Any time the market takes a large jump backwards, you might wonder how you should adapt your digital during a down economy.
For starters, you might think to pull back, put the brakes on your marketing efforts, and be tempted to just “ride out the wave.” But this isn’t surfing. It’s business, and one of the worst things you can do is to stop marketing and reaching new potential customers.
The 2020 economic downturn resulting from the COVID-19 pandemic is not the first-time small business have faced stark economic challenges, nor will it be the last. Look past the stress, fear and negative messaging you’re hearing. Ignore the fact that some of your competitors may have halted their marketing efforts. History shows time and again that maintaining or even increasing marketing in a recession when competitors are cutting back, can help you to increase market share and improve ROI, while preparing for the eventual recovery.
Getting in front of new potential clients/buyers is critical to keeping your business running and operating.
In today’s digital age, there are many digital marketing strategies that you can employ for little or even no cost that can help your business grow immensely during a down economy.
Why Should You Continue Digital During a down economy?
Continuing to do digital during a down economy is not only strategic in terms of your increased ability to capture market share, it can also help strengthen your brand.
As a small business, maintaining a stable presence in the face of turmoil is critical, and there are remarkable opportunities to:
- Contribute your voice to the conversation, lending messages of support and solidarity
- Be authentic and give back to the community that has supported you
- Share a positive message of hope and promise for the future
- Take your customer service to the next level
Decide whether you’re going to let the downturn define you and your company.
This is an opportunity to demonstrate that you can survive and thrive. Your tenacity and goodwill should reflect your values and mission. Your stance and positive messaging, along with your actions in support of your staff and customers, reminds your audience why they’ve put their trust in you for all these years.
It’s why they are loyal to you, and your company.
How Do You Keep Your Small Business Going During Hard Times?
Take a “big picture” approach to your small business.
You need to know what your current situation is, so you can take steps to strategically to get through the difficult times.
You may have to make some tough decisions and reign in some expenses, while also balancing your efforts to take advantage of smart, creative marketing opportunities, including those that may be surfacing as a direct result of market conditions. Your strategic digital during a down economy should be consider key business factors:
- Be realistic about your current prospects
- Understand the bottom line
- Maintain quality and reliability
- Find ways to market at little or no cost
- Take advantage of emerging opportunities
- The US government passed a $2 trillion stimulus package that includes a $350 billion “forgivable” loan program under which loans turn into grants for small businesses that do not lay off their employees
Low or No-Cost Digital Marketing Can Provide Your Best Opportunity During Economic Hard Times
It’s no secret that digital marketing represents today’s most affordable and targeted marketing opportunity and right now may the best time to use it as digital media consumption is currently exploding around the U.S. and world.
Online commerce is indeed the missive of the moment, if it wasn’t already, and this trend is only going to strengthen as a result of the current crisis.
On top of this, right now, there are incredible new opportunities available right now sources you may not have considered. Did you know:
- Facebook is now offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses
- Google is offering SMBs $340 million in ad credits, which can be used at any point until the end of 2020 across its ads platforms
This economic downturn may do a lot of things to you and your company, but it doesn’t have to break you. It just requires smart strategic thinking and implementation.
Even if you have curtailed your digital advertising, there are still many organic and low- to no-cost efforts that can effectively deliver the return-on-investment you need. These include things like SEO, online reviews and organic social media. You can also double down on the below options:
- Shore up your Google My Business listings to improve your online presence
- Focus on organic Search Engine Optimization (SEO) to reach qualified traffic. SEO typically has a 3-4 month turn time, so the work you do will benefit you as market conditions are improving
- Tap into effective referral generation via online reviews generation. There’s never been a better time to ask for them
- Keep your audience engaged by communicating with them in authentic ways via organic social media posts
Be smart about your efforts with digital marketing. It truly is a cost-effective, flexible solution.
Work towards developing a higher-quality website and customer experience. Prove yourself to be trustworthy to your audience and to Google/other search engines.
You offer quality content and user experience to earn increased visibility in Search Engine Results Pages (SERPs), so hang in for the long haul.
What’s the Next Step?
As the SEO Gurus, we’re standing by to help you decide what your next step will be. We’re experts in SEO, social media, PPC and all forms of digital marketing and advertising. We help you navigate the hard times and offer advice and recommendations to not only help you survive, but even thrive even in the most challenging circumstances. We look forward to the opportunity of working with you contact the SEO Gurus — learn how you can succeed in the age of COVID-19.