Every worldwide crisis is followed by a recession. However, the Covid 19 pandemic crisis our world is going through now, is like no other. This crisis is affecting businesses, employment and it’s bringing social and political changes.
Some economists are commenting that this recession will be far deeper than the one of 2008. Every recession has three basic levels:
- The drop
- The crawling out of it
- The growth
We cannot be sure what the actual impact and the results of this recession will be until this is actually over. For marketers and business owners, this is not the time to stop moving. Today’s actions will be the foundations for tomorrow’s ‘thrive’.
Internal and external communication must keep going. Back in 2008, digital marketers faced their first recession. Looking back will help us to understand how that played out. However, we need to have in mind that this is not just a downhill in consumer confidence. This is a global health crisis and everyone is looking for guidance and hope.
You might be asking yourself “ Why should I keep spending on digital advertising?”. Well, if you start dramatically cutting your spending now, the only thing it will achieve will be a bigger gap for you to overcome once this recession subsides. People may have stopped buying newspapers, magazines or driving by billboards but they haven’t disappeared; they are definitely online. Internet usage has grown by an extraordinary 70%.
Today is the day to think about the core values of your company. As Simon Sinek says, “Start With Why”. Through these difficult times, you may not profit. This is not the time to think about how to make money. Think of it as an investment for the future. Today, you can gain your customers’ trust. Today you can build a stronger relationship for tomorrow’s sales.
As a human race, we are adapting at a rapid pace. Now more than ever. We must be innovative to survive. Bring innovation and adaptation, not only to your marketing strategy, but to your products and/or your service offerings. However, everything you decide to change, innovate, present should not be done aggressively or hastily. Although during this period we may feel like we’re in a war zone, trying to protect ourselves and helping others at the same time, simplicity and positivity are the key way to go.
Below you will find a few tips before thinking that digital marketing through this recession is not helping your business.
- Maintain your customer base. Keep in touch with your customers or you might risk losing them.
- Build your brand awareness and gain more visibility. Drive visitors to your social media and website. Inform them about your products. Inform them about your company.
- Drive conversations around your company or brand. Positive stories about your business while using reviews and recommendations. Now might be a good time to invest in updating your website experience for an elevated user experience.
- Measure everything you do. Without data you will never be sure if the steps you are taking are worth it. Cover all your bases.
Like investment, through this unknown and difficult period, you might not see the results the next day. You have to spend time doing your research, you have to make quick decisions and you have to invest in your digital marketing to let it thrive and work silently for you.
Maintain the communication, conversation and relationship you have with your customers. Keep telling them that you are here to help them, in order for them to help you!
#StayPositive guys and #KeepRocking!