Now that we are officially in a recession (and have been for over a year), it is time to start spending money wisely. The oversized marketing budgets of the past are set to be replaced by smarter investments like search engine optimization of websites coupled with social media marketing.
Here a few reasons why it makes sense to invest in your website right now:
Learn from the past and prepare for the future: Research shows that companies that spend money on marketing during a recession tend to benefit over companies who cut back on their marketing budgets. Not only is it a good idea to continue your online marketing budgets, but cutting back could cost you more in the long run. Place yourself in a good position to be found online now so that once people start shopping more eagerly down the road, you'll be right there waiting. If you wait until the economy is back in shape to start an SEO campaign, you'll be behind the game.
Check out the competition: The big "R" is forcing your competition to take a look at their spending habits and, according to eMarketer, traditional marketing budgets are shrinking and online marketing budgets are increasing. If your competition is investing in their online marketing strategies and you know in the past companies that continue to invest in marketing benefit, then it's clear you shouldn't be cutting your marketing budget, but increasing it.
Traditional marketing budgets are being spent online because you can measure the results more effectively! There are a number of tools and metrics to tell you just where your traffic, leads and conversions are coming from. Once you know, you can reorganize you online spending to make it more effective. Traditional advertising doesn't even come close to giving you the direct feedback and measured results that you get online.
The economy is cyclical and downturns are typically short-lived so don't waste any time. Now is the time to be smart, learn from the past and start investing more in your online marketing. While others are cutting back, you will ready to go when we start to see the light at the end of the tunnel.