When a recession hits, businesses often fear a decline in revenue and begin to cut back in certain areas, including their advertising spend. But stop! You may do more harm than good.
During a recession or crisis, more people are at home or in the office searching for answers to solve their unique needs and problems. Investing in advertising - especially digital advertising - at this time is an opportunity to open doors!
Also, your competitors are probably panicking right now and decreasing their ad spend. When your competitors panic... you can profit!
An Economic Downturn is Your Opportunity To:
- Steal the spotlight. If competitors cut back on their advertising, use this as an opportunity to get your company in front of their buyers.
- Portray stability. Don’t let consumers “wonder” if your company is struggling. Now is the time to introduce new products and launch a fresh advertising campaign that captures attention and builds trust.
- Get a deal. Secure great rates on advertising packages. During a recession, it’s definitely a buyer’s market.
- Maximize ROI. While budgets are being scrutinized, use this as an opportunity to audit campaigns for what’s working and not working. Don’t let your entire ad budget get cut - prove its value! And if you can’t, now is the time to find an advertising partner that supplies these types of answers. As a marketing agency that provides both digital ads and print advertising, we believe in full transparency. Our clients get monthly, comprehensive reports that show every campaign dollar spent and the ROI.
5 Powerful Digital Ads to Invest In Now
Because people are at home or in the office more due to travel expenses being cut, now is a great time to invest in digital advertising. Here are the five most powerful forms of online ads today:
1) Search Ads
These are ads that appear when you search for something on Google or Bing. The search result will be marked with ‘Ad.’ As a business, you are placing ads based on what keywords your target audience is searching for so your ad shows up when they search.
2) Display Ads
These are banner ads you see on website pages. As a business, you are placing ads on websites your audiences regularly visit so that they see your product or service even when they are not searching for it.
3) Remarketing/Retargeting Ads
These are display or social media ads that appear to audiences based on their previous actions. These ads may appear in multiple locations and at various times as they search the internet or scan their social media feeds. As a business, this means you are advertising to your existing customer base and prospects who have already visited your website and are following you on social media channels. Retargeting ads are highly efficient and effective, as you are focusing on growth from your existing customer pool and most engaged prospects.
Are you a small business owner? Retargeting is the perfect strategy for you! Learn more in our article, How to Maximize Paid Media as a Small Business on a Small Budget
4) Video Ads
These are ads placed within videos. You may be watching a video on YouTube, and an ad, such as the example below, shows up within what you are watching. Why should a business advertise on video? The world watches 1 billion hours of YouTube videos per day. And that’s only going to grow. That’s a lot of potential customers.
5) Social Media Ads
These are ads placed on social media sites, such as Facebook and LinkedIn. As a business, social media advertising is a great way to reach thousands of people at a fraction of the cost of traditional print, television or radio advertising. Also, social media advertising allows you to easily see the ROI (likes, shares, clicks) and opens the door to two-way communication with potential customers.
Is Now the Time to Hire an Ad Agency?
While digital advertising is highly effective, managing it can be complex, as ads should be monitored and improved for higher performance on an almost daily basis. In fact, most companies spend less when they hire a digital ad management agency vs. attempting to do it themselves because an agency can get them greater bang for their buck.
At Marketing Essentials, we manage B2B and B2C ad campaigns for companies of all sizes using all five of these digital ad types - and more! We provide each client with a dedicated account manager and a detailed monthly ROI report, giving clients full transparency related to their accounts and pricing. Learn more about our digital advertising services here.