What is the best way to survive an economic recession? The COVID-19 outbreak has caused a mild economic recession with the potential to become severe down the line. And just like every other recession, this will too, run its course and fade away. As a leading digital marketing company in India, we feel it’s important to focus on getting through it and emerging victorious on the other side. But what does ‘victorious’ mean for you as a business owner? Every company’s go-to strategy is cutting costs by making lay-offs and reducing employee pay, in the hopes riding it out till its normal again.
Cutting costs is more like treating symptoms than curing the virus!
The real threat you face here is losing clients for good! The COVID-19 pandemic has enforced a very cautious mentality upon consumers, wherein they’re compelled to think twice before making any expenditure. Why will they come to you? What is your reputation? This changing mentality of consumers is the real virus attacking your business. Losing clients and work temporarily are just the symptoms. Sure, cost-cutting is necessary as symptoms cannot be left untreated! But the only way to defeat the virus is to gain immunity over it, by making your business recession-proof.
As mentioned above, recessions make consumers think long and hard before making any expenditure, even if they have enough money! It all hangs on the reputation you build, the visibility you create and the message you send. People need to know that you are still the best option they’ve got out there and doing business with you is worth the expenditure, even if the deals don’t happen right away! If you gain leads now, you will have something to reap when things are normal after the slowdown. Otherwise, you’ll be stuck with no prospects and no opportunities in a time where everyone is back and booming again. Your survival efforts will all be a waste! You have to defend your brand image by boosting its immunity through smart marketing.
What prospects does digital marketing hold?
As a marketer, you can now;
- a. Get a wider reach: Everyone is now online
- b. Do targeted marketing: As per demographics, interests, age group and much more
- c. Optimize spends accordingly: Keep variating budgets as per engagements
- d. Track results: Everything is measurable. See what ads work and how much ROI is generated.
That being said, building a 360-degree brand image is now much easier and affordable with digital marketing channels. As a leader in SEO services in Pune, we believe this is the best time to go digital and feel the pulse of the market by testing various types of content, running experimental ads and gauging customer response in real time. It sure sounds like a big expenditure, but it’s the only cure that will help your brand fight this recession and start making you money, very soon!
If you’re looking for a digital marketing agency in Pune to design some experimental branding campaigns during COVID-19 at very low costs, then you can check out I Knowledge Factory (IKF). IKF is a leader in digital marketing offering everything from customized standalone services like SMM, SEO and Content Marketing, to complete 360-degree digital solutions.