The entire world is talking about the possibility of a double dip recession. Economic powerhouses are conducting surveys in their droves and each one seems to deliver a different result. For instance, a poll by CNBC showed that 53% of respondents believe a double dip recession is on the way. According to the BofA (Bank of America) Merrill Lynch Survey of Fund Managers, 42% of respondents believe that a global recession is unlikely. And in Europe fears of a double dip recession are increasing as the economic woes worsen. So, the question on everyone’s lips is: what does this mean for online marketers.
Possibly it’s more accurate to say that the question on every digital marketer’s lips is: what does this mean for me?
In the last recession, 2008/2009, online marketing proved remarkably resilient, relatively speaking. As companies, large and small, shied away from investing large sums in traditional marketing avenues, which veer toward the expensive, they turned their attention online. Marketing online has always been cheaper, or more affordable, than print, radio and TV ads. Search engine optimisation (SEO) is also significantly cheaper, with the added advantage of cumulative returns.
Have marketers learnt their lesson?
Given that digital marketing proved its worth the last time round, have marketers, indeed anyone involved in business, learnt their lesson and bolstered their online efforts?
According to Don Davis, e-commerce recovered more quickly from the last recession than traditional commerce avenues. In the two/three years since then, e-commerce has grown in leaps and bounds, which, one would suppose, would make it even more resilient this time round.
It’s also likely that consumers will have learnt their lesson and will hit the web to find good deals and bargains and compare prices without the inconvenience and expense of having to leave their homes or offices.
And this is where experience counts.
SEO gets your site noticed. Social engagement keeps you in touch with your market and their needs. Paid ads allow you meet those needs.
Since the last recession, businesses have had two years to expand their presence online. Two years in which to get their SEO established, fine tune their PPC and build a social following. If they’ve been doing it properly, they are well positioned to weather the economic storm.
Davis adds another digital marketing benefit to the mix: mobile marketing. Since 2008/2009, mobile marketing has become rather sophisticated. As people are seldom without their phones it makes sense to leverage all mobile marketing efforts to keep your business top of mind.
It’s through smartphones and social networks that you can keep your consumers interested with special offers, coupons, and extra benefits like free delivery.
Whether you want to call it a double dip recession or a global economic hiccup, it is possible to survive the difficulties relatively unscathed. All you need to do is carry on what you’re doing now, only better.
(Image by TeppoTK, CC by 2.0, via Flickr)