Adjust Your Digital Marketing During an Economic Downturn

When an economic downturn hits, marketing budgets are often some of the first things to get cut. However, it’s important for businesses to adjust – not abandon – their digital marketing strategies during tough times. With some changes in approach, you can still attract new customers, boost retention and prepare for future growth once the economy recovers.

To optimize your marketing during a recession:

Sharpen your value proposition –

Clearly articulate how your products or services deliver the most value for current economic conditions. Focus on cost savings, efficiency and reliability.

Optimize spending –

Take a scrutinizing look at all marketing channels and cut low-performing tactics first. Reallocate funds to channels with highest conversion rates and ROI.

Switch to performance-based tactics –

Move marketing dollars from brand awareness campaigns to performance-based strategies like pay-per-click and affiliate marketing that offer measurable returns.

Retarget website visitors –

You likely still have customers in the buying process, so retargeting visitors with valuable offers can convert hesitant buyers. This tactic has a high ROI.

Improve customer retention –

Focus marketing efforts on keeping existing customers happy and loyal. Offer promotions, incentives and value-added services to maintain revenue streams.

Target higher intent audiences –

Pull back from mass awareness campaigns and instead target narrowed audiences most likely to take action and buy now. Identify in-market customers.

Create valuable content –

Well-timed, informative articles and videos can position your brand as a helpful resource and build trust at a time when customers are cautious. Avoid blatant sales pitches.

Engage influencers –

Find and partner with micro-influencers who are active in your niche to spread positive word-of-mouth via social platforms. This tactic has a low upfront cost.

In summary, while marketing budgets may tighten during an economic downturn, there are still digital tactics you can employ to generate revenue, retain customers and position your brand for future growth. By optimizing spend, focusing on performance, retaining existing customers and creating valuable content.