Whenever a recession happens, companies all over the world tend to reduce their budgets to spend less; and thus, hurt their capital less. Take the 1990 recession as an example, numerous businesses hopped on a bandwagon of reducing expenditures to accommodate the crisis in their revenue streams.
The main department that took that hit was the marketing department.
And even now, during this coronavirus pandemic, if you observe, companies are spending less on their marketing. Some industries such as travel have been having a hard time and there’s a significant decline in their performances. Therefore, why spend on marketing at all when no one is traveling?
On the other hand, news agencies that deal in disseminating news about the pandemic have seen an increase in their daily visits. Their marketing budgets have either remained the same or have been doubled.
Speaking aside from these indicators, if we go back to 1990, we’d see that those companies that didn’t reduce their marketing budgets during the recession actually saw an increase in their stock value after the economy stabilized.
And from this example, we can learn a great deal about not following the general trend.
How to market in this pandemic, then?
Invest in SEO
You’ve seen those videos of children video-bombing their parents when they’re giving an interview to someone via video link. People are staying at home. They are working from home. And they are using Google more than ever to try to lead the way they lived their lives before.
Therefore, capitalizing on this apparent inclination of human beings is the necessity of time.
Of course, there are other reasons as well.
1. SEO supports your sales funnel
During a pandemic or a recession, people search for goods online and they buy them because there’s no other way, apparently. And you know that the health of your sales funnel is very important for the life of your business. Therefore, invest in SEO to drive more sales and thus, more money because that’s exactly what you need to make it through the economic slowdown.
2. SEO doesn’t cost a fortune
When everything is virtual, going online makes sense. Unlike other marketing strategies, SEO doesn’t cost a lot. It also doesn’t require any upfront cash. You can either outsource your SEO needs to freelancers or you can do it yourself if you’ve got the requisite knowledge. Even if not, the learning curve of SEO is relatively flat.
3. SEO works for eternity
Yes, it’s true that SEO is not a magic wand that you’d use once and things will get okay. Instead, it is like a gushing river, you’d have to keep up with the flow constantly if you want to stay waterborne. And once you get your strategies right, you can have your website or business optimized for an eternity.
4. SEO is the need of the hour
During this recession, you cannot go for expensive trade shows or other marketing tactics. You’d have to look for a cheaper alternative and as I said above, SEO is cost-effective. Your right SEO strategies will contribute to your profits more than you know it.
Investing in SEO in a recession gives your customers an indication that you’re still relevant. Unlike other brands that are eking out their bare existence, you are doing well and you won’t be forgotten. Therefore, go for it now before everything normalizes again and this edge is taken away from you.