Across the world, COVID-19 is changing the way we live, work, and run our businesses. Stores are shortening their hours, and more people are telecommuting. Across all markets, businesses are searching for ways to remain afloat during uncertain times. For many, this involves focusing on ways to reach people in what is becoming an increasingly digital world.

With so many people staying in to avoid coronavirus exposure, it’s time to reevaluate the way you do business. One of the first steps should be looking at your website. Now, more than ever, people are turning to online sources for products and services. If you want to stay competitive and attract business, you need to start thinking about your website as an employee.

What that means is your website needs to act as a 24/7 salesperson. It needs to attract the right customers, provide them with useful information, and persuade them to make a purchase or submit an RFQ. And just like an employee, you need to invest time and money in a website to turn it into a top-performing sales machine that helps your business grow.  

Think Before Scaling Back or Ditching Your Digital Marketing Plans

When the economy is booming, marketing efforts are usually welcomed with open arms. After all, when things are going well, marketing strategies usually help bolster revenue generation and increases in profits. But what happens when the economy goes from boom to bust?

As coronavirus concerns grow and a recession appears to be imminent, it is important to keep an eye on the bigger picture. A knee-jerk reaction of pulling back on marketing efforts is one that can prove to be futile. After the last major recession of the late 2000s, the Harvard Business Review found similarities in businesses that came out of the recession relatively unscathed. Those businesses established strategies that included a focus on competitive analysis and operational efficiency and those that continued to invest in a marketing strategy.

Why Digital Marketing Matters During a Recession

As with many things that incite fear, a recession stemming from COVID-19 is something that can create a proactive or reactive response. Often, it is fear combined with a loss of control that can unfortunately, mean rash decisions are made.  The decision to slash a marketing budget because of coronavirus or a pending recession can have disastrous repercussions, especially once the recession is over.

For example, let’s say your business is in a highly competitive industry. During a recession 3 out of 5 top competitors end up closing their business. That leaves your business with an advantage with potentially winning more of the market share and increasing your brand recognition. Building brand awareness and positioning your business well throughout a recession is one of the main reasons for having a marketing budget, even in a recession.

While the pain of a recession can be felt in many areas of a business, it is important to keep in mind that the recession will not last forever. Once the market gains traction again, it will be important for your business to emerge as a leader. The market share and brand awareness that was established during the recession now becomes increasingly important. Businesses that decided to keep their marketing budget allow for greater potential gains once the economic downturn subsides.

Digital Marketing Strategies to Employ During an Economic Downturn

By now the importance of maintaining a marketing strategy during a recession should be clear. While many will look at this time with apprehension, it can be a time to hone in on a marketing strategy that best fits your business. It is important to note during a recession that your marketing strategy should reflect the current state of your business needs and industry. What worked for you when the economy was healthy won’t necessarily work for you during a recession. It is imperative that your marketing strategy reflects this. Some things to consider as you craft your new strategy include:

• Make sure you are tracking data through an analytics program
• Discuss with your Digital Marketing Specialist what your short-term goals are (they most likely have changed due to the recession)
• Look at user behavior. What products/services are eliciting the most engagement?
• Content optimization. If you find your target audience has shifted, it will be important for you to optimize your content
• Take a deep breath. While it may seem like a daunting task, creating a nimble marketing strategy will be worth the effort

B2B Marketing Strategies

When it comes to B2B marketing during a recession, it will be important to keep your website updated. With many tradeshows and conferences being canceled due to coronavirus, it can add up to many offline marketing activities that are no longer viable avenues for lead generation. It will be exceedingly crucial for your business to utilize your website as a control center of sorts. Your website should be a resource where information is easily accessible for prospective or existing clients. Additionally, with the emergence of remote workspaces, having an employee-accessible site will also be important as well.

Worried About How COVID-19 Will Impact Your Business Marketing?

Whether you are worried about your website being mobile-optimized or want an analysis of your current marketing plan, let Ecreative help guide your business in the right direction. Our digital marketing experts will help construct a digital marketing plan that can help your business maintain its online presence through the COVID-19 crisis and beyond. Contact us to get started on your digital marketing strategy today.