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How Can Online Businesses Thrive in a Slowing Economy?

By Christine Hazel 21 Aug 2019
How Can Online Businesses Thrive in a Slowing Economy?

Economic downturns happen regardless of your country of origin. Recent reports claim that the global economy is slowing down and things may take a turn for the worse in a year or so.

When this happens, businesses find ways to reduce expenses. More often than not, they look into their marketing budget as the first area for cost-cutting.

If you have just started an online business, this may affect your revenue streams. How will you cope if you’ve barely even started?

On a positive note, you do not have to fear economic downturns. With an open and optimistic mindset, along with the right strategies, you’ll be able to navigate a slow economy with little worries.

Here are the steps you need to take:

1. Reorganise your resources and expand your marketing plans

Increasing your marketing activities can a dent on your budget, but that is not always the case. In tough times, you will be able to understand what you need and what you don’t need as marketer.

Once you reorganise your resources, you will realise that you can work on the same budget but actually do more than you did pre-crisis. The months or years before an impending crisis can be the best time to review your marketing strategies. It presents the perfect opportunity for streamlining your campaigns, tactics and tools.

Besides, marketing requires constant refinement. During an economic crisis, when your competitors do what most people do, which to cut their marketing costs, this opens doors for your business. You will find opportunities faster than competitors who try to play it safe.

2. Reinforce connections

Your relationship with your clients can make or break your business. For SEO companies with clients abroad, this may not be an easy thing to do. Nevertheless, even a simple phone call to keep up with your clients or inform them about their campaign’s progress goes a long way.

Positive relationships with clients can have long-term benefits. Your client may spread the word about your company, thereby bringing you new leads. Through such relationships, you may find partners and other forms of support for your business.

Note, however, that connections cannot be built overnight. Time, effort and a lot of care are necessary for them to work out.

What’s important is that your relationship with clients should be mutually beneficial and sincere. Treat your customers as are more than just business transactions or an opportunity to incease your business revenue. Pay attention to their needs and, with all due sincerity, look at your company as an instrument for uplifting other companies.

By nurturing your relationships/connections, you make your company receptive to the best opportunities out there. Whether it be new clients, possibly support or media mileage.

3. Revisit old marketing strategies

It may be 2019, but during a crisis, timeline does not even matter. If marketing techniques are too limiting for your business in the midst of an economic downturn, then a trip down marketing memory lane never hurt anyone.

In fact, one form of traditional marketing appears to never go out of style in certain industries. We’re talking about direct sale marketing and its power to convince people of what you have to offer.

The reason why a lot of people fear this old-school marketing strategy is that it appears aggressive or pushy at times. Moreover, there tend to be quotas (e.g. 5 persons a day), which can be stressful and put a lot of pressure on one’s soldier. Well the good news is that online businesses do not have to be pushy or work on a quota.

Direct marketing works but do it in a way that informs and builds rapport. Make your customer or client understand the value of the product without blackmails or deceit. Just be a honest an persevere. This marketing strategy takes time and requires a lot of patience. In a struggling economy, however, you will be thankful for adopting it.

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Picture by John Schnobrich (Unsplash).
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