PW Media | Dec 02, 2022

Here’s how to ensure you make good digital marketing choices during an economic downturn. 

There can be no denying that the world is facing a range of complex issues. From rising energy bills to an increasing cost of living, businesses are under tremendous pressure, and with a possible recession on the way, what can you do to protect your brand? 

While it might be tempting to start cutting costs wherever possible, recession digital marketing is essential to ensuring your business remains ahead of competitors and can ride out the storm. 

Why is Recession Digital Marketing So Important?

Marketing is all about ensuring your small business is reaching your target audience. However, it can also be a significant investment, so when brands begin to feel the squeeze of a recession, many begin to cut back on their marketing and advertising.

Although this might initially provide some immediate relief on your monthly bills, it can significantly set your business back over the medium and long term. Instead, focusing on recession digital marketing can help you increase your reach and maximize your sales. Countless examples date back to over 100 years of recessions that show that those businesses that bucked the trend and continued with their marketing were able to secure a more significant market share and increase profits.

Cutting back on your digital marketing during a recession can negatively impact your small business in multiple ways, including:

• Decreased market share
  One of the highest costs of cutting back on recession digital marketing is that you will be losing your market share and ability to share your voice. As other businesses cut back on their marketing, focusing on yours will allow you to take your brand to the next level. 

• Reduced reach
  As a recession takes hold, customers are far more likely to shop around to look for the best deal possible. Not marketing your brand during this time will mean you are missing out on capturing new customers and expanding your reach. 

• Lagging behind competitors
  While cutting back on digital marketing during a recession could help you save on immediate costs, it can harm your business down the line. Focusing on your marketing during an economic downturn will help you gain a competitive advantage that will ensure you remain ahead of your competitors when things begin to look up. 

How Recessions Change Consumer Behavior 

When it comes to recession digital marketing, it is essential to remember that consumer behavior does change during this period. That means traditional marketing methods might be less effective, and you will need to adapt your approach to ensure you can enjoy the best results possible. 

Previous recessions have shown that the most significant change in consumer behavior is a switch to more affordable products and services. If a recession is long enough or particularly steep, consumers are likely to slow down their purchasing frequency. 

Although consumer trends do change, brands that focus on these changes in their recession digital marketing can seize the opportunity.

Top Tips to Maximize Your Recession Digital Marketing 

While there can be no denying the benefits of focusing on recession digital marketing, what exactly should you focus on? We decided to take a closer look at some top tips to help maximize your results:

1. Review your existing performance 

When it comes to recession digital marketing, the first thing you should do is review your current marketing performance. This means examining whether your social channels and current campaigns meet customers' changing requirements. 

When reviewing your channels and activities, consider their overall performance and whether you regularly meet your set KPIs. This will allow you to establish which areas to optimize and focus on and which to eliminate. 

2. Adapt to consumer spending 

Once you know which channels and marketing strategies you should focus on, the next step is to adapt your messaging to meet changes in consumer spending. While it is only sometimes possible to reduce your prices, compelling copywriting and marketing strategies can help capture consumers' attention. 

If you are finding that your customers are changing their purchasing habits to buy your lower-priced products or services, then consider making them more prominent on your website to drive more sales. 

3. Existing customers are your foundation

One of the most powerful and cost-effective strategies for recession digital marketing is to focus on your existing customers. These individuals already know your brand and trust your products and services. 

For small businesses, these customers are the bread and butter of your brand during a downturn and are a great way to upsell your products. Reach out to your customers who connected with your brand through purchases and social engagement over the last 12 months and inform them of your latest offers or promotions. 

4. Focus on local SEO 

Another top tip for recession digital marketing is to focus on your local SEO. Research has shown that 78% of consumers search for local businesses at least once a week, so concentrating on reaching those consumers can transform your success and help you to maximize your sales. 

There are many ways to do this, but the first thing that you should do is to set up your Google Business Profile and complete it to ensure that it lists your company name, address, and contact details. You should then upload photos and videos that accurately portray your business. 

5. Focus on analytics 

Analytics are always important when it comes to marketing, but especially when it comes to marketing during a recession. Make sure that you are conducting thorough research into not only your business and marketing performance but also the industry as a whole. 

The more you learn about your customers and the strategies that work, the quicker you can adapt to the ever-changing marketplace.

Need Help with Your Recession Digital Marketing?

Although it might be tempting to start cutting back on marketing when a recession looms, it can harm your business more. So, if you are looking for help with your recession digital marketing, PW Media is on hand to help you every step of the way with its highly trained team of experts and years of experience. 

We know the importance of capturing the attention of a new audience and retaining existing customers. That is why we will work with you to develop robust strategies that will give you the tools needed to strengthen your brand as the recession hits. 

Want to find out more? Get in touch with our team today!