A lot of unpleasant events have been taking place around the globe since the outbreak of COVID-19. From witnessing a major health crisis to loss of thousands of jobs, and closed businesses, all this will have a huge impact on the world’s economy, which is already down.
With several alarming predictions about a global recession, it is the responsibility of every marketer and entrepreneur to take proactive actions to minimize the impact of this situation. Of course, it is a frightening situation for everyone, especially business owners, but it’s definitely not the right time to become paralyzed with the thought of global crisis. The actions taken today will help us to survive and even thrive once the economy stabilizes.
When it comes to recession, it has three stages such as the initial drop, the slow climb, and the growth. The depth and period of the initial drop play an important role on the impact of recession. Considering the current situation, most economists say that the global economy is experiencing a freefall.
Well, a recession strategy involves a lot to sort out in both external and internal communication. However, in this post, we will talk about digital marketing and measures recommended by the top digital marketing services providers in India.
Digital marketers during their first recession in 2008 and 2009!
The first recession that digital marketers faced was back in 2008 and 2009. During this recession, there was a drop in consumer confidence. As a result, the spending in digital advertising was increased to a great extent. But today, the economic crisis is nothing like low consumer confidence. In fact, the world is facing a health crisis and looking for guidance to get back to their normal lives.
Below are the steps by our experts to help you prepare in advance to alleviate the impact of the economic downturn.
Don’t cut marketing spending
Most business owners make this mistake of cutting marketing spending dramatically, which does more harm than good. Of course, it’s tempting to save as much money as you can during such a situation, but the savings will be for a short term and loss will be seen in the long term. This is because post-recession you have to make huge investments to get back on track.
Market like a good citizen
Recession or economic downturn is the right time for any leader and organization to consider their core values. Keep in mind, people will always remember who helped them and who preyed on their security to profit off a crisis. In simple words, be a good and helpful marketer not a ghoul. To start off, you can go through your buyer personas once again and make a new strategy.
Track consumer behavior
You can sort out how your consumers respond to a situation like economic downturn with the help of a baseline framework. Customize this framework according to your industry-specific needs to determine what causes changes in the behavior and how long it will continue to change. Based on your information, you can create campaigns and messages for your audience.
These are some of the effective ways to use digital marketing during recession to keep your revenue flowing. If you’re searching for professionals who are well-versed with the latest digital marketing trends, then count on SoftProdigy Solutions. Being one of the leading Digital marketing companies in India, we can assure you high-quality services driven with desired results.
Summary – Worried about the economic downturn brought by the COVID-19 situation? Stop worrying and start preparing! Learn how you can be prepared in advance for the global economic crisis.