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The recent global Covid-19 pandemic brought a crisis for businesses worldwide that was never seen before. Due to the lockdown impositions, businesses couldn’t operate, making it extremely difficult for them to survive. A plethora of businesses got closed due to the pandemic, driving the global economy to the verge of recession.
However, Covid-19 also imparted great wisdom by showcasing the new and needed way of conducting businesses through digital means. Companies that had an online business model during the pandemic were the only ones that not only survived but thrived at those times.
Witnessing the need for digitalisation, over 76% of Australian enterprises adopted to transform their businesses online to stay relevant in the competition and the numbers are still going up.
So, this blog will enlighten you with the best practices to help you sustain your business at toughest of the times like a recession and will illustrate the need for business digitalisation. Let us begin!
The Need for Digitalisation of Businesses
The Covid-19 pandemic has shown the world that business trends evolve with time, and enterprises must coherently adopt new business methods to sustain themselves in the surging competition. People now look out for services online that can be delivered with ease and convenience.
Seeing this substantial change in consumer behaviour, businesses need to understand the need for the digital transformation of their businesses.
Becoming digital is not only a business requirement in today’s time but also has multiple benefits such as:
- Digitalisation makes your business reach wider.
- It lets you collect crucial customer data and generate key insights for correct business progression.
- It delivers a fast and enhanced customer experience.
- The agility and productivity of your business get improved.
- The digitalisation of your business empowers you with stronger resource management.
Having said that, your company’s growth is not alone assured by the digital transformation of your business. There are various other factors involved in making it successful, and digital marketing is one of them.
Digital Marketing Crucial for Business Sustainability During Recession
We already have indicated the need for the digitalisation of businesses in current times. However, as mentioned above, the path to business success does not stop here. To successfully run an online business today, you need to focus on the digital marketing of your brand proactively.
As the recession grew at the time of the Covid-19 pandemic, many businesses started withdrawing their digital campaigns due to incurring costs. However, some businesses went the opposite route and still maintained their campaigns despite the heavy expenditures.
As a surprise, the companies that didn’t withdraw their digital marketing became fortunate enough to witness the swift success of their businesses. Mappen, Wine Depot, Kogan, Maid2Match, etc., are some of the successes that thrived during the pandemic in Australia.
So what are the methods of digital marketing that make it great for business sustainability? Let us find out below:
Best Digital Marketing Practices to Follow in Recession
When an adverse situation like a recession hits your company, there are only a few ways for your business to survive, and digital marketing is certainly the most crucial of them.
Here are the ways and best practices of digital marketing that can thrive your company’s success:
3.1. Build an Efficient Ad Spend Strategy
The biggest mistake that most businesses make at the time of recession is trimming their marketing expenditures to save a few bucks. However, considering the bigger picture, this step turns more harmful as lesser people hear about your brand, the lesser they will invest in it. Therefore, the best way to sustain your business at a time like this is to create an effective ad spend strategy for your business goals.
3.2. Make Your SEO Efforts Productive
SEO is what makes your brand identifiable to the people. Having a good SEO strategy surely can rank your business website at the top of searches. Therefore, every business must create and maintain a comprehensive SEO strategy to ensure higher awareness of its brand.
3.3. Have an Omnichannel Presence for Your Brand
Today, we have multiple platforms through which a business can enhance its brand presence. Companies that rely only on a single marketing medium often do not succeed.
Hence, it is necessary that the services and products of your brand must consistently be updated on all social media platforms, emails, and communication channels for the needed marketing of the brand.
3.4. Focus More on Target Marketing
Unlike traditional businesses, the way of conducting business today has significantly changed. Today, it is highly important to leverage the target marketing to ensure your business reaches the right customers based on their interests, demographics, and age group so that you can serve them directly and grow more.
3.5. Create Business Strategies by Utilising Data-Driven Insights
Unlike traditional businesses, the way of conducting business today has significantly changed. Today, it is highly important to leverage the target marketing to ensure your business reaches the right customers based on their interests, demographics, and age group so that you can serve them directly and grow more.
3.6. Keep Communication Active with Your Consumers
Modern marketing trends require businesses to treat their customers as their friends. It is not important that every message or communication that you do with your customer must be about your products and services.
Interact them on their birthday occasions, send them gifts and vouchers, and ensure to keep an active conversation with them so that when they need a service like yours, you would be the first one to come to their minds.
3.7. Retain Your Best Customers through Personalisation
Retaining your valuable customers is surely greater than acquiring a new one. It is believed that a 5% increase in customer retention can enhance the business profits by 50-60%.
That being said, if you want to survive and thrive in recession times, make sure to build strategies with a touch of personalisation for customers that can ensure you a higher customer retention rate.
Conclusion
It is certainly clear that digitally transforming your business and adapting to the right marketing measures is undoubtedly the best way to make your business recession-proof. In addition, the digital transformation of your business can enable it to take new paths of success and achievements that you have never thought of before. Get in touch with our expert team and get a free quotation to flag off your digital journey.
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