Digital marketing is a powerful tool that any business can use to market its services and products. Working with an agency that provides white-label PPC services can help you grow your customer base, reach new markets, and improve sales. However, with the economy going down, most companies have begun to question whether digital marketing is the right way to market their business. This article discusses how you can leverage digital marketing to benefit your business during these economically difficult times:
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How To Leverage Digital Marketing Through The Economic Uncertainty
Economic uncertainty has been a constant since 2020,- when the COVID-19 pandemic first hit. While many people had high hopes for the situation to normalize in 2022, things don’t seem to be returning to normal anytime soon, with the various events worldwide. With the steady decline in the stock market and further uncertainty about the future, most companies are cutting down their advertising spending. While this seems natural to do in such economically challenging times, is it the right decision? And with consumer behavior changing, what effect will this have on marketing? Below are a few tips for leveraging the power of digital marketing during uncertain economic times:
Don’t Cut Your Marketing Budget
The first thing any company will do when the economy is low is to decrease advertising and marketing spending. According to Google and Facebook, companies have been pulling back on advertising in recent years. However, decreasing advertising spending may not be a smart decision. Studies have shown that companies that take a proactive approach to market their businesses during a recession achieve better results. Most of you may wonder why marketing during a recession is a good idea. Below are some of the reasons:
- You get greater exposure and brand awareness. Most of your competitors may also drop marketing budgets during economically tough times. As a result, there will be less competition, and your business will stand out without too many companies fighting for attention.
- You can take advantage of different deals. For example, lesser advertising demands create more ad inventory, leading to lower CPC and CPM rates.
- Your company comes across as stable. As a result, your potential customers will see your company as a growth-focused brand they can rely on.
Identify Unique Marketing Opportunities
While advertising is essential during a recession, and it is not easy. You will have to look for unique opportunities to market your business constantly. You should convince consumers to notice your brand and consider engaging with you, even when budgets are tight. As marketing goes down, costs go down too. This will create new opportunities for you in terms of discounted advertising inventory and reduced competition.
Similarly, data-driven marketing can provide opportunities to convey your message to the customer. For example, most consumers don’t reduce their time online during a recession. On contrary, their internet usage may increase as they stay home to reduce costs. This data about consumer behavior on the internet can be invaluable to your marketing strategy. Paid search and paid social advertising can effectively target consumers based on their online behavior. These advertising channels will also give you measurable results, unlike offline advertising.
Keep Innovating
Companies will feel the economic pressure of growing their business during a recession. The economic recession will also bring the pressure of cutting costs and focusing on only what is currently working for the business. It can be difficult to justify spending on advertising during such times. However, you must continue innovatively marketing your business to stay ahead of the competition. Constantly, innovating will also help you keep up with consumer behavior.
Ensure Your Messaging Is Sensitive
In an uncertain and constantly changing environment, it is important to maintain sensitive messaging. Below are a few tips:
Avoid using jargon or speaking down to your consumers: Most companies that are insecure about their growth use a lot of jargon as it makes them feel like they are in control. But most of your customers will not understand this jargon. So avoiding it in your messaging can help you sell more effectively.
Use positive language and don’t sound too desperate for sales: When times get tough, most companies use desperate messaging to convince consumers to buy their products. However, most consumers can see through the messaging and will begin to doubt the products’ quality if they are desperate to make a sale. Hence, it is vital to stick to the facts and not sound too desperate when marketing your product.
Trust Data
Data can speak volumes if you are ready to listen. Accurate data about your consumers is the first step towards making sound business marketing decisions. If your decisions are based on data, then your data needs to be strong. You can use multiple resources for different data points. Get this data analyzed by experts who can identify patterns to help you sell your products.
Digital marketing can become a cost-effective way of growing and marketing your business even in economically challenging times. However, you must work with a reliable partner like 10X White Label, who can help you with various aspects of marketing. They are a white-label marketing service provider that can market your service or product. They offer white-label Google ads, Bing ads, Facebook ads, Instagram ads, and YouTube ads. Their marketing team will manage every aspect of your client’s digital marketing and work with you to improve your conversions. And since they are a white-label agency, you won’t have to worry about expanding your team or incurring overhead costs.
