How to Market on the Web During a Recession
This blog entry was posted on May 22, 2009.
When economic times are tough, a business has two choices.
- Press the panic button and avoid all spending and just wait for better times. This means slashing all spending including marketing. These companies are in survival mode and hope to minimize losses to their customer base.
- See new opportunities and shift their marketing effort to grab onto these opportunities. This usually means shifting spending to more efficient and better targeted marketing such as web marketing.
We can see two examples if we look back to the great depression. Churchill was wiped out by the great depression as he lost great wealth in the stock market. Joseph Kennedy made his fortune during this same time by shifting his wealth to real estate before the crash.
Web marketing is much more cost effective than traditional media. Many companies today may have reduced their overall marketing budgets, but they shifted much of the remaining dollars into new web sites, organic SEO, pay-per-click, blogging and social media. They have done this to better lever their marketing dollars into sales results.
During a recession, new opportunities present themselves and businesses need to be ready to go after these. Big gains happen if you are able to capture market share while other companies are losing customers while focused on survival.
Let’s look at two examples.
Industrial Craters and Packers of Portland Oregon is one of our clients. Much of their business was building crates for capital equipment companies. This market has all but dried up for now. About a year ago Industrial Craters invested in organic SEO for search terms around “factory relocation Portland” and “custom crating Portland”. Today they are busier than ever helping with plant shutdowns and factories being decommissioned.
Another example is Webex (online conference calling) who developed a TV ad campaign around “spend less time travelling“. Not only could businesses save money, they took the pain out of travel. Webex presented a solution that improved productivity for sales organizations. Webex presented a solution that allowed local businesses to have a national reach.
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Related posts:
- How to Grow Your Business during a Recession
- Monitoring for Market Intelligence
- Understanding Your Market
- Market Your Website Like Your Business
- Google Market Share Grows Year After Year
Filed under: Internet Marketing
This entry was posted on Friday, May 22nd, 2009 at 5:33 am and is filed under Internet Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.No Comments
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