Numerous factors over the past 3 years have led to a strange time economically for the UK. From the COVID pandemic and the war in Ukraine to the Suez Canal obstruction, there are many factors that have led us to where we currently are and potentially where we are heading.
Downturn is a period or process in which business activity, production etc is reduced and conditions become worse. It is the stage before a recession.
Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. The 2008 recession lasted only 18 months.
Depression is a deep and long-lasting period of negative economic growth, with output falling for at least 12 months and GDP falling by over 10%. High unemployment is a key feature of this.
Where are we now?
Economists believe that we are currently in a downturn and about to go into a recession.
Recessions are temporary
Recessions bring fear and uncertainty to both businesses and consumers. Cutting back on marketing can seem like a logical idea but can be harmful in the long run. Remember, a recession is temporary but cutting marketing costs will decrease brand awareness, search result ranking, and brand loyalty. This leaves plenty of room for competitors to fill the void and take the lead in the market.
Market Share
Maintaining your marketing budget and having an effective strategy will not only ensure your online presence remains strong, it will also build confidence and loyalty with new and repeat customers. Companies who invest in marketing for a recession recovery will see exponential returns as the economy grows again, putting them in a much stronger position in comparison to those who cut back.
Your competition will cut back, others may disappear
A decrease in competition brings less supply and the people who are ahead of the game in their digital marketing will flourish during these times. Factors such as ranking well in the search results become easier as fewer people invest in sound SEO and content marketing strategies. And the same goes for effective targeted PPC campaigns which will gain more value whilst social campaigns get more traction. Therefore, the visibility of the business grows and market share increases .
Your customers are the lifeblood of any business so “when times are good, you should advertise; when times are bad, you must advertise.”
Don’t forget the exclusive offer for BISHTA / SPATA Members:
Adtrak has agreed to give a free digital marketing audit worth £1,000 to the first 10 members who request one. The audit will analyse your website and marketing efforts and then they will arrange a meeting to run through it with you and advise on how to improve your performance online. Email hello@adtrak.co.uk and quote SPATA or BISHTA today to request your audit, before they are taken up.
