There’s no question that inflation is here. Everything is getting more costly. It’s hitting our wallets at home, and our budgets in our businesses. We get it!
During these times of economic uncertainty, it’s natural for businesses to start cutting certain expenses they believe they can live without. “Extras”. If you think that your digital marketing budget is one of these extras, we want to suggest that during economic tough times, you actually have a huge opportunity when it comes to marketing!
As the market seems to cool off, you need to make sure more than ever that you stay on top of your customers’ minds. You need to stay focused on standing out online from your competitors. Now is NOT the time to back off marketing – it’s time to ramp it up!
The best entrepreneurs are marketing right now. But they aren’t relying on what they have or remaining stagnant. Now is the time to improve what you have. Money might be tighter, so you need to make calculated decisions. The best marketing spending you can do? Make sure your website is “tight and right”.
Your business’ website is your online marketing foundation – your jumping off point for all other marketing efforts. If you have a poor quality website, shrewd consumers will find one of your competitors to purchase from instead.
Budget cuts in marketing and R & D departments of your competitors mean they become less visible in the marketplace. That’s good for your business. Often during recessions, fewer new products are released, and production of existing products may slow. On the bright side, this makes more room for you to sell your products and services and increase your market share.
A top rule in competition is to stand out from a competitor, right? If you have an out-of-date, ineffective, or inaccurate website, you will stand out in all the wrong ways. Conversely, a great website will keep visitors on-site learning more about you, make it easy for customers to get in touch with you, and solve customers’ problems so they see you as important.
During turbulent economic times, there are actually more opportunities to build customer trust and loyalty. The markings of a great website is that you are offering proof of your professionalism, expertise, and commitment to your business and your customers. The easiest way to speak to a larger audience and help more people solve their problem (whatever problem your product or service solves for people) is through your website content. When you can be a one-stop shop to answer someone’s need, you have their trust and loyalty.
Customer loyalty is a big asset to companies during a slow-down. It’s easier and more effective to market to existing customers than to try to bring in new ones. Keep in touch with your existing customer base regularly so they know you appreciate them. Use your website to offer helpful information, product or service tips, offer coupons or sales.
When businesses shut down marketing during tough times, people forget about you. When you have a good website, you have a strong marketing tool to push out to consumers so you stay front of mind. If they don’t buy from you now, they will later when the dust settles.
Continuing to market, starting with having a great website, is the key to coming through economic tough times successfully.
Recessions bring fear and uncertainty to both businesses and consumers. Making knee-jerk business decisions can be harmful in the long run. Remember, a recession is temporary. People still need your services or products, and they continue to purchase. You just need to make sure they find you and want to purchase from you.