Is your business strong enough to survive an economic downturn or many competitors?
If you have ANY kind of business or are launching a new product, event or are an online influencer, you MUST have a digital marketing strategy in place (note use of capital letters, it’s that important).
Whatever your business does and wherever you do it, we all have a lot of competition. Everyone’s online in some form or other, from websites to social media or even just online business directories. Most businesses appear in all of those media formats, and some do it really well – they’re the ones getting the new business, customers and sales. Is that you or your competition?
Even if your business is doing quite well at the moment in terms of customers, things can change. The economic market can take a downturn, customers move on, companies can go bust etc. If you haven’t been active with your marketing strategies, that’s like standing on a house made of cards (a poof of wind .. or in this case, recession or you lose your biggest customer, and it all collapses). That’s gambling against your business too much.
We’re certainly not trying to be doom and gloom but you must have a strong foundation beneath your business. That’s why you need an ongoing and strong marketing strategy.
Get your Digital Marketing Strategy on track now
Which business do you think would find it easier to survive an economic downturn:
a) The business that hasn’t been doing much marketing or online strategies – yes, they’ve got a website but it’s online and that should be enough, shouldn’t it?
b) The business that’s kept up with, or beyond, their competition with their digital marketing. . has plenty of social media followers, keeps in touch with their customer base via blogs, social media and newsletters. Plus actively seeks to attract new customers and keeps an eye on their place in the market and competition – ALL of the time?
The answer’s pretty obvious. DON’T wait until the market gets slow or worse, assume it won’t. It may be years or only months away. You need an active and on-going marketing strategy. It needs to be part of your day-to-day business and it needs to be done right. It can take anywhere from a few months upwards for organic (none paid for) digital marketing to gain momentum. Paid online advertising can have quicker results but it’s not sustainable unless all of your online media is set up and working for you correctly first (website, social media etc).
Regardless of any issues with the econony, you will always have a lot of competition. You need to stay ahead of other businesses in your marketplace.
If your potential customers don’t know you exist or what you do, you’re business won’t survive.
Or see more related articles about digital media strategies: