How to combat inflation by using digital marketing techniques
New Delhi: The next potential economic downturn is here- with rising inflation and mass layoffs, it’s time for businesses to use digital marketing as a growth and revenue-earning opportunity.
Modern businesses are prioritising cutting all ineffective marketing efforts that prove to be a waste of their ad spend budget. They want to spend strategically on only the best digital strategies that offer growth and revenue-building opportunities.
Digital marketers today have to prove that digital marketing is “recession-proof” to their clients by promising them decent business and income growth, if not more.
It’s time for digital marketers to help businesses realise how digital marketing is a solid investment and can help them (companies) swim through inflation!
Being a prominent digital marketing agency with pan-industry clients across the globe for 17+ years now, GBIM Technologies wants businesses to understand how digital marketing can be helpful during inflation.
How Digital Marketing can be helpful during inflation
- It is inexpensive
Digital marketing is easy on the wallet when you use comprehensive strategies such as SEO, Social Media, or Email Marketing can bring you more revenue over your investments. Social media. Organic social media content such as social media posts, videos or stories helps you reach your target audience without much financial investment.
SEO that can bring you more revenue over your investments. Email marketing, too, can get you a great return on investment – 36%, making it a worthwhile investment.
You don’t have to invest in every digital marketing strategy; investing in a few will surely get you great returns in the inflation period!
- Digital Marketing is easily measurable.
Business survival should not focus merely on cost reductions but on cutting down the correct costs. Cutting marketing efforts that bring in no returns is smart, but scratching your entire marketing strategy is a not-so-smart move!
Digital Marketing strategies are measurable thanks to all the analytics and background data your digital campaigns offer. All you need to do is set definitive KPIs to help determine campaign success – spend rate, cost per conversion, audience and targeting metrics, etc.
Set KPIs enable you to analyse which campaigns work and which fail, thereby adjusting your budget accordingly.
- It helps you build brand authority.
Building a solid brand authority can do wonders during inflation, as consumers spend their money on brands they trust and love.
Digital marketing helps you win your customers’ trust. Organic Marketing, social media marketing and content marketing help you build brand authority even on a tight budget. The organic growth that SEO & Social Media strategies promise can build massive brand authority and prove your brand’s worth to its target audience.
The Many Opportunities Digital Marketing Offers
Advertising is one of the quickest channels to reach your online customers. By using the correct digital marketing channels and tools, businesses can truly benefit from them. No wonder digital ad spending will hit $646 billion globally in 2024!
Digital Marketing, when used strategically, can be recession-proof and bring in good fortune in terms of audience traffic, brand awareness and revenue growth during uncertain times like an inflated economy.