2023 is shaping up to be a difficult year for businesses. The cost of living crisis is raging on, with both consumer and commercial spending looking set to decrease this year. 61% of consumers are expected to cut discretionary spending this year, with businesses also looking to make cuts to reduce their spending.
With businesses facing one of their toughest years, digital marketing will continue to be a vital way of securing business growth. From engaging new customers to promoting value, a robust digital marketing strategy can help businesses navigate this tricky time.
Improve user experiences to enable growth
To help you get the most out of your digital marketing efforts, you need to create an environment that serves your visitors. You should focus on improving your website’s UX and providing new features that can improve the customer journey. The main focus of your digital marketing should be to direct traffic to your website, so you want to ensure that when people arrive, they’re impressed with what they see.
Increase invisibility to boost brand awareness
The online marketplace is a competitive one, and that looks set to continue despite the cost of living crisis. For brands and businesses, this isn’t the time to sit silent – now is a great opportunity to work on growing your online following and expanding your reach. When consumers are ready to spend, they will be more likely to remember you and seek your products and services.
Focus on content that makes an impression, putting more energy into creating quality content. Content that educates, entertains and sparks debate could help reach new audiences and engage existing ones, helping you build a loyal online following.
Focus on demonstrating value
While many businesses might want to take the approach of addressing the cost of living crisis head-on, it’s not a strategy that will be warmly received by the public. As evidenced during the pandemic, it may be more effective for brands to ‘say nothing’ and focus on value instead.
What does your business have to offer people during this difficult time? Are you able to push your lower-cost products and services? Think about what makes your business unique compared to your competition and highlight your strengths. As people tighten their spending, it’s important to show the value your business can offer.
Take a low-cost approach to your marketing efforts
When faced with increased costs, your company may want to reduce its outgoings. Your advertising spend could be one of the areas identified for cost savings, but that doesn’t mean you can’t still produce some great results from your digital marketing efforts. Some of the areas you can switch your focus to with reduced ad spending include:
Organic content
Don’t underestimate the value of organic content. Creating quality content still has the power to be seen by the masses, especially where it can offer value. Posting regularly on Facebook, Instagram and TikTok can help you promote your business and hopefully tap into the algorithms that will connect you to an interested audience. You could see some great results from your social media efforts when you put more energy into your content, versus taking the easier route of boosted posting.
Focus on SEO
Search engine optimisation (SEO) is vital for helping to boost your website’s ranking and increase your visibility. Posting interesting, relevant content can help boost your website’s SEO, helping people to find your business online. During periods of tighter spending, consumers are more likely to research their purchases in more detail, which may take them beyond those initial search results to find other retailers and service providers. With the right SEO strategy, you could drastically improve visibility during this time.
Use your budget to retarget your visitors
If you’re facing a reduced ad spend this year, you should consider how you can use your remaining ad budget more effectively. For example, retargeting visitors to your website could help you target those who already have an interest in and awareness of your business, making them more likely to convert than those who are hearing about you for the first time. A more targeted effort could yield better results to help you get a better ROI from your advertising spend.
Push promotions
While some businesses focus their promotions on certain points of the year, such as Christmas, New Year and bank holidays, it could be worth switching up your promotions and even offering them more frequently to your customers. The cost of living crisis looks set to see the return of some shopping behaviours witnessed during the pandemic, where people took their spending online in the hope of finding the best deals. With the right promotions, your business could help secure sales over your competitors. Platforms like TikTok are becoming an increasingly popular way for brands to sell products, and if you can produce content around your products that will boost their appeal further, you could discover a profitable new sales platform.
Keep an eye on market trends
It can be difficult to predict trends during turbulent times, which is why it’s important to continue to monitor the market and see what your competitors are doing. You can gain some valuable insight into what they’re doing to attract customers, as well as identify content trends that could inspire your activities. Some detailed market research will help you see the types of content your target market is responding to, helping to inform your ongoing marketing strategy.
2023 will likely prove to be a challenging year for businesses, but an effective digital marketing strategy could help you make it through to the other side. Marketers may be faced with a lot of unknowns, as experienced in previous recessions and economic crises, but new trends and patterns will emerge that could still result in some success stories and growth for businesses.