Though positive thinking is certainly the way forward for people and for businesses, it’s important to face today’s global realities and hardships. The fact of the matter is, we’re entering a difficult financial time, and we’re all going to feel the pinch. Consumers are going to be more reserved and businesses more cautious as we slide into what the International Monetary Fund (IMF) has termed ‘stormy waters.’
According to the IMF, there is a growing risk that the global economy will slide into a recession in 2023. We’ve all noticed the increase in prices and the growing panic as we collectively attempt to remain afloat. The growth forecast for 2023 is the lowest year that the IMF has published since 2001. Knowing this, how should businesses respond?
Business owners and CEOs everywhere will have to make difficult decisions, one of which being – what should we be doing with regards to marketing? More specifically, digital marketing. We all want to protect our companies, but can cutting back in this area ultimately result in further losses?
Future-Proofing Your Business With Marketing Spend
It might sound counterintuitive to maintain, or even increase, your marketing spend in the face of a recession. However, doing so could be the smartest move your company can make. We all know that you have to spend money in order to make money – and this doesn’t change when the world falls into recession. The reality is, even if people are spending less, they’re still spending – and businesses with more visibility will enjoy more custom than those on page two or three of Google. More than 90% of people never click on the second page of Google search results, so if you want your customers to find you, you need to be front and center. You want to be one of the first results to appear for your chosen search term – otherwise, your competitors will reap those rewards.
Is SEO Still a Good Marketing Strategy During a Recession?
Though most businesses are aware of SEO and its importance, some strategies and benefits still appear to be shrouded in mystery.
At its core, SEO is the process of improving your organic Google rankings. SEO agencies use a range of tactics to climb the ranks, but it all begins with an audit and analysis. Then everything from your keyword use to link building and content creation is re-examined, refined, and executed to give you an edge, ultimately boosting your brand’s visibility and making it easier for customers and other businesses to find you – and buy from you. The right SEO strategy can also help to optimize your website, to convert visitors into valuable leads.
What’s important to remember, though, is that SEO best practice is constantly changing in line with Google algorithms. What you are doing today might not work next year or even next month. So while you are ranking well for your preferred keywords now, that doesn’t mean you will for long. Maintaining a consistent SEO strategy allows your business to be fluid and adaptable, changing with the times and strengthening your brand.
Keeping Up With Your Competitors
Rankings matter to everyone – but they’re all the more important for highly competitive industries. And competition doesn’t stop simply because people are spending less. You still want to outrank the competitors, and you want to do it by some margin.
If your competitors are taking the time now to step back and re-evaluate their marketing, or if they are making cuts, you should be taking that time to increase your organic presence. The companies that thrive during the recession will be those which adapt and go full-steam ahead with a creative strategy to increase sales.
Make new connections with influencers and micro-influencers. Hold giveaways. Revamp your website and create more content. Offer visitors real value where you can, and your customers will become loyal brand enthusiasts, the benefits of which will last long after the recession is over.
What Does Digital Marketing Have Over Traditional Marketing?
An offline campaign can certainly add value to your business – television and radio advertising still have their place and will more than likely increase your brand awareness. But we’re in the digital age, and online marketing can offer so much more to today’s business owners.
For a start, online marketing is typically much less expensive and more cost effective than traditional marketing. It also offers more wriggle room and flexibility. While offline advertising requires a significant long-term commitment, digital marketing can utilize tools such as PPC, banner ads and email marketing, all of which can be set up and taken down on a day-to-day basis, depending on results and preferences. While SEO takes a little longer to show real results, the beauty of SEO is that it can be easily adapted and re-evaluated based on up-to-date analytics and data.
No matter what the future holds in terms of the economy, we all know one thing for sure – the internet isn’t a passing trend. It’s growing by the day, more and more businesses are opening up shop online, and the competition is increasing by the minute. Investing in SEO and other digital marketing tools is a wise move for the savvy business owner, and the moment you sense your competitors are starting to pull back is the moment you should double down.
About the Author: Samantha Lyon is a Senior Digital PR Specialist at The Brains, where she helps brands increase their exposure, boost leads and climb the Google rankings.
