How do I market my online business successfully through a recession?
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Marketing Your Online Business in an Economic Downturn
62% of small businesses are unsuccessful in their online advertising campaigns.
If your business is paying for ads and breaking even or don’t provide a return on investment, are you using the best strategy to stand out from the crowd?
Why is my business failing?
A third of small businesses will fail in the first two years, with more than half failing by year five.
There are many reasons business don’t succeed, from not enough cash flow to lack of experience. Unsuccessful online marketing and advertising campaigns decrease your company’s chance of success. There are many other reasons businesses don’t succeed. The most important ones are luck, the ability to adapt and make your business memorable so it can be recognised and stand out from the crowd.
Marketing plays a big part in your brand recognition and will help feed the cash flow and increase your luck. The longer your business can sustain itself, the chances of your company’s survival also increase.
Running a small business is challenging at the best of times and can be very costly when starting out. A lot of small business owners try to be a jack of all trades, which for many is a necessity to survive, but don’t get caught continually working in your business, take the time, step back and spend some time working on your business
What’s your Point Of Difference (POD)? How do you differentiate yourself from competitors, what makes you stand out?
Are you or is your business an expert in its field? If you can stay focused on what you’re good at this may be the POD you need to succeed – a well thought through marketing strategy shouldn’t cost you the earth or your firstborn child, interested in learning a little more? Let’s jump right in.
Having a basic understanding of marketing is essential, but you don’t need to be the next Garry V marketing guru to market your business successfully. The key to any successful business campaign is to first surround yourself with the right people who can help guide your journey and provide balanced advice that will help you to make informed decisions.
Remember success is a combination of timing, luck and repeating a winning process over and over to deliver the desired results, formulating such a plan doesn’t happen overnight but setting the right wheels in motion and having a long term vision increases your chances exponentially.
Fail to plan, plan to fail!
Lack of a strategic marketing plan is the perfect way to fail, you need insight on your competitors and to understand your target audience, building a solid marketing plan around these crucial pieces of information will pave the way for more inbound traffic to your business.
Having lots of clicks, likes, views and impressions but no sales conversions means you could be targeting the wrong audience or not converting effectively, do you have the right tools to track, manage and follow up potential leads?
Working with external resources who are experts in marketing strategy and content delivery will ensure a higher chance of successfully engaging with your audience and converting those leads into sales.
Having an SEO expert and a content creator on board will ensure you are targeting the appropriate audience with high quality messaging that will draw potential customers closer to your brand.
Why do I need SEO?
Your business needs to stay visible, and the best long-term strategy is search engine optimisation for inbound leads. Sure, you can throw hundreds or even thousands of dollars at PPC – Pay Per Click for advertising every week. It can bring in the leads you need to keep a business viable but at a high cost per conversion which means fewer dollars in your pocket from each sale, having a balanced approach to lead generation means both short term paid leads. Long term SEO will keep new leads coming in while reducing or completely stopping paid advertising over time.
For many businesses, paid PPC isn’t even an option due to the extremely high cost per click on targeted keywords. We regularly see the results of competitors clicking out daily, weekly or monthly budgets by running a click campaign that consumes allocated budgets which become exhausted. You can no longer compete for the same keywords – business can be a dog eat dog game, don’t play the same game be a step ahead of the opposition with an SEO strategy!
Consistency is crucial to maintaining your online brand. Most of the traffic your business receives is “branded traffic”, which means specific keywords that you include in your online content and company brand. SEO ensures that your business stays relevant in times of crisis.
There has been a drastic increase in search traffic due to self-isolation. With more searches occurring every minute, your business must outrank the competition to stay viable in any climate.
Forget what you know about SEO and marketing.
We are all living in a post-crisis “new normal”. The way we approach search traffic and conversions have changed due to COVID-19.
Previously, it was the industry standard to measure search performance on a monthly or yearly basis. Now marketers are measuring metrics every week.
Adopting an agile SEO strategy is the best way to uncover new opportunities for your industry. Investing in the right resources and creating a recession marketing strategy will allow your business to shift and pivot quickly.
SEO does not provide results straight away. It is a long-term investment. Building a solid foundation is the most important thing you can do for your business right now.
Marketing during a recession
The reality is that some businesses will thrive, and some will suffer during a recession.
It can be crucial to reduce your spending and remove any unnecessary overheads. The main goal for any business is to survive without causing any long-term damage to your brand and existing customer base.
In some cases, correctly funnelling your cash to the right resource can mean the difference between survival or not having a business when the dust settles. Strategic marketing is your key to survival. Rethink your digital marketing plan, now is the time to pivot and shift to cater to the changing needs of your customers. Review your current marketing campaigns and cut the ones that are no longer relevant.
Think twice before you spend money on advertising
There will be businesses who mistakenly cut spending on advertising worrying if they should hold fast. If your business’s primary income comes from PPC, this may be the wrong approach as it will mean fewer or possibly zero leads/ sales to keep the engine oiled and revenue coming in.
Instead consider thinking bigger past the weekly, monthly PPC spend and start to look for a more sustainable solution with a better return on investment, start planning now how you can get more bang for your buck!
You can boost your website’s organic reach using SEO techniques. Making your brand more visible and rank your business at the top of SERP’S – search engine result page.
Organic search traffic beats paid advertising 100% of the time. We aren’t suggesting that you should never use paid advertising. Having the ability to organically attract leads and close sales through the implementation of SEO and content marketing means that you don’t have to rely on paid advertising for your business to turn a profit.
By using both organic and paid marketing techniques, it gives your business the best chance to stand out and flourish in most situations.
Marketing after a recession
Digital services have been around for a long time but being forced into self-isolation has increased its demand drastically. A trend that we expect to remain long after the coronavirus disappears.
We are accustomed to kicking back on the couch and having the world at our fingertips. Why do we need to physically exert ourselves to go to the shops or to work when we can achieve the same goals online?
The sudden shift in focus towards online shopping has made consumers less responsive to existing marketing techniques, which has led to many businesses abandoning their current marketing strategies and becoming more cautious with their spending habits.
Investing in SEO over online advertising improves your brand’s online visibility.
Quality content – the importance of copywriting
We believe great marketing tells a story that will connect with your customers and help them. It’s a chance to entertain, inspire and educate.
It is important to share knowledge and tell a story that people connect with and choose to become part of your brand.
Your customers want to feel special.
Adding value through storytelling will help customers feel engaged. Enabling them to connect thereby making your brand more memorable. Think of copywriting as the marketing glue that helps bring together audience, brand, and loyalty to benefit both client and business. It truly is a symbiotic relationship, without people there is no business, without marketing how do people get what they need, want and desire?
A product or service can drive sales, but a great brand creates advocates!
Invest in the proper resources
Most businesses today do not have enough resources to create relevant marketing material that connects to their customers.
There are plenty of incredible marketing agencies and freelancers you can utilise. However, it is crucial to find the right fit. It would help if you had people that are as passionate as you about your business. This enthusiasm will make the difference and shine through in your content.
Let your customers do the marketing for you
By investing in the right resources, customers will recognise what your business has to offer.
You don’t need to be marketing to your audience every day. If what you have adds value to their lives, customers will come to you and loyal customers will help spread the word for you.
If you are finding it hard to create engaging content consistently and stand out from the competition, we can help. Contact us today to book your free marketing strategy session.
With a degree in Writing and a Masters of Research Kendall brings a vital edge to the Velocity Host team in 2020. With fresh ideas and 10+ years of experience across a broad spectrum of businesses personas. Kendall has your business covered.