With a looming economic crisis on the horizon due to the recent COVID-19 pandemic, many businesses are developing strategies to enable their companies to stay afloat.
If you have been impacted by the recent cancellation of the Houston Livestock Show and Rodeo, and other local events, you may be considering scaling back on your marketing.
For small and medium-sized businesses, an economic downturn can present an opportunity to get an edge over larger businesses in the same market sector. Doubling down on your marketing strategies can build your business long-term.
Digital Marketing is Ideally Suited to an Economic Downturn
For companies trimming their marketing budget, digital marketing offers an affordable way to maintain brand presence. Local and social marketing campaigns are a faster way to access your customer base to keep them up to date on the latest company developments during the COVID-19 outbreak.
Digital marketing is also the safest way to build your business during COVID-19. It allows you to minimize any in-person marketing tactics, which are not only risky when it comes to the health of your sales team but also slows down your ROI.
At Destiny Marketing Solutions, we can help you optimize your digital marketing tactics by adapting strategies to find the most cost-effective way to generate more leads and increase your sales conversion rate even when the market is down.
Marketing Builds and Maintains Your Brand
Trust is paramount during an economic downturn, so it is more vital than ever to continue to build and maintain your brand identity. Your brand helps you retain your loyal customers, which can help your business to maximize sales on a minimal marketing budget.
Return customers are more likely to buy from a company regardless of the economic climate due to the trusting relationship they have developed. Destiny Marketing Solutions can help you to channel your marketing efforts toward your loyal customer base to help you see higher sales conversions and a greater ROI.
Digital Marketing Generates Quantifiable Data
Small and medium businesses have more room to be flexible in their marketing strategies during an economic downturn. But market agility relies heavily on gathering data about your customer base to help streamline your marketing campaigns. It also means diversifying your strategies to reach more of your audience.
Digital marketing strategies enable you to gather quantifiable data that can be used to refine your tactics over time and optimize your marketing strategies.
Increase the Strength of Your Business
A clear online presence during an economic downturn is taken as a sign of company strength and stability by your customers, and by not cutting your marketing budget during an economic recession, you prevent other businesses from monopolizing the market.
A visibly strong business during a crisis is more likely to see increased customer loyalty, as well as customer acquisition after the crisis passes.
Marketing Keeps Your Company Relevant
Increasing your marketing strategies keeps you on your customers’ radar. Use your marketing campaigns to inform your customers of the latest updates on COVID-19 and how they can rely on your company to see them through this dire time.
Regular social media campaigns, as well as generating quality keyword-related content, make your company more visible during an economic crisis. Destiny Marketing Solutions can take the stress out of maintaining a social media presence and optimize your content so you can focus on providing quality products and services for your customers.
The Takeaway
Ultimately, reducing your marketing efforts lessens your brand visibility and credibility, and if your customers can’t see you, they are less likely to buy your products and use your services.
Take advantage of the economic downturn during the COVID-19 outbreak to double down on your company’s marketing efforts to help your small to medium business to rise where larger companies will fall.
Related: The 6 Uncommon Strategies Financial Advisors Use to Avoid Buying Into The Fear of Turbulent Markets