The old way of thinking in business, is that the first thing to get slashed during an economic downturn is the marketing budget. It was considered a luxury, the proverbial icing on the cake when finances allowed. Of course, it is now well known that this mentality caused countless of businesses to shut down before their time. Small and medium businesses (SMBs) were left to the wayside while big businesses that could afford to wait out a recession, did. Customers loyal to the SMB had no place to go, and thus big businesses were there for them and reaped the rewards. They knew that maintaining or even ramping up their marketing budget made more sense. Why would you cut your customer acquisition strategy when you need customers the most? Thankfully businesses are much savvier in 2019. Right?
We know that you may be on the fence when it comes to your marketing spend when the economy is slow. And you’re right to know that a change does indeed need to be made to account for the challenging economy. That change however, must come in the form of transition, not across-the-board marketing budget cuts. Thankfully, online marketing provides the solution, a solution that is more efficient and cost effective than any other form of marketing. Read further to find out how and why.
5 Reasons Why Online Marketing is the Key to Success in a Slow Economy
- Cheaper than Traditional
Traditional marketing (TV, billboard, print, radio) continues to be the most expensive way to attempt to reach customers. Online marketing, is a much cheaper when it comes to cost and customer reach relationship. Simply put, you can put your message in front of the eyes of exponentially more customers via online marketing for the exact same marketing spend as traditional.
- Trackable ROI
The other conundrum of traditional marketing is that it is not trackable. You throw your message out there, be it on the airwaves, freeway, periodical, or bus stop and hope that it works to bring you leads or paying customers. There’s no way to really know if that $1000-2000/month you’re spending is returning $1000-2000/month in revenue. Online marketing however, is trackable. Be it SEO or PPC you can monitor your online traffic, find out what geographic pocket customers are coming from, how long they look at your marketing message (your landing page) and what actions they are taking next. You can either note its success or know exactly when an adjustment in your marketing message is needed. There is no guesswork in online marketing. It is based on hard figures that will allow you to know the ROI on your marketing spend. When the economy is slow, you need full accountability for every dollar spent. Online marketing provides that peace of mind.
- Allows You to Reach a Previously Untapped Customer Base
Your existing pool of prospective customers may have reduced their spending (maybe) but there are hoards of others that are untapped, customers that you never knew existed because you weren’t speaking to them. The only way to get them to come out of the woodwork is to knock on their online doors. With the right guidance, you can discover keyword phrases that these untapped individuals are using to search (online) for the type of product/serve you offer. You may be surprised to find a niche market (for your product/service) that you never knew existed. Your old presumptions will fall, while new customer acquisition opportunities rise, all because of the verifiable insight that online marketing provides.
- Allows You to Stay Relevant While Your Competition Folds
Your competition is thinking about cutting their marketing budget too. This is VERY good news. They didn’t have the same insight and curious mind that you do to perform the very online search that delivered this article to you. You know now something they don’t. Your competition will cut their budget and fall out of the public (customer) eye, becoming irrelevant offline and online. All it takes is a few short months of marketing cuts for customers to forget about them. This (now) is your opportunity to strike. With the soundboard (search engines and social media) becoming a wasteland of abandoned marketing efforts, you will be able to swoop in and claim your rightful position. Customers will see your continued presence on Google (BING, etc.) and on their favorite social networks, noting that you are the only one left engaging them. Even if they too are waiting to spend until the recession has passed, who do you think they will remember when it’s time to open their wallets again? The business that stays relevant online and on their periphery the whole time – you.
- You Can Get Customers to Commit on the Spot
Speeding up the customer acquisition process is also essential during an economic downturn. By ramping up your online marketing spend and paying close attention to customer conversion you expedite the process. With optimized landing pages and smart placement of Calls-to-Action (CTAs such as contact/estimate forms, etc.) you can get customers to take that first step towards commitment, something that traditional marketing could never accomplish. Once they’ve made that initial commitment, you have been given permission to take the next step and engage them. The customer point-of-purchase has never been closer than it is with online marketing.
Ready to take the next step towards the one key strategy that will increase your business in spite of the economy? Contact Elevated Profiles at 1-403-352-2400 or here, anytime.