As any business owner will tell you right now, times are rough for many businesses. But despite the bad economy, there are a number of strategies you can employ that will help lessen the impact of our current economic hardship. I’m certain that you have already considered- or even experienced- the ways that an economic shift could affect your business, as well as the digital marketing strategies you could employ that will keep your business afloat.
Despite the current economic difficulties we are all facing, it is important to continue to invest into marketing. To help kick start your ideas, we have put together a list of 6 different strategies that will help you through this tough time. They are all highly effective and offer an excellent ROI; this makes them the perfect strategies for uncertain economic times.
Number 1: Email Marketing
When it comes to online marketing strategies, few are as convenient as email marketing. It is low cost, easy to put together, and it puts your content in front of potential and current customers without any middleman. Although you most likely have some kind of email marketing strategy in place, if you haven’t, its a good idea to begin putting together a list of your customers and implementing targeted campaigns. These campaigns can be for broader groups, as well as more specific demographics of your customer base. While it is certainly worthwhile to address your entire customer base at once, it is also important to address the needs of more niche groups; this makes repeat customers- and increased sales- more likely.
And if you can automate this strategy, you’ll really be in business. After you’ve segmented your customer base into a few different groups based on their purchases and needs, it is relatively easy to automate a mailing list for these customers. If you keep your content relevant and personal, you will receive higher engagement with your emails, which increases the possibility of future sales. And of course, make sure that each email encourages your readers to purchase your company’s product or service; after all, that’s the whole point of email marketing.
And remember: plan for subsequent emails. If your customers don’t immediately respond to your campaign, create another plan, perhaps with more urgency. When you use email marketing, it is important to continually evaluate and update your strategies.
Number 2: Take Care of Existing Customers
In a bad economy, it can sometimes be difficult to pull in new customers. That’s when it becomes critical to make sure your current customers are satisfied. A great way to do this is a loyalty discount; these offers increase sales while also ensuring that your customers are more likely to buy from you again in the future. Incentivize repeat purchases; not only will this encourage loyalty in your customer base, it might encourage them to refer your company to their friends and family, which brings in more customers. But that all starts with taking good care of your existing base.
Number 3: Evaluate Past Strategies
As I mentioned earlier, it is crucial that you continually re-evaluate your marketing strategy; it is impossible to know what works and what doesn’t if you do not look at past campaigns. When things begin to sour economically, put some real energy into analyzing what has worked for your company in the past few months. See how much your customers have been engaging with your email campaigns. Examine the way they interact with your company’s blogs or social media posts. Are your advertisements even effective?
This reflection is crucial to ensuring the longevity of your business. Once you know which strategies have been effective, you can dedicate more time and money to them, while de-emphasizing or reworking approaches that haven’t been effective. Just because something hasn’t worked in the past doesn’t mean it will never work; but in a tough economy, it is smart to prioritize strategies that are already proving effective.
Number 4: Search Engine Optimization
In today’s technologically driven times, it is crucial that your website is optimized for search engines. If your website is on the first page of a google search, customers are more likely to choose your business; the ease with which they find your company indicates to them that you are at the top of your field. But if they have to go to the second or third page to find your business, you can be sure that nobody will ever just stumble on your business. Without proper Search Engine optimization, people will have to actively look for your company, which limits your potential customer base.
But it’s one thing to say that- how do you do it? The first step is figuring out which keywords are most often used by customers when they search on Google for similar products or service to what your company provides. Once you have those keywords, sprinkle them throughout your website- whether that includes blog posts, captions, headings, etc- so that Google is more likely to show your page to searchers.
This is sometimes easier said than done, though, so if you are low on time (or interest), it is probably best to hire an SEO expert who can make sure that your website is optimized for maximum visibility.
If you are local business, ensuring your Google My Business Listing is Optimized is also vitally important.
Number 5: Testimonials and Reviews
This might seem like a no-brainer, but it is a crucial strategy for a bad economy. If you have more positive reviews on your company website than your competitors, people will be more likely to choose you. After all, when we purchase anything ourselves, the reviews are often the first thing we check. So if you don’t have a number of positive reviews for your product or service, how can you expect people to spend their hard earned money?
But actually getting reviews can be a challenge. Sometimes it is a good idea to reach out to your existing customer base and offer a discount or other perk in exchange for a review. The kind of perks you offer will depend on the service your customer offers, but if it gets them to provide a testimonial, it’s worth it! As with anything in business, reviews are a numbers game: you want as many as possible. Consider reputation or customer review management services to help enhance your reputation.
Number 6: Remarketing
In terms of marketing strategies, this is a fairly new option to business owners. Simply put, it involves marketing to individuals who have already shown interest in your company, but have yet to make a purchase. When remarketing, there is a tracker on your website that keeps track of visitors; you can then market directly to these people, even if they have not made a purchase. Sometimes a previous show of interest is enough to guarantee a future sale.
Keep on Trucking
A bad economy doesn’t mean the end of your company. Sure, you will certainly have to re-evaluate your marketing strategies for the new climate, but it is still possible to flourish during an economic downturn. The most important thing to remember is to keep up with buyers’ wants, needs, and budgets; if you can keep up with these changes and market accordingly, your business will continue to grow and thrive.
Summit Protocol has been recognized as a best rated digital marketing agency in Calgary, so if you are looking for assistance with your Digital Strategy needs, contact us today.