A big thank you to Paulo Coelho for inspiring the title of this blog post. For anyone not living in an isolation bunker, the past few weeks have been some of the most tremulous times for the financial sector in America. Several clients and friends have asked me what they should do about search marketing, now that budgets are shrinking.
Every industry reacts differently in tough economic times, but there are a few points that are crucial to almost everyone.
1. DON’T PULL BACK.
I usually don’t use all caps in my writing, but this is a place where it is warranted in a big way. Any business that pulls out of Search Engine Marketing in this economy is being suicidal. Why the strong words, you say? Well, every product and service is going to be searched for on the web. People are not spending on the magazines and other publications you have been thinking of investing in. If someone wants to buy your product or service, they will be looking for it on the web.
2. Make it easy to buy.
All ecommerce aspects of your website need scrutiny. Stop all leaks in your shopping cart; find out what makes people leave your website. If someone is willing to spend on you in this economy, the last thing you need is a shopping cart or booking engine that doesn’t work properly.
3. Give incentives, don’t discount.
Let’s talk Retail, since the 2008 holiday season is upon us. This year is going to be different as people are cinching their belts tighter than ever. Give them a reason to choose you over the 10,000 other companies that are selling in your industry vertical. There is a big difference between offering an incentive versus a discount. In my opinion, discounting has never worked in favor of any business. “Create value, incentivize and sell” should be your motto during these tough times.
4. Clean up your act.
All the website-related projects that you have postponed during the boom times need to come back to life. Invest in developing your website so that it stands out from the competition. Get the redesign you never got around to because you were too busy; get a better shopping cart; write new content. Don’t let sales slip through the cracks in your website: now it the time to control your bounce rate and abandonment rate!
5. It’s CRM (Customer Relationship Management) crunch time.
So basically, the words you are looking for are “Thank You.” Downturn is a great time for businesses to connect with their customers. Let them know you appreciate their business. Taking time to write an extra thank you note goes a long way.
Nothing lasts forever; the markets will rise again. But for now, there is no escaping the market conditions. The businesses that stay resilient and build their brand during these rough times will be poised to really flourish during boom times. So wipe away the gloom and start positioning yourself as a market leader.
