We’ve all seen and heard endless reports about how the economy is in a recession. However, there are always opportunities in any market, and the current economic conditions are no different.
It’s easy to get caught up in the negativity and fear that surrounds an economic downturn.
But if you take a step back and look at the big picture, you’ll see that there are actually a lot of opportunities for businesses to succeed right now—even during tough economic times.
Don’t get swept up in the barrage of media headlines, and make fear-based decisions that affect your company’s bottom line.
There are advantages and disadvantages to almost everything, so while many businesses understandably—but mistakenly—think a downturn is the time to market less, there are great opportunities for those who are willing to think outside the box.
Use this as an opportunity to level up and come out ahead of your competition.
And, if you’re already getting customers and sales from your digital marketing, I have 7 words for you:
If it ain’t broke, don’t fix it.
The truth is, most businesses don’t need to dial back their digital marketing efforts during a recession—but unfortunately that’s just what many of them do. (Which is good for your business.)
In fact, if anything, an economic downturn is not necessarily the best time to scale back the thing that’s bringing in revenue for your company.
If you’re already doing a good job of targeting your audience and providing value, then you’re likely to weather the storm just fine.
Of course, that doesn’t mean you should rest on your laurels. You should always be looking for ways to improve your strategy and get better results. But don’t make major changes just for the sake of change—and don’t let fear cause you to pull back on your marketing efforts.
You need to stay focused and keep moving forward.
In other words, don’t let “looming fear” guide your marketing strategy. Use data instead.
One of the absolute best things about digital marketing is that it’s driven by data instead of emotions.
It’s easy to get caught up in the hype and make decisions based on fear instead of facts.
But when you have data analytics at your fingertips, you can make more informed decisions that will help your business succeed no matter what the economy is doing.
You can track everything from how many people see your ad to how many people click on it. And that data is often available in real-time.
This means that you can adjust your strategy on the fly to make sure that you’re getting the most bang for your advertising buck. (If only it were that easy with non-digital marketing.)
How do you use data to your advantage in a recession? Understand that people’s buying habits change during a recession. They become more conservative with their spending.
But this doesn’t mean that they stop spending altogether. They just become choosier about where they spend their money.
What does that mean for your marketing strategy?
For one thing, it means that you need to be more targeted in your approach.
Tip #1 – Use laser-focused marketing rather than spraying and praying with your ads.
If you’re running PPC ad campaigns, for example, you need to make sure that your ads are very relevant to the search terms they’re showing up for.
And if you’re not running PPC ads for your business, now might be a good time to start.
The same goes for SEO. If you want to rank for keywords that people are actually searching for during a recession, then you need to make sure that your content is actually relevant and actually useful.
The best way to do this is to produce content that’s helpful and informative. That way, even if people are being more conservative with their spending, they’re still more likely to spend money with you because they know that you can provide them with value.
Depending what your business sells, and who you sell to, you may need to refine your ad messaging to focus on value.
Value-based messaging has always been important, but it becomes even more so in a downturn when people are looking for ways to save.
Tip #2 – Invest in long-term projects to take advantage of the upturn when it comes.
If you’ve been through a recession before, then you know that they don’t last forever.
Eventually, things will start to pick back up and people will start spending money again.
So, while it’s important to focus on being more efficient during a recession, you also need to think about what you can do to position your business for growth when the economy starts to improve.
Counterintuitively, perhaps, a recession is a good time to invest in long-term projects because they can provide stability during uncertain times.
And when the headlines say that times are good again—you’ll be in a much better position to take advantage of the upturn.
So, if you’ve been thinking about starting that e-commerce store, finally getting that company website redesign completed, or starting an aggressive search engine optimization campaign against your competition—now just might be the perfect time to do it.
Speaking of the devil…
Tip #3 – Take advantage of the gaps in your competition.
At least some of your competition is likely to be cutting back on their marketing efforts during a recession.
This leaves big gaps in the market that you can take advantage of, if you’re willing to invest in your marketing now.
While your competitors are unnecessarily boarding up and closing shop, you can swoop in and poach their customers.
In other words, during an economic downturn, you can get more bang for your advertising buck and reach more people with your message—all while your competitors are scaling back.
If you can maintain or even increase your marketing efforts during a recession, you’ll be in a much better position to gain market share.
Now is a great time to focus on strengthening your brand. People are looking for brands they can trust—brands that have staying power.
Prove to them that you’re that kind of business.
Tip #4 – Focus on building customer relationships. (seriously)
I know, I know. It sounds cliché—because it is cliché. It’s something that every business should do all the time no matter what the economy is doing.
But hear me out.
In times of economic uncertainty, people who are being more conservative with their money want to do business with companies they know and trust.
This means that it’s more important than ever to focus on building relationships with your target market.
You need to show them that you understand their needs, and that you can provide value to them.
One of the best ways to do this is through content marketing.
Answer their questions, address their pain points, and show them that you’re the expert in your field.
Be a voice of reason.
Make them forget about the media headlines—and make them want to do business with you.
Be there for them when they need you.
Do all of this and you’ll be in a much better position to succeed during a recession (or any other time for that matter).
A recession doesn’t have to mean doom and gloom for your business. In fact, it can be a great opportunity to ramp up your digital marketing and come out ahead of your competition later on.
Don’t let fear hold you back, and don’t let a constant barrage of media headlines derail what’s been working for you.
Use tech and data analytics to your advantage. Focus in on your target market and build strong relationships with them. Invest in long-term projects now that will set your business in a great position later on, and be prepared to take advantage of the upturn when it comes.
If you do all of these things, you’ll be able to weather the eye of any economic storm—and come out stronger on the other side.