You have surely heard in the news that the economy is likely headed for a recession. It is already taking a toll on the revenues and profits of businesses, and inflation is not helping either. To survive these challenging circumstances, it’s crucial to implement recession-proof strategies. Digital marketing initiatives can help businesses survive and even thrive through the recession period.
Why does digital marketing matter more than ever?
In times of recession, it’s quite difficult for businesses to invest. They can’t afford to take a chance. Any negligence can waste their investment. Wise decision-making is the only option for businesses to outsmart the competition and survive in a recession period.
Digital marketing is a technologically advanced platform that combines brand building with a smart media strategy. It allows businesses to get through trying times of downturn. Implementing this technology can be a game-changer for businesses. Here are some specific strategies:
1. Lead generating activities through social media optimization and SEO can put businesses on the growth path even if deals are not closing immediately.
2. With hot leads during slowdown, businesses have something to work on instead of no opportunities.
3. As competitor cut backs result in a lower CPM/CPC when bidding, businesses get the opportunity to launch targeted SEM, paid social, and programmatic campaigns at an affordable rate.
4. Most users are online today. Tailoring the campaigns online allows brands to engage with the audience actively and beat the competition proactively.
Businesses get the opportunity to stand out in the crowd and launch new products or services with less noise.
Efforts to be made in digital marketing at the time of recession
Maintaining a level of brand awareness is extremely important for businesses, especially in a recession. Digital marketing allows them to ensure this goal. To leverage this platform, businesses should take care of these aspects:
- Focus on targeted marketing
Digital marketing has transformed the way businesses interact with their customers. It emphasizes targeted marketing. Brands need to up-skill their digital capabilities and focus on the target customers’ demographics, interests, and age groups to serve them directly.
- Rely on data-driven insights
Data-driven insights play a crucial role in informed decision-making. Smart use of data gathering and tracking programs such as Google Analytics delivers valuable insights about sales reports and consumer trends. Businesses can optimize their operations and effectively track the best-performing campaigns based on this information.
- Aim for customer retention
The efforts of the businesses are a waste if they are not able to gain profitable clients. A 5% increase in customer retention can bring 25% to 95% more profits for businesses. Retaining profitable clients is your way to make your business recession-proof. On digital channels, promote customer interaction through targeted, high-quality content, informative emailers, entertaining social media posts, etc.
To thrive in a recession, build a powerful brand image with smart digital marketing strategies. Connect with WSI, the top-most digital marketing agency in Phoenix, and expand the online reach of your business proactively.