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The economy is what makes the world turn. This is very true in North America. I am proud to say that I live in Canada as Canadians are hard working and honest people. We have a strong economy and our dollar is about to surpass the weaker American dollar. The economy in Canada is somewhat stable. So as I was reading an article about a stalled housing market to our neighbors to the south, I wondered how much the overall economy has on online marketing?
When an economy slumps, usually one of the first cutbacks in the budget for many organizations is the marketing budget. As a result when looking at the marketing budget, you can be sure that one of the first items that will be affected is online marketing. In fact I've seen this happen with some of my clients, where the first thing that happens is that their SEO budget is reduced followed by their amount of sponsored spend. This is interesting to me as search engine marketing as a whole is on average less expensive than traditional forms of media such as television advertising and print ads.
So what can an online marketer do when faced with a slumping economy and budget cuts? How can online marketing remain effective when overall marketing budgets are being slashed?
Provide Value - show value from your online marketing campaign. Dollarize your success so that when marketing budgets are cut, your manager will think twice about cutting the online marketing budget.
Sell SEO - similar to the first point, you should always work to sell SEO to the various departments in your organization. This includes getting buy in from the C-Suite, and backing from the IT and sales departments.
Train Staff to do Online Marketing In-house - it is a good idea to train members of your team in SEO and Sponsored strategies. At a bare minimum learn it yourself so that you can do the fundamentals and necessary tasks that will keep your company competitive in the online world.
Plan for the Economy Effect - Be aware of your industry and forecasts of where your industry is going. If you see signs that your industry might begin to fall on difficult times, plan for the leaner times. Prepare your online campaigns to shoulder the load of declines in the economy. This is where effective search engine optimization and SEO comes in handy as a site that is well optimized and ranking well in the search engines should remain there for a long period of time. Unlike the sponsored listings where you are only there until your budget runs out. Having a sound SEO strategy in place now may carry you through some of the leaner times in the future.
Online marketing is an effective way, not only to promote your brand, but to generate leads and business for your organization. Even during down times in the economy, an effective online campaign directed at the proper target audience will provide your business with an opportunity for success.
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