While nothing is guaranteed in the business world, the current economic uncertainty has companies reviewing their bottom lines and is forcing marketing teams to produce outsized results with shrunk resources.
So how do you navigate the changing economic landscape and protect your potential customers? First, let’s talk about why marketing matters in a volatile economic environment. Then, we’ll focus on strategies and tactics that you can use to survive and thrive in difficult times.
Why go public during a recession
For evidence to support the importance of smart marketing during times of financial uncertainty, look no further than the Great Depression of the early ’80s.
according to a literature review Of the existing research, seven found that preserving campaign budgets increases sales during and after a recession. Most notably, a study concluded that companies that refused to reduce their ad spending saw sales increase by nearly 340% in the four years after the economy recovered.
Other studies have struck a similar chord – if you can’t keep up with your sales pipeline, your revenue will lag during the economic recovery.
There are two top reasons why an ongoing marketing campaign will help your business stay the course during economic turmoil.
You can’t get the lion’s share
If your competitors have given up on their marketing campaigns for short-term savings, now is your time to shine. By maintaining (or increasing) your marketing spend, you can position your business to take advantage of the unclaimed white space your competitors have retreated into the background during a recession.
ready to recover
Marketing during a recession can build resilience, allowing for a faster rebound after a recession. While your competitors are still resuming dormant marketing programs, you’ll increase momentum and move toward market dominance.
How to market during a recession
Whether you’re seeing recessionary economic indicators or an industry-wide downturn, be prepared to justify your marketing budget and share your aggressive marketing plan with key stakeholders.
Focus on activities with high ROI
While cost-cutting may be a top priority for policymakers, making a case for budget savings by offering a plan to double high ROI activities. Focus your strategy on capitalizing on opportunities rather than reducing debt in a challenging market.
For example, a search-optimized website can increase traffic and conversion rates, which can contribute to revenue growth. We’ve seen SEO campaigns exponentially increase organic search traffic to client sites, pulling companies back from the brink of disaster.
Make data-driven decisions
Generating more revenue with a smaller budget is harder, but not impossible. If your mission is to produce outsized results on a shrinking budget, focus your planning on high ROI activities.
For example, in digital marketing, you may find SEO has better CTR and higher ROI compared to PPC campaigns. Reducing ad spend to reallocate funds to SEO may yield better long- and short-term results.
Does SEO Work During a Recession?
Yes, SEO is a worthwhile investment during a recession. Since SEO works by funneling organic traffic from relevant search terms to your website, you can benefit from a strong SEO strategy regardless of the economic climate.
Optimizing your website content around specific keywords and following technical SEO best practices will increase your chances of ranking high in search results. The data shows a direct correlation between Google page rankings and organic traffic, which means that a boost in search engine results often leads to more organic traffic to your site.
Seize the opportunity to rank
Not only does SEO come into play during a recession, but focusing on your SEO strategy during a recession may help you snap up keywords that your competitors have been dominating. If you continue to create SEO content and engage in link building activities while others dwindle, you can usurp their keyword positions.
Competitors who “stop” SEO have created an empty space for businesses that have doubled down on SEO to take advantage of. Essentially, you get the benefits of short-term gains with long-term effects. Then, when economic indicators improve – and they inevitably do – your competitors will be in an enviable position where they need to catch up.
How a family-run travel business is making a strong comeback post-Covid
Before the pandemic started, we worked with a family owned and operated travel agency to help increase their search visibility. We’ll understand if they choose to suspend their campaign when the global lockdown has crippled the travel industry. Instead, they go the extra mile on SEO, creating content specifically for traveler uncertainty during this time. During the first year of the pandemic, Immanuel Tour’s organic traffic more than doubled, and they captured valuable keywords that continued to drive high-quality traffic to their site.
This story illustrates an important point. While SEO campaigns can produce long-term results, there is no way to “lock in” rankings. If your top competitors cut their SEO budgets, you have an opportunity to attract new customers in a less competitive environment.
Find a partner you can trust
Economic events can have a lasting impact on consumer behavior and create enormous opportunities for marketers who are bold enough to recognize and act. Step into the void created by competitor cuts and maximize your SEO potential now to generate compound results that will pay dividends in the future.
At Victorious, we can help you identify high-impact opportunities that generate the highest ROI in your SEO campaigns.arrange one Free website analysiswe’ll discuss your goals.