How To Adjust Digital Marketing For A Recession
Despite the recent government announcement of what amounts to a major subsidy for energy bills to effectively hold the Energy Price Cap at £2,500 a year for the next two years, these are still tough economic times.
Inflation is still high, interest rates have been rising and the Bank of England expects the UK to slip into recession by the end of this year – staying there through 2023.
This may lead many companies to wonder whether spending money on digital marketing in Hull is wise. Many a firm might ask whether a recession and the potential reduction in profits it may prompt from squeezed consumers mean it makes sense to cut costs by lowering the marketing budget.
According to the most recent IPA Bellwether Report, many firms in the north of England are preparing to do just this. But is it the right move? The answer is definitely no.
Firstly, digital marketing is relatively inexpensive, as well as being flexible. You can adjust your marketing to deal with the changing desires of consumers. For example, you can highlight bargains and special deals you may offer, as well as the particular vale of your product or service to someone wanting to spend limited funds wisely.
Digital marketing also helps to raise your profile and your presence at a time when those cutting marketing budgets will be shooting themselves in the foot by doing less to persuade potential customers to come to them. Even in a recession there will still be people with some money to spend, safe jobs and need or wants that you can meet.
Finally, don’t forget that some products can actually do better in a recession. For example, it was during the deep recession of 2008-09 that the term ‘staycation’ became popular as people opted for cheaper UK holidays instead of going overseas. Sales of caravans and associated items, as well as the domestic tourism industry, were the beneficiaries.
Therefore, it may be wise to market well those things that offer cheaper but desirable alternatives to those who are counting the pennies, as well as those who still have substantial disposable incomes.
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