Recession-proof your Business now with an IDA Digital Audit

There’s no denying that the past few years have been challenging and an impending recession. And, we’re not out of the woods just yet. Changes in consumer spending and tighter margins mean that it’s more important than ever to stand out from the competition. So, how do you gain a competitive advantage online? How do you ride out the recession and be stronger on the other side?

1. Know where you stand – get the big picture, in detail with an independent digital audit

Meaningful business decisions can only be made when you understand your current digital position and the reasons for it. You can then put your digital marketing budget to its best use and implement effective strategies that see actual results. 

Get answers and take action!

A comprehensive digital audit is a highly effective and efficient way of getting a clear picture of how your business is performing online. It tells you what’s working for you and what needs improvement.

Many SEO, SEM, website development and digital marketing agencies offer audits. However, few provide a clear overview that takes into account the many, interconnecting components of your digital presence. Traditionally, agencies tend to implement changes themselves. This makes it difficult to feel confident that their recommendations are entirely in your best interests.

Instead, seek out an independent digital audit. Independent digital audits are fast becoming the new essential service for small businesses. They provide transparent and objective recommendations. Because the findings of the audit bare no impact on the auditor, you can be confident that it’s in your best financial interests and free from hidden agendas.

2. Know your Audience

Your audience are your potential customers. The more relevant people your business reaches online with appropriate and engaging content, the greater your conversion rates and your bottom line. 

An audience profile helps you to understand who your existing audience is, where they live and any common, dominant behavioural traits. This knowledge is powerful. It enables you to implement best practices, campaigns, geo-targeting, content and EDMs that will reach, engage and convert your audience into loyal customers. 

Audience behaviour is affected by economic change. Fewer people are looking to spend. When they do, they are spending less.

Re-profile customers to gain an understanding of their behavioural patterns during an economic downturn. For example, if your dominant audience are likely to be cautious spenders then your message could be “get more for less”. If they are financially comfortable then you may push the “live in the moment, life’s short” message. Prioritise the groups who are most likely to continue to spend.

There’s little benefit pointing campaigns at a demographic unable to purchase your product or service. The intention is to ensure that your digital marketing strategy resonates with your audience’s current state of mind, and attracts more of the people most likely to convert to sales.  

3. Understand and learn from previous economic downturns

Most small businesses will instinctively tighten the purse strings at the first sign of a recession. But, before you cut your digital marketing budget, let’s learn from previous hard economic times in order to understand what actually happens when consumer confidence is compromised and spending patterns change.  

After the last recession, Harvard Business Review published that, “in past downturns, consumer goods companies that were able to increase share of voice by maintaining or increasing their advertising spending captured market share from weaker rivals”.

Leveraging your digital marketing strategy is crucial to your business’s success. This is true for during and after a recession. Think about how long you spend on your devices compared to time spent in bricks and mortar shops. Then take into consideration that during economic downturns, people generally spend more time at home. While people are inclined to spend less, there is relatively more activity in the digital space. As a result, there is greater opportunity to capture potential customers through a strong digital presence.

4.Create a sustainable competitive advantage

If possible, strive to hold strong. Maintain or even increase digital marketing spend, (and spend it wisely). While it seems counterintuitive, it is a rare opportunity to build traction and get a competitive edge. This is because competitors tightening the reins on their digital spend creates a rare opportunity for you to gain ground in a heavily saturated space. And, if your business needs to tighten their spending to save costs, it’s more important than ever that your digital marketing is optimised and effective.

5. Leverage your budget

It’s not all about dollars and cents. A successful digital presence requires the magic combination of dollars and sense. By knowing how to spend smarter you can enjoy better returns, even during a recession. Digital audits increase financial ROI because they help increase traffic to your website, reach qualified audiences, build brand reputation and convert leads into sales.

An IDA digital audit provides actionable advice that helps you:

• Align your long term and short term strategies. Optimise organic audience growth with SEO, while increasing immediate rankings and exposure with SEM and PPC campaigns.

• Create meaningful, quality content and strategies that increase engagement and help position you as an industry leader. 

• Improve the user experience. This includes correcting formatting issues, loading speeds, text issues and broken links, improving engagement, bounce rates and conversion rates.