As marketing budgets feel the squeeze of the housing crisis and a slowing economy, now’s a good time to think about opportunities. Here’s a few starters about how digital can help your business or brand thrive in a recession:
1. Live by the rules of The Beta Economy
No other medium allows you to launch, test, relaunch, test, measure, tweak, re-tweak, evolve and relaunch quite like the web. Folks like Guy Kawasaki and Seth Godin preach about this all the time. Guy launched his Truemors service on a shoestring budget and uses Twitter to promote it.
When budgets get cut, look to digital for new ways of testing out ideas vs. big bang and big budget initiatives.
Digital gives you many ways to listen to customers – from direct engagement like Dell’s IdeaStorm https://www.ideastorm.com/ to simple surveys or even A:B testing. All are excellent examples of using digital to turn up the volume on customer desires. Those brands that listen best will weather any downturn. It won’t always mean doing exactly what the customer says but it can help you raise your game.
3. Switch Tubes
Consider skipping mass TV all together. It worked for BMW films, and with YouTube firmly in place, it can even work with fewer production values and high-priced talent. Consider ways to make the participant the star.