New challenges for small and mid-sized businesses have arisen from the economic roller coaster of the past few years. Businesses are being impacted by adverse economic conditions in a number of ways. In times of turbulence, companies need to evolve their marketing strategies to respond to changing consumer behavior.
Digital marketing has been an important marketing strategy for a long time, but the Pandemic increased consumer demand for digital excellence and resulted in rapid digital marketing adoption by businesses of all sizes. Marketing budgets accounted for 9.5% of the company's revenue in 2022, up from 6.4% in 2011. Small businesses aren't always able to vastly increase their marketing budgets in light of economic uncertainty. Small business owners can use digital marketing to fill gaps and make their businesses survive the recession.
There are a number of ways your business can do that.
Be discoverable online
Do you want to drive your customers to your hub? This is a website for most businesses Whatever you choose is the best place for you to engage with prospects and customers as well as convert customers.
When someone is looking for you, make sure the content on your hub is good. If your website is your hub, what search terms should make it to the top of the search results? Use a ranking tool to track how your domain is performing and make sure your site has useful content.
Prioritize the customer experience
Digital marketing is one of the best ways to interact with your customers. Control where your target audience interacts with your brand is one of the things you can do.
Digital expectations have risen as a result of spending more time online, so it is important to remember that consumers are looking for a seamless experience.
It's easy for customers to buy from your business. It's important to ask for reviews. It's important for you to understand the experience customers are having with your business and for prospective customers to get social proof they need to feel comfortable buying from you. GatherUp can be used to automate review requests and analyze review content.
Stay connected with your audience
Maintaining engagement with your consumers is important toOptimizing the Customer Experience. Encourage feedback and respond to comments online. It is possible to inform your digital content strategy by knowing what consumers are looking for, as well as which social platform is the best for them, to offer the content they need in a place they will easily find it.
Customer feedback is important. It's possible to use positive feedback on your website and social media. Constructive critique can help inform your strategy.
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Standardize your brand voice
A brand's personality is linked to their market segment, target audience and values. The brand voice is needed to create and strengthen the perception of your brand. This brand voice can be tapped into in a variety of ways, including web copy, email newsletters, company blogs and social media posts.
In times of economic uncertainty, it's important to be consistent with your brand voice and values. A clear brand voice and values will guide how you communicate with your audience to make sure you support their needs and your overall business goals in tandem.
Stay active on social media
It's important to be top of mind in a competitive market. One of the best ways to distribute quality content is via social media.
If you are a small business with limited bandwidth, use a tool like Loomly to help streamline your social media management processes.
Consider video marketing
Video marketing is the most engaging way to connect with your customers. Social video content is generating more shares than other types of online content.
Video presents the type of easily consumable, human-first content preferred by most social media platforms and it also helps build authentic brand trust and connections in a way written content alone cannot. Recording and posting short-form videos for TikTok, for example, would be a good way to promote your business. Planoly can be used to schedule your videos.
Economic turbulence can be a powerful force for a business to implement critical digital marketing strategies that can pay off in the long run. These tips can help you create a sustainable business. Don't be afraid to try something different as not all strategies work for everyone. Flexibility and a testing mindset are more important than a one-size-fits-all strategy in digital marketing.
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