Despite the fact that nothing can be guaranteed in business, companies are now examining their bottom lines and urging marketing teams to deliver extraordinary results using scaled-down resources.
How can you stay ahead of the economic changes and keep your leads coming in? Let’s start by discussing why marketing is important in turbulent economic times. Next, we’ll discuss the strategies and tactics that can help you survive and thrive in difficult times.
Why do you market in a recession
The Great Recession in the early 1980s is a good example of how smart marketing can be a powerful tool for financial uncertainty.
Seven studies were found to show that campaign budgets can increase sales in times of economic downturn and during them. One study found that companies who refused to reduce their advertising spending saw an increase in sales of almost 3420% in the four years following economic recovery.
Similar findings are found in other studies: if your sales pipeline is not maintained, revenue generation will suffer during economic recovery.
There are two main reasons why your business should continue marketing activities during economic turmoil.
The lion’s share is not yours
Your time is now to make a splash if your competitors have stopped marketing to gain short-term savings. You can position your company to take advantage of the unclaimed white space that competitors have left when the economy is in decline by increasing or maintaining your marketing budget.
Ready to recover
Resilience in marketing during recessions can help you bounce back quicker after a downturn. Your competitors may still be reviving dormant marketing strategies, but you’ll have more momentum and will be leading the market.
How to Market in a Recession
No matter if you’re seeing signs of recession or industry-wide slumps, be prepared to justify your marketing budget. Also, share your proactive marketing plans and strategies with key stakeholders.
High-ROI Activities
Although cost cutting may be a top priority for decision-makers. However, you can save your budget by offering a plan which doubles down on high ROI activities. Your strategy should be focused on the potential opportunities and not the mitigation of liabilities in a difficult market.
A search-optimized website can, for example, increase traffic and converts which is crucial for revenue growth. SEO campaigns have been proven to dramatically increase organic search traffic to customers’ websites, bringing companies back from the brink.
Make data-driven decisions
Although it is more difficult to generate more revenue from a smaller budget, it is possible. You can produce extraordinary results even if you have a smaller budget. Instead, focus your efforts on high-ROI activities.
For digital marketing, SEO may have a higher click-through rate than PPC campaigns. Re-allocating funds to SEO may yield better results in the long-term as well as short-term.
SEO works in a recession?
SEO can be a valuable investment in times of recession. SEO funnels organic traffic from search terms to your site. This means that you can reap the benefits of a solid search engine optimization strategy no matter what economic conditions are.
Your chances of being found in search results is increased by optimizing your website content for specific keywords and using technical SEO best practices. Data shows a direct correlation between Google PageRank and organic traffic. This means that a higher rank in search engine results will generally lead to more organic visitors to your site.
Grab the chance to rank
SEO will work in a recession. However, focusing on search engine optimization strategies when the economy is struggling may allow you to grab keywords that your competitors are dominating. You can take over their keyword positions if you keep creating SEO content and taking part in link-building activities, while others reduce.
Businesses who invest in SEO are able to take advantage of the white space created by competitors who “stop” SEO. You can combine short-term gains and long-term reach to reap the rewards of SEO. Your competitors will then be forced to catch up with you when the economic indicators turn around, which they will inevitably do.
A family-owned travel business that came back strong after the Covid
To help increase their search visibility before the outbreak, we partnered up with a family-owned tourism company. We would have understood if they chose to suspend their campaign after global lockdowns paralysed the travel industry. They instead doubled their SEO efforts and created content that was specifically tailored to the traveller’s uncertainty. Immanuel Tour saw an increase in organic traffic that was more than twice the amount during the pandemic. They also captured valuable keywords which continue to drive high-quality traffic.
This is a great example of a crucial point. Although SEO can produce long-term results over time, it’s not possible to “lock in rank.” You have an opportunity to attract new customers in a more competitive environment if your top-ranking competitors reduce their SEO budget.
Find out how SEO can enhance your marketing efforts and how to budget for it.
Choose a partner that you can trust
Marketers who are bold enough to take advantage of economic events that have a lasting impact on consumer behavior can reap big rewards. Take advantage of the space created by competitor cuts and optimize your SEO potential to produce compounding results that will yield dividends in future.
Victorious can help you find high-impact opportunities that will increase your SEO campaign’s ROI. We’d love to talk with you about your goals and schedule a site analysis.
Search Engine Watch’s first article, Marketing in a Recession: Key decisions to keep your pipeline intact appeared first on Search Engine Watch.
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