Almost two-thirds of Chief Economists predict a global recession in 2023 with inflation reverberating throughout the global economy. The looming—and in some cases the current—economic downturn has forced business and industry leaders towards unchartered waters which has them questioning whether digital marketing is a good strategy in the current state.
However, industry experts claim that digital marketing cannot be turned off during a recession since consumers continue to shop for products and services online even if the overall demand has reduced.
Digital marketing is perhaps the most valuable investment you can make in an economic downturn since it gives you the opportunity to get in front of people who are actively looking for what you’re offering or those who belong to your target audience.
Experts agree that digital marketing campaigns are the best investment to protect businesses during an economic decline, therefore managing a successful digital marketing strategy becomes a key component.
Thinking of ways to recession-proof your digital marketing strategy? Let’s dive in!
One of the attributes of a recession-proof digital marketing strategy is a company’s commitment to investing in planning before any indication of a recession. Whether before or after an economic decline, marketers need to balance their digital marketing campaigns to control the impact of potential disruption.
Having a resilient digital marketing strategy is the best way to manage your business during a recession and leveraging the right digital marketing ideas can help solidify your business’s longevity throughout the duration of the economic slump.
In case you’re yet to create a proper plan for a recession, here are some tips that may not just help you manage your digital marketing strategy but also help it thrive.
Tip #1: Invest in a better online presence
Your business’s ability to build and manage a powerful digital presence in any economic condition is one of the pillars of a successful digital marketing strategy. The prominence of your presence allows you to become a larger player in your respective industry whether you’re in the middle of an economic downturn or not.
Direct your attention to market research to design and build a responsive website with pay-per-click (PPC) marketing and search engine optimisation (SEO) to keep your brand in the minds and eyes of your target audience. With PPC and SEO being the safest bet on successful marketing strategies, it can put your brand in front of customers who are looking to purchase what you’re offering.
Tip #2: Hold on to your marketing budget
During an economic decline, businesses often struggle with the decision of either cutting their marketing budget, halting their marketing campaigns, or going full steam ahead with their digital marketing strategies.
Some businesses think it a logical move to stop or limit marketing during a recession, after all, spending on digital marketing can be a bad move when revenues are down.
Think back to 2020, for instance, when spending on digital marketing campaigns plummeted around the same time 255 million full-time jobs were lost, globally. Even Google wasn’t safe and had to cut about 50% of its marketing budget as a direct result of reduced advertising earnings during the pandemic.
So the big question is, why should you continue building and investing in digital marketing strategies?
It’s simple. Studies have consistently shown that businesses that continue their marketing efforts during times of economic strain are the ones most likely to survive.
When your competitors are dropping their digital marketing strategies and ad spending it creates a unique opportunity for you to project your corporate stability. It’s important to continue your digital marketing efforts or at least scale them back a little, however, do not go so far as to completely seize all efforts.
Tip #3: Go heavy on consistent branding
During times of uncertainty, customers need to rely on the brands they trust. If you’re not doing a good job of communicating your value, then other companies will beat you to the punch. This is why it’s important to convey stability and consistency to your customers so that they can trust your brand.
Don’t overlook the fact that your customers are nervous about the state of the economy. Alter your brand voice to appeal to their emotions and show the sensitivity and awareness of your brand.
What’s even more important is that whatever strategy you choose to follow needs to be consistent with your branding. Get your team involved or even an experienced digital marketing agency and create a plan that can help you stay relevant without breaking the bank.
Tip #4: Don’t give up on social media
When the economy is suffering, most people prefer to stay home and keep an eye on their spending. This means that customers spend more time on their mobile devices, creating a perfect opportunity for you to attract new customers and nurture them through your sales funnel.
Continuing your social media marketing efforts during a crisis ensures that your audience is aware of your presence online. Even if you decrease the number of posts that you publish per week, the slightest effort can go a long way in maintaining a successful digital marketing campaign and attracting new—or existing—customers.
If you already haven’t ventured into social media, it’s time you start setting up shop!
Manage your digital marketing strategy during an economic slump
Even if the economy isn’t doing well, it’s your responsibility as a business leader or entrepreneur to discover ways that you can source, sell, and optimise your business for the benefit of your employees, customers, company, and community.
This is why it’s critical to start thinking about how you can successfully manage your digital marketing strategy to secure positive outcomes for your business and its stakeholders.