According to the U.S. based National Bureau of Economic Research, recession is a significant decline in economic activity spread across the economy, lasting more than a few months. We usually notice this in gross domestic product, employment, income and sales. As years go by, some business and investment glossaries add to the general definition that recessions are often indicated by two consecutive quarters of contraction of gross domestic product.
There have been and are still many discussions between various business owners, marketers and professionals all over U.S if we really are in a state of recession. It is still in dispute amongst the world leaders if we truly are experiencing a period of recession. Nevertheless, it does bring up a sensitive issue for many businesses. There were questions that have started to come up such as, “Should I continue putting in money on marketing? Or should I set back those overheads until the economy is at a better state?”
Branding is the Key
In these tough times, it is important to maintain a stable base, especially now that growth and stability are primordial questions in a company’s existence. When these two factors are in question, the thoughtless reaction for many businesses is to back off on their marketing labors until a bull market returns. In fact, marketing your business at times of recession is an intelligent move. Rather than viewing an economic downturn as a business death sentence, consider it as a unique opportunity. Companies with bigger budgets might consider spending more on marketing, compared to the rest that have limited resources. They may see this opportunity to quash the competition and literally, out-market them to gain more sales and revenue. If what you are offering is what your customers need, then you are already one step ahead. Customers are vigilantly weighing their options and will persist in searching for high-quality, reasonably priced merchandise and services.
It is likely that your competition will be less visible since many companies just hold back and fail to realize the less obvious opportunities that downturns offer. Therefore, they leave potential market share on the table. Thus, your continued marketing efforts stand out and are more likely to be heard with less clatter in the marketplace.
It is the same principle that you should consider in marketing your website. There are countless business owners that make use of websites as their means of communicating with their prospective customers and targeting their audience. A website provides double visibility for your business and serves as a bridge in getting through to your prospective customers. It also allows you to generate substantial passive income online and establish your brand. It would now be a great opportunity for marketers who truly understand the inner workings of search engine marketing to be able to help in providing the much needed assistance to these companies. They should be able to convey to companies that the best way to gain the fruitful clicks of online shoppers is to gain the widest exposure they can possibly have. The marketer’s goal is to make the companies understand that now is the best time to promote your website with affordable SEO.
Reaching your Audience
Sometimes, you may be in awe if your audience will continue to patronize your products or services when times are rough. If you were able to establish your brand, your supporters will absolutely continue to support and patronize your product and services. Websites greatly contribute in establishing your brand and reaching out to your customers so it is imperative to heighten your visibility at all times, even if we are said to be in bear market. With so many options available, you can always start with economical SEO packages to “test the water” before committing to a long-term marketing campaign and making a larger investment. According to many, search engine marketing can be used effectively for retention and lifetime value and expansion.
Keep in mind that the economy will bounce back sooner or later. Constant marketing at times of recession not only helps preserve momentum, but also is likely to leave an ineffable imprint on your target audience’s memory, making them more likely to return in a more stable economy. Those that fail to put effort in or reduce their marketing efforts in a downturn have a much harder time recovering once the economy turns around.
In hard times, it is vital to promote trust and rapport between you and your customer, to understand their behaviours and needs, and to always be ready in addressing their concerns. Keep on building and managing your brand value in the market by promoting your website and your business will be able to withstand any economic downturn.
The threat of recession leads many to be reactive. Take a proactive approach instead and discover ways to leverage this as an opportunity for your brand. By doing so, your company will come out stronger and long-standing.