As we enter 2023 with a bleak economic outlook, many businesses may be reviewing their expenditure and finding new ways to cut costs. One of the first things businesses may decide to cut is marketing; however, this can actually do more harm than good for your business long term. Focusing on marketing, especially digital marketing during times of economic uncertainty can actually lead to business survival, and more success.
Marketing during a recession is important for several reasons:
Maintaining visibility: Your competitors may be cutting back on their marketing efforts during a recession, so continuing to market your business can help you maintain visibility and stay top of mind with your target audience.
Building relationships: Marketing during a recession can help you build relationships with your customers and prospects, which can pay off when the economy improves.
Cost-effectiveness: In a recession, there is often less competition for advertising space and media attention, which can make it more cost-effective to market your business.
Stay competitive: During a recession, many businesses reduce their marketing efforts. By continuing to market your business, you can maintain or even increase your market share, which can make it easier to grow your business once the economy improves.
Which marketing strategies should you use?
As for the type of marketing you should do, it depends on your business, budget and target audience. Here are some examples of marketing strategies that can be effective during a recession:
Digital marketing: Digital marketing can be more cost-effective than traditional marketing and can help you reach a wider audience.
Content marketing: Creating valuable content can help you build relationships with your customers and prospects, and can also help with SEO.
Email marketing: Email marketing can be a cost-effective way to reach your target audience and maintain relationships with existing customers.
Public Relations: Leveraging media relations to tell your story, offer expert opinions, and help to position your business as a thought leader.
Referral marketing: Encouraging satisfied customers to refer their friends and family can help you acquire new customers at a lower cost.
It’s important to be thoughtful and strategic when choosing the right marketing tactics during a recession, and to be open to trying different approaches.
Using Search Engine Optimisation to survive a recession
Search engine optimisation (SEO) can be particularly beneficial during a recession for several reasons:
Cost-effective: SEO can be a cost-effective way to drive traffic to your website and increase visibility for your business. Unlike paid advertising, SEO is a long-term strategy that can provide a steady stream of traffic to your website over time.
Increased online activity: During a recession, people may have more time to spend online as they look for ways to save money and stay informed about economic changes. By optimizing your website for search engines, you can make sure that your business is visible to these potential customers.
Decreased competition: During a recession, many businesses may reduce their marketing efforts, which can make it easier for your business to rise above the competition if you continue to invest in SEO.
Better return on investment: SEO has a better return on investment than paid advertising because it can generate long-term, sustainable traffic to your website.
Reach new audiences: SEO can also help you reach new audiences and markets, which can be particularly important during a recession when you need to find new customers to replace those who may have gone out of business.
It’s important to note that SEO is not a quick fix, it takes time to see the results, but it is a long-term investment that can bring a lot of benefits to your business.
