How Digital Innovation can Save Your Businesses in Recession
The world just experienced one of the most devastating pandemics in history. Amongst other things, the pandemic negatively destabilized the way we used to do things in the past, including how we work and do business. All of these led to unprecedented recession that affected virtually all countries all over the world.
While there is absolutely nothing we can do to prevent the pandemic or the resulting recession, we can control the way we react to it. You can still help your business navigate the recession and still come out strong and vibrant when the recession is over. The way you react to the recession will determine how well your business survives it, or not.
One way to get your business thriving once again is leveraging digital innovation. Developing a digital innovation strategy can help you navigate the pandemic properly.
Here we outline some tips:
In the past, people were always on the go. From their places of abode to their workplace and back. They also engaged on travels for business, work or pleasure, amongst others. But currently that is not the case. Most of everything they do now has to become virtual, including their work and communication with family. Instead of traveling, they now have to make do with virtual tours.
All of these present the opportunity for you to tailor your advertising strategy towards online and internet marketing.
Surprisingly and fortunately so, online advertising portends a lot of benefits even over traditional advertising that we are quite used to. For one, it is much cheaper than traditional advertising channels. The cost of customer acquisition is down to only a few tens of dollars.
Furthermore, it is quite measurable. You can see the performance of the advertisement campaigns in real-time. You see the views, the clicks, the conversions, and much more. This way you are able to track performance, such as click-through rate (CTR), amongst other performance feedbacks.
Then, you can control the entire advertising campaign. You have control over who the set of people to which the ads should be shown and those it is not meant for. All of these bring about targeted advertising. In short, you are able to properly direct your advertising efforts towards the best customer segment.
Above all, the advertising is global. Is your product one that people in other states, regions and countries can patronise? Then, online advertising provides you with the best platform to be able to reach everyone wherever they may be located, as long as they are online.
This is a recession, and as such, it is not the best time to engage in aggressive selling. Thus, in crafting your digital innovation strategy, you should think long term and really not focus on selling now. Customers generally will be conserving cash, but they all need problems to be solved
Thus, tailor your digital strategy towards engaging them and helping solve their problems. This can be done via organising one-on-one sessions and through creative and helpful content.