand, but especially for small businesses. According to Sprout Social, 77% of consumers are more likely to spend more with brands they feel connected to. When money is tight, and consumers are being more careful, you need them to trust your company so they know they are making the proper investment.
To make the most of your budget, here are a few guidelines to follow:
Pay attention to your analytics: Knowing which digital outlets work for your business is key, so you know where to spend your money. Now is not the time to pour resources into platforms where consumers are not engaging with your business or outlets that your target markets are not prioritizing.
Personalization is important: We have already pointed out that targeting the right people is necessary during a recession, but it is equally as crucial to check in with your leads. Ensure you have a plan to send personalized messages, comments, etc. to your consumers.
Focus on brand loyalty: Attracting new customers is vital for business success, but so is keeping the ones you already have. Make sure you are providing top notch customer service and experiences to build brand loyalty. These individuals will remember you for treating them as a priority and, in turn, will prioritize your business.
Your business can navigate your way through a recession and keep your marketing budget intact. Our team of marketing experts at BBstone is here to help! Call or email us at firstname.lastname@example.org to get started. We would love to help your business grow and thrive even in challenging times.