Coronavirus or COVID-19 has the entire world in its grips. In an instant, it has changed the way we live our lives and how businesses are operating. In India, industrial companies feel the brunt of this recession and are forced to rethink the way they do business.
Companies that are determined to grow their business in these uncertain times need to invest in Digital Marketing efforts even more now.
Even if Industrial companies can pivot to meet the changing production and supply chain challenges, are they doing the same with changed consumer behavior and Digital Marketing during a recession?
Earlier recessions have shown that companies that continued their marketing efforts thrived and scaled up their businesses. The past three months have shown us that consumer behavior has changed with the health crisis.
Now is the time for Industrial companies to harness Digital Marketing and Advertising’s power to refine their website, write blogs, and create helpful content for their customers. Brand visibility will help companies pull their target audience towards their company when not many in their niche are doing it.
What digital marketing strategies can industrial companies use during a recession?
Here are 5 Digital Marketing Strategies you can use during a recession:
Don’t randomly cut the spending on your Digital Marketing efforts
Marketing is the first area that gets budget cuts when a recession is looming ahead. Many Industrial companies might have already taken a step in that direction. It might look straightforward at first, and you might even save some money in the short term, but when the market starts to grow, these companies will find that they will have to double up their digital market spending and efforts. The brand will also come out weaker and less profitable once the recession is over. Their competitors who did not decrease their digital marketing efforts during the economic downturn would be way ahead of strengthening their brand.
Traditional marketing activities such as tradeshows and in-person events are either postponed or canceled and replaced with webinars and virtual events. Industrial companies need to use digital marketing to stay connected with their customers and prospects and make relevant connections.
Do an audit of your Digital Marketing efforts
Since marketing and sales act as fuel for your business, it is essential to focus here first.
- Create a checklist to see where you currently stand in terms of digital technology adoption.
- Work on your website and check for pages that need enhancements/corrections.
- Improve on your middle of the funnel and bottom of the funnel content.
- Clean your database of contacts
- Stay connected with your customers and prospects through email marketing
- Create content focussed on the core competencies of your business. Take this time to close content gaps on your website.
- Align your Marketing and Sales teams. Since the sales team is on the frontline handling customers, they would listen to customer anxieties and problems. Marketing needs to work together with sales to respond to customers’ needs and inform them how your company moves forward in the changing economic paradigm.
Stay connected with your current customers
During a recession, marketing is more about strengthening your relationship with your customer than making a sale. Your current customers are the most significant assets of your company. Please communicate with your existing customers regularly and find out the challenges they face due to the economic downturn. Find out if you can help them in any way as your customers depend on you and your business to reduce their pain points.
A strong relationship with your customers means that your customers remain loyal and will wait to re-engage with you once the tough times are over.
Keep your eyes firmly on the metrics
Digital Marketing is one of your business’s few aspects that will give you detailed metrics on how your marketing efforts shape up.
Check your Google Analytics and Google My Business stats to figure out which content areas your customers are engaging with the most. The rationale is to look at your digital marketing spending and only focus on those areas that are yielding results. Your digital marketing strategy needs to be agile so that you can tweak and improve it to meet your budget and business goals.
Monitor buyer behavior
Rework on your Buyer Personas
You will need to tweak your buyer personas to understand your customers’ changing behavior and respond to both the economic and health crises.
- How has the recession changed their pain points?
- What are they searching for during this economic crisis?
- What do they value now?
- Has this changed scenario opened up new markets for your company?
The key is to adapt and evolve at a rapid pace. Your prospects will be looking for solutions and help once we start coming out of this economic downturn. This uncertain time is when we will be tested on how we are facing this difficult situation. We all will have to make some hard decisions as business owners to sail through these challenging times.
Even though many factors will be out of our control, we can still use specific digital marketing strategies to survive this economic downturn. Going through these tough times can be isolating for business owners like you, but the reassuring part is
You are not alone!
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