Marketing, in any economic scenario (boom or slowdown), is crucial for each business, big or small. Marketing plays a vital role in reaching potential customers and driving new leads and sales. Since people are staying indoors and spending most of their time online, digital marketing gives you a huge opportunity to reach those customers.
Logically, the first reaction of a business owner to any economic slowdown or a crunch is to cut down on the budget, back out of marketing and wait for things to get over.
However, this is a fatal mistake. You can’t take the risk of leaving your business to chance and allow competitors to take away your customers, would you?
There's only one way to get out of this situation as a winner.
It is a rare opportunity for smart businesses to shift the entire marketplace in their favour in the long run.
While your competitors are cutting on their marketing budget and spending, there’s enough space for your business to outcast your competition, take over and win the minds of your target audience.
There has been enough data to prove and indicate that, in the time of crisis (especially economic slowdown) if you stall your marketing, you lose your market share. Whereas those who take action grow at an exponential rate.
Instead of slowing down your marketing activities, you must prepare to bounce back to thrive for the situation when things get back to normal.
There are hundreds of reasons as to why digital marketing can help you right now as well as in the long run. Here are the main three:
Online advertising is affordable right now.
Businesses that see only the short-term effect and do not foresee the long-term results are pulling back from their marketing efforts and cutting down the marketing budget. Online ads are like auctions; higher the competition higher the bid, and if there is less competition, winning is cheaper.
It eventually results in the low advertising cost that we have seen in
this slowdown. And it is not just about cheaper ads but because of the low cost, even converting users into leads and customers is also less expensive.
As a PPC agency, we noticed a drop in CPC (cost-per-click) as well as in cost per leads in all our clients' accounts.
Let the data guide you.
Economic slowdowns are dynamic, as well as unpredictable. However, digital marketing and advertising provide an unequalled amount of real-time data that can help you identify the latest trends and understand customer behaviour.
Digital ad campaigns are highly flexible, which means you can easily improvise & modify these ad campaigns of shift budget in the right direction depending upon the real-time data analysis.
Follow the money
If you are running on a tight budget and revenue is an issue, you need more sales. And to get more sales you need more leads, and these potential customers will only know about your products and services through marketing.
With online advertising, you can reach your target audience where they spend most of their time, i.e. online.
During an economic slowdown, business owners may need to pivot quickly.
Digital marketing and advertising platforms provide data that ensures easy & quick transformation and deliver fast results.
So, now you know why is digital marketing essential right now.
Each business owner has a different & specific goal, but the ultimate objective is to reach more and more consumers and convince them to make a purchase.
To effectively use marketing resources and technology to your advantage, digital marketing stands out as the most valuable resource. It makes every business in need of online marketing.