How to use digital marketing to recession-proof your business
Economists are concerned that a recession is imminent since inflation has reached its highest level in 40 years. Many say it could hit as soon as the middle of the year. Due to these persistent predictions of an economic downturn, most companies and organizations are navigating uncharted waters to maintain their competitive edge. And to save money, some may even begin looking at their marketing funds as a way to cut costs. However, DigitalDot advises against taking this course of action. If you struggle to keep your business afloat, rest assured you are in the right place. By sticking with us, you’ll learn how to use digital marketing to recession-proof your business and lay the groundwork to weather economic storms in the future.
How likely are we to hit a recession in 2023?
Many worry that the economy will soon crash when inflation soars, and interest rates rise. Over 70% of economists polled by Bloomberg anticipate a recession in 2023. While 38% expect it to arrive in the first half, 30% anticipate it to kick off in the second. Even a former White House economic adviser Larry Summers, who served under President Bill Clinton, predicted an 80% possibility of a recession this year.
However, if digital marketing lessons from 2022 have taught us anything, it’s that putting money into it is equal to investing in the success of your business. And if you’re worried about your company’s viability in the event of a recession, now is the time to implement lasting digital marketing adjustments to help you survive difficult times. You may avoid last-minute panic by improving your company’s readiness right now.
Use digital marketing to recession-proof your business and come out of the crisis a winner
Don’t wait until it’s too late to prepare your company’s response. If the recession does come, you’ll be glad you have started prepping early. While your competitors are scrambling to fix their malfunctioning websites or poor SEO, you’ll have a significant advantage thanks to your well-established digital strategy.
#1 Refrain from making marketing budget cuts
When faced with financial difficulties, the natural response is to cut costs mercilessly. There are enterprises for whom a slight decrease in advertising expenditures makes sense. After all, when sales and interest are down, it could seem counterproductive to keep advertising. While minor budget cuts could work for some companies, they could be catastrophic for your own. Especially if you aren’t a renowned name in the industry.
Consider this: a recession arrives, yet you stay consistent with your marketing efforts while your rivals stop, reduce, or pause theirs. Almost all of your marketing funds remain the same. Which firm will easily attract new customers during and after the slump? Yours, if you kept promoting, or theirs, if they stopped? If your answer is “my business,” then you’re right. Recessions have a chilling effect on companies, leading to decreased rivalry among them. At this time, you should actively seek out new customers to ensure continued success even while the economy continues to show signs of slowing.
Consider reevaluating and reallocating your marketing funds instead of cutting them. After all, now might be the best time to prioritize digital marketing over more conventional methods.
#2 Put the funds into SEO and digital advertising
Investing in search engine optimization and digital ads is one of the more secure digital marketing strategies you can pursue during a recession. Search engine optimization (SEO) and pay-per-click (PPC) advertising will help your firm prosper through a financial downfall.
As a New York City SEO expert, we know it is even more important to check the consistency of your SEO and PPC efforts at times of uncertainty. Why? User behavior can change mid-recession due to a shift in requirements and priorities. While it’s true that you should prioritize a high position in search results for your most essential services, you also need to pay attention to what people are looking for right now. A proactive SEO approach and a pay-per-click (PPC) campaign can put you at the top of search engine results pages (SERPs) before competitors even consider using specific keywords.
If the search volume declines for your target queries during a recession, you may be tempted to suspend your SEO or PPC efforts. Yet, our PPC agency in NYC suggests you refrain from doing so, as that may cause you to miss out on a massive opportunity with the new search phrases that begin to trend. Combining search engine optimization and pay-per-click advertising ensures you will always be visible when your ideal customers are looking for you.
#3 Don’t neglect your website
Your website is like an employee that never takes a break or goes to sleep. It stays logged in even after you shut off your computer. That’s why you must ensure it is optimized to its best potential. If the content isn’t interesting and helpful to readers, and the site isn’t simple to use, no one will stick around. That way, you’ll only lose out on leads and potential sales.
The effects of having a website several years out of date can be exacerbated during a recession when customer doubt and uncertainty are already at record highs. Customers need assurance that they can rely on you, and a responsive, user-friendly website that caters to their specific demands is a great place to start.
It is important to first audit your website and determine what is currently working instead of what is not. Do you need to refresh your content? How fast is your page load time? And if you are unsure of what needs fixing, get a web design firm to help you redesign your site.
Making your way to success even during the recession
You don’t need a groundbreaking new product or a large workforce to weather a business downturn. You will position yourself for success if you put money into proven strategies and prioritize meeting your customers’ needs. Don’t wait to develop your marketing strategy mid or after a financial crisis; use digital marketing to recession-proof your business. Optimize your website, work on your search engine optimization, and invest in some advertising. Being proactive will put you ahead of the competitors, who will be forced to react rather than anticipate your moves.
References:
Golle, V., & Yoo, K. (2022, December 20). Economists Place 70% Chance for US Recession in 2023. Bloomberg.com. https://www.bloomberg.com/news/articles/2022-12-20/economists-place-70-chance-for-us-recession-in-2023
