Issues like increasing inflation, soaring gas prices, and conflict around the globe, combined with volatile markets, create a rather unstable economic situation. Unfortunately, when these situations are present, your business may put marketing on the back burner.
While this is true, an economic downturn doesn’t mean you must halt all your marketing efforts, including search engine optimization. In fact, when you leverage what is going on during these challenging times, it may be possible to gain market share.
If you feel uneasy about taking new steps for marketing your business, you definitely aren’t alone. However, you should consider a few things before you panic too much. These things include:
- Recessions are not only normal but more frequent than many people realize. In fact, the U.S. has seen 11 recessions since 1945. The country has gotten through them in the past, and the same is true for new ones.
- According to economists, the risk of a recession in the immediate future is low.
While you may want to slash your marketing budget significantly to help reduce costs and survive the recession, don’t do this. Instead, you need to keep your business agile and get ready to adapt to the coming changes. Doing this means you will come out stronger on the other side.
Keep reading for the best search engine optimization marketing tips to keep your business operating and strong during these challenging times.
Marketing Tips During a Recession
When it comes to marketing during a recession, you must take a step back and consider what needs to be done. In many cases, investing in the services of a search engine optimization agency is the best solution.
Some tips that will help you with this marketing strategy include:
Don’t Make Rash Decisions
Times of economic hardship and uncertainty can be scary. Sometimes, your knee-jerk reaction is to reduce spending as much as possible. In some situations, this means reducing your marketing budget.
Before you make this type of move, consider these things:
- As mentioned above, recessions come and go, and any recession that comes is no different from this.
- Top economists from around the globe predict that any recession that occurs in the next 12 months is likely to be brief and mild.
- Economists also predict a 15% to 40% chance of a recession in the coming year.
Panic can also result in poor decision-making skills. This is true for your personal and business life. Don’t let this need to act overtake your good judgment.
Engage in New Marketing Research for Effective Recession Marketing
You need to spend some of your limited marketing funds on new market research during an economic downturn. While this may seem counterintuitive, there are a few reasons to do this.
Remember, consumer behavior shifts before, during, and after recessions. While you can see how this turns out, thanks to data from former recessions, no two situations are the same.
Several compounding factors can result in a recession. Today, consumers are more stressed, uncertain, or confused than they were in the past regarding recessions. Everything you know about the marketplace is outdated, and even if you conducted brand research a few months ago, anything you discovered before the recession won’t be helpful.
It’s important for your business to remain agile and know how the market is moving and changing to adapt properly. While this may seem somewhat counterintuitive, spending money here is important to ensure your brand’s success during and after the recession.
Adjust Marketing Budgets Carefully
Instead of cutting your marketing budget drastically, consider your spending carefully. Look at your existing marketing campaigns, too. Are some hitting the mark while others are missing it? Get rid of any efforts that aren’t working. You can then reallocate these funds and invest in search engine optimization consulting services to help improve efforts and results.
There are several benefits offered by refining the strategy you use. These include:
- Create a more effective marketing plan
- Have more precise goals
- Gain more market share
During economic recessions, cutting marketing budgets is so common that many governments urge businesses to do this. It’s a misguided approach when the goal is to help reduce the burden on consumers related to increasing prices. This is done by diverting your marketing spending to help maintain the existing sticker prices. This isn’t a strategy that results in gains or any other benefits.
During times of recession, everyone is worried, and many are stressed. Even economists can feel the pain and impact of economic downturns. However, if you want to make it through this storm, you must seem like you are not worried.
People need to have confidence that they can spend their money without experiencing horrible consequences. This includes confidence in the economy, the brands they engage with, and their own financial stability.
You must ensure you keep up with the status quo as much as possible. This includes things like continuing to:
- Post online
- Purchase the same media placements (including local Google ads),
- Create new messaging
This message should be used to highlight the importance of buying and living life even with the current situation.
Identify the Strategic Opportunity for Your Brand
Once you conduct market research and get to know your marketing budget, you can consider the new opportunities presented by the recession. You need to stay consistent, but exploring new opportunities is also essential.
One example of this would be consumers who are looking for value-priced products to reduce what they spend. If you offer value versions of your product, you may find that more people come to you rather than the competition.
Additionally, repair services are more cost-effective and appealing than purchasing a new item in these situations. If you do not offer value pricing or any option for extending a customer’s product life, now is a good time to create these offerings. If you don’t do this, you won’t be able to adapt to the changing landscape.
To know the next opportunity for your brand, you must have a meaningful and deep understanding of your customers and the overall marketplace. You can only find this by conducting new market research (as explained above).
Focus on Your Existing Customers
Your loyal customers are some of your most valuable assets. Because of this, you need to ensure that all local search engine optimization efforts are focused on them and their needs. Doing this will nurture brand loyalty and retain more of these customers. It will also help to increase revenue and the number of positive associations with your brand – even in uncertain times.
Almost every customer you acquire can be a life-long customer; however, this depends on how you treat them. In times of recession, your customers want confidence and reassurance from the brands they trust. They are more likely to engage with the companies that “keep pushing” in these times rather than those that cut marketing so much that they are virtually nonexistent.
This is something that is even more true with the existing customers. These people want to hear from you. When you focus on search engine optimization, you can keep reaching your customers. If you don’t take steps to connect during these times, you may risk losing them as your customer forever.
Also, having a loyal base of customers is a lifeline for your business in times of economic stagnation. It is usually more affordable to market to your loyal customers, and you don’t have to spend your market spend on explaining your brand or the basics of your offer.
Create a Promotional Campaign
A promotional campaign is an effective way to foster loyalty from your customers. It also helps you engage with them in a meaningful manner while triggering the behavior you want them to have. When you implement the proper strategy to support the promotional campaign or search engine optimization techniques you use, you can develop strong and lasting relationships with customers even during an economic downturn.
Developing a Marketing Plan During Economic Downturn
During an economic downturn, you may be hesitant to change or alter what you are doing unless you cut back. However, conducting a new round of market research to see what customers want during a recession is the best way to ensure you get the desired results.
Economic downturns happen. They will happen in the future. How your brand responds, plans, and adapts to this downturn will make or break your company. In some situations, working with professionals to ensure your marketing efforts continue being effective is the best solution.
This will ensure that you see results and that your business comes out stronger when the recession has passed, and things are once again stable. Keep this in mind moving forward and consider making a plan for handling these situations now. It will pay off and ensure your business has the best chance of being successful.
Working with professionals provides additional solutions that may not be possible without them. While it comes at an additional cost, its long-term benefit is usually more than worth it.