How to Adapt During a Marketing Recession
Even though some businesses can be considered “recession proof,” 2020 has shown us that not many are “pandemic-proof.” Marketing is in the same boat. In this 2020 economy, when so many industries are perched in a perilous position, advertising dollars can evaporate very quickly without the much-needed results of said advertising.
When once there was a wealth of time, resources, and manpower to test new theories and new techniques, marketers may now find themselves under heavy scrutiny, trying to prove their worth to the high ups. How do you stay relevant, needed, and successful when you have less than what you started with? We have a few ideas, so take a seat on the couch and listen up.
Wow, did that make you roll your eyes? Ok us too, at first. Bing is Google’s second cousin twice removed and is heavily shunned by most specialists and consultants. But let’s be better and more open minded. You might be surprised about what we found. Bing’s numbers, when combined with Yahoo’s search engine, which they also power, holds over 30% of the market share. Meaning that 1 out of every 3 internet searches is powered by Microsoft. That should catch your attention, but here’s where Bing really shines: cost per click. Google Ads boasts a 3:1 margin when it comes to ad click costs. That means with Bing you could slash your advertising budget to a third of what it once was, while still maintaining a great CTR. There are even more positives to running a Bing campaign, learn more about it here.
Partner With A Fellow Brand
In the early 2010’s, influencers became all the rage, thanks to the rise in popularity of social media. Companies started to realize the value of suggestion. Sales and appeal quickly rose for aesthetic, nutrition, and self-care products when they were cleverly disguised as a “hot tip” or insider information. These days, influencers can command well into six figures. Because this is now out of the budget for most, a cost-effective alternative could be brand partnering. Consider joint ventures with a brand that is parallel to yours. Could you co-host a live session on Instagram with some of your employees? Could you sponsor a giveaway with several other like-minded brands? This will get new eyes on your product, with very little cost associated with it. And because interaction is fundamental, this technique will also draw on several audiences as opposed to solely your own.
Are you tough as nails and as creative as Da Vinci? It takes a boatload of both to navigate through an unprecedented global event. The advertising world shapes the world around us and vice versa, and it takes an immense amount of flexibility and awareness to stay relevant in every changing climate. Make sure that you are behind the driver’s wheel paving your own path.