“A recession worse than 2008 is coming” reads the CNBC web post last January 15, 2016. The Washington Times headlines “The recession of 2016” last January 18, 2016. Companies and enterprises are in chaos now and struggling to make their contingency plans to brace for the recession storm that’s about to take nations and the global economy as a whole.
The reads hyperlinked to the headlines we’ve used as examples explains more about the forecasted 2016 recession and how financial analysts and economic gurus sees and reads the tea leaves of global economies and how these economies interacts and affects one another.
This post, however, deals with how companies can cope-up and leverage digital marketing and online solutions to soften the impact of the forecasted world-wide recession which, according to CNBC, can be worse than that experienced in 2008.
To preempt whatever impact this year’s recession may have on your company or business, you’d better rethink and retool your advertising and marketing initiatives. Having a tight budget during the financial havoc that is being forecasted this year doesn’t mean you need to relent and stop pushing your business to success. Follow this K.P.I (Know Prepare and Innovate) acronym we’ve formed to help you better prepare your company’s advertising and marketing initiatives even during the financial crises and beyond.
Know your company’s marketing and advertising priorities
Why do you advertise? How you see advertising helping your company connect with your target consumers and customers? How do you visualize your advertising giving informative to consumers regarding your products, services and offerings? Do you need use digital marketing to your business? You need to think this out and lay-out your plans to address these visions for your advertising. Evaluate and appraise your marketing initiatives and reduce (if not already done, start reducing) expenditures on traditional media and lean towards using limited resources to go digital.
Digital marketing and other internet-based marketing tools can help save a lot of companies and enterprises from the projected onslaught of the 2016 recession. How so, you might ask. Comparatively, digital marketing and internet-based advertising and marketing give the value-for-your money by:
1. Enabling you to instantaneously communicate with your target market;
2. Quantifiable and measureable results;
3. Targetable campaign ads and marketing initiatives;
4. Enables you to reset marketing and advertising priorities instantly; and
5. Scalable budget which can fit any company or business.
Prepare your contingency plans
A contingency plan is borne out of the necessity for continuity and business survival during uncertain and turbulent times. As a rule, recessions can hit companies of all sizes—small and big— with the ferocity of a lion. Ordinarily called as “Plan B”, a contingency plan can be used alternatively to guide courses of actions when projected results fail to emerge.
Online digital marketing and advertisement can be a boon to companies during this trying time when online digital marketers and advertisers become increasingly budget-conscious because:
1. Small Change, Big Change. Foremost, digital marketing and advertisement characteristically entails less expense than the more traditional form of advertising and marketing (TV ads, radio ads, newspaper ads, etc.) while at the same time having sizable and impactful effects on your business and can be embark on more rapidly and cost-effectively than the traditional offline medium.
2. Extra Space, Safe Pace. The beauty of online advertising and marketing is that it doesn’t require substantially long-term commitments. Pay-per-click (PPC) ads can increase and decreased on any given day based on your budget allocation and frequency to set it up. Email marketing through email blasting can be sent or not depending on your financial capacity. This extra space—breathing room if we may, gives you flexibility which you cannot have through traditional marketing and advertising (try doing the above on TV ads, newspaper or radio).
3. More Value for the Penny. With lessened outbound marketing and advertising budgets, businesses and enterprises have the tendency to shift their focus towards increasing returns from existing customers, both from frequent, small purchases or larger ones.
Innovate and evolve your marketing strategies
Expanding geographically—if not globally is not entirely impossible with the advent of the internet. The keywords here that you need to ponder are Innovate and Evolve. Part of the evolutionary process of advertising and marketing is the birth of Internet-based advertising and marketing which can figuratively and literally take you anywhere in the world, particularly if you can build capability, produce niche items or indispensable services.
The internet is a wonderful marketing and advertising medium which you can leverage to achieve the results you want and more. Furthermore, the internet offers a lot of useful tools which you can also use to:
1. Gain foothold on the digital market;
2. Increase your company’s exposure;
3. Increase awareness to your brand;
4. Connect with past and future customers and consumers, and
5. Communicate proactive to your target clients and market niche.
Online ads and marketing have grown more mature and been tested overtime and over trying circumstances. Not only will online advertising and marketing survive this financial turmoil, it will essentially boom during the lean times.
By making your advertising and marketing efforts client-centered; centering on not what your clients buy or to the product itself but rather understanding of what motivates people to buy, from where they buy; how they buy and when they buy would enable you to give the best for them and let you survive the storm that’s about to take the financial world.
The old saying “Chances favors the prepared” aptly summarizes what companies and enterprises should do to soften the impact of the dreaded recession that is expected to happen this 2016. So be prepared, anticipate, innovate and evolve with the changing times