Use Digital to Beat the Recession

Shhh! Don’t mention the ‘R’ word! But with all of the talk of economic doom and gloom, the impending recession and our first quarter of 0% growth, what is the best way to ensure your business survives?

We only have our previous experience to go by when it comes to predicting what will happen during a recession; but there is one major element of our economy that didn’t play a part in our lives in the late eighties…. digital.

The speed of the transfer of information has increased dramatically in comparison to our non-digital years, some report contributing to the speed of our economic decline. This speed of information transfer is also predicted to cut the length of time we remain in a recession.
But how can digital be used to help your business in harder times?

For starters, anyone that is able to continue spending on promoting their business whilst their competitors cut spend is set to gain two-fold – see our article ‘Cut Spend, Damage the Brand’ for more on this topic.

So how else can digital create competitive advantage during a recession?

- Quicker reaction times

React quickly with a relevant proposition. By continually gleaning valuable customer insight from digital channels and quickly reacting to changes in consumer behaviour and the economic climate by using the flexible nature of digital, you can tailor a highly relevant offering, maximising your success.

- Stay current

Regardless of economic climate, it is important to remain up to date with current consumer trends. The increasing popularity of online shopping, price comparison and social media is unlikely to be affected by the economic climate. If anything, the financial squeeze will drive more consumers online in their quest for the most competitive prices. By staying current, you’ll ensure you stay at the top of your game when others in your market may be cutting back to try and protect their business. You’ll come out of the other side streets ahead of your competition!

- Measurability

With increasing demand on justification for your budget spend, digital is set to see an increase in spend transferred from other more traditional but less measurable marketing techniques. Digital offers full measurability and ROI across a huge variety of channels from PPC through to email marketing and banner advertising. This accountability, complimented by its flexibility and ability to react quickly to market changes, means that the already fast growth of digital marketing techniques are set to see continuing strong growth in the coming months. Don’t forget though the importance of the integration of digital with offline marketing techniques to ensure a balanced and effective communication with your audience.

So there you have it. Just some of the reasons why digital is going to prove key in ensuring your business’ success and longevity despite the approaching recession. If you’re feeling really positive, you could even approach this recession as an opportunity rather than a threat and see it not simply a case of ‘the rich get richer’ but more a case of ‘the clever get richer’!

If you want to talk to us about how we can use digital to secure your business’ online success, then give us a call on 01252 70 11 11.

Jocelyn Kirby