In these uncertain times, every business needs to be doing everything it can to make sure they’re recession-proof. Here are some essential digital strategies that you need to be implementing in order to keep your business afloat. Based on the recommendations of Thrive, an award-winning digital marketing agency, implementing these strategies will help you maintain and grow your revenue, even when the economy is struggling. So read on and start putting these ideas into action! You’ll be glad you did!
1. Diversify your revenue streams
Having multiple revenue streams is essential for any business, but it’s even more important during a recession. If one of your revenue streams dries up, you’ll still have others to fall back on. So how can you diversify your revenue?
There are a few different ways you can do this. First, consider selling products or services that complement your main offering. For example, if you sell software, you could also sell training and consulting services to go along with it.
Another option is to start selling new products or services that appeal to a different market than your current one. This could mean targeting a new geographic region or a different demographic altogether. Finally, you could also look into licensing or franchising your business model to others. This is a great way to quickly expand your reach and generate additional revenue.
2. Build a strong online presence
In today’s digital world, having a strong online presence is essential for any business. But during a recession, it becomes even more important. Why? Because when people are tightening their belts, they’re less likely to spend money on discretionary items like your products or services. But if they can find you online and see that you’re offering something they need, they’re more likely to become customers.
There are a few key things you need to do to build a strong online presence. First, make sure your website is up-to-date and informative. Second, use social media to reach out to potential and current customers. And finally, use search engine optimization (SEO) to make sure your website comes up first when people are searching for businesses like yours. Working with an SEO company will definitely help in making your online presence felt especially on search engines.
3. Increase your marketing efforts
When times are tough, it’s tempting to cut back on marketing and advertising. But this is a mistake! In fact, during a recession is when you need to be ramping up your marketing efforts. Why? Because your competition is likely doing the same thing, so you need to make sure you’re staying top-of-mind with your target market.
There are a number of different marketing channels you can use to reach potential customers. Social media marketing, email marketing, and content marketing are all great options. And don’t forget about traditional channels like TV, radio, and print, and even content writing. The key is to experiment and see what works best for your business.
4. Focus on customer retention
Acquiring new customers can be expensive, so during a recession, it’s important to focus on retaining the ones you already have. There are a number of different ways you can do this. First, make sure you’re providing them with excellent customer service. Second, stay in touch with them regularly and keep them updated on your latest products or services. And finally, offer them discounts or loyalty programs that incentivize them to continue doing business with you.
5. Invest in technology
Investing in technology may not be the first thing you think of when it comes to recession-proofing your business. But it’s actually a smart move. Why? Because technology can help you automate processes, improve communication, and increase efficiency. And when you’re able to do all of those things, you’ll be in a much better position to weather any economic downturn.
A recession might be on the horizon, according to many analysts. Are you prepared? No one can say for sure when it will hit, but there are certain steps you can take now to help insulate your business from the downturn. In this blog post, we’ve outlined five digital strategies that are vital to any ecommerce business and will help keep you afloat in tough times.
So what kind of technology should you invest in? That depends on your business and what would make the biggest impact. But some options to consider include customer relationship management (CRM) software, project management software, online reputation management and accounting software. By implementing these digital strategies, you can help ensure that your business is able to weather any economic storm. So don’t wait – start putting these strategies into place today!
About the Author:
Ron Evan is the Demand Generation Link Building Manager at Thrive Digital Marketing Agency, and he enjoys writing about psychology, traveling, and digital marketing. Nearly four years ago, he accidentally stumbled into the digital marketing field. Since then, he has contributed to major websites such as Entrepreneur, Medium, UpCity and Yahoo with his articles and commentaries. He is currently based in Taiwan pursuing an MBA with a focus on marketing.