Sep 19 2008
Online Marketing in a Sluggish Economy
With the economy in the dumps and everyone tightening up the grip on their wallet, everyone is looking for cheaper alternatives of everything from gas, to food, to day-to-day luxuries. But what impact will the slumping economy have on the online marketing arena? Your initial thought may be to cut your marketing costs and spend less online.. Ah…but what you may not realize is that with everyone scrambling to search for alternatives, consumers have been and will continue to dig deeper into search engines to find the best option. So my first point, do not pull away from search (both organic and paid). I firmly believe that you will see the number of searches continue to rise over the coming months as the economic situation becomes more of an issue.
That being said you must also consider the fact that Google now employ an algorithm that will index blogs, videos, images, maps, books, and websites known as Universal Search. Simply put this means that while natural search listing from SEO will continue to have high visibility within search engines (when executed properly of course) listing from social media have been and will continue to have short-lived bursts into the page 1 results.
Now then, I know not everyone has either the skill set or the budget to optimize their website…so what’s the alternative?? Well since you asked so nicely…why not consider the possibilities of social media? I have only written a few posts so far and you may be catching on to the notion that I love social media! There are several reasons for this, it’s an economically viable marketing tool, it allows businesses to connect to their end user in a meaningful way, it offers immediate and unfiltered feedback, and above all….it’s interesting! You can learn more about your consumers from one successfully executed social media campaign, than from a full year of analytics and metrics based on just your site activity. Let’s look more closely at some of the reasons to invest in social media in some more detail shall we.
1) Economically Viable ( Less Cash! )
To answer the obvious question, NO, running a social media campaign will not be free. Social media campaigns can cost less when compared to more traditional online marketing methods, but keep in mind social media takes an increased level of participation and maintenance (someone has to continue the conversation!). The vast majority of social media sites (whether they are video syndication, communities, news, etc.) are free of charge to sign up and participate, but it is very important not to spread yourself too thin. Fewer targeted social media avenues will show more benefit as opposed to trying to create a presence on every social media site on the web (unless of course you have a team that is large and dedicated enough…but again….this will increase cost).
2) Connecting to Your End User
With most online marketing strategies, the idea is to create an effective message that will grab someone’s attention and hope that it keeps them coming back. For example, when creating a PPC campaign, you rely on the effectiveness of selected keywords and the wording of your ads to draw in visitors and then your website must finish the job by delivering on what the user was looking for. Now I am not saying that this system does not work because when done correctly, PPC is extremely effective….however it can become very costly. With social media you have much more control of how your message is perceived because you are given a direct line of contact to your target market. Whether you are using Twitter, participating in communities like Facebook or MySpace, or posting the latest updates to your company blog…YOU have complete control over the message and are able to participate in a conversation of sorts with those members who are active. Again, from a cost perspective, it will take more hours of labor to participate properly with social media but if you have suitable system in place it will become extremely efficient.
3) Immediate and Unfiltered Feedback
Because of the conversational aspect of social media you are able to receive immediate and unfiltered feedback. This may be one of the most beneficial reasons to use social media. With other forms of marketing and advertising you may spend weeks or months (or sometimes even longer!) gathering data to analyze so that you can figure out just what your users think about your company and your services/offerings. Interpreting and responding to feedback can sometimes be one of the more difficult tasks for firms as it is not always positive. Naturally a positive comment or post in one of your social media platforms will always be the most beneficial, but do not just ignore negative feedback as this is a perfect opportunity to dispel misconceptions and show them that you care about their opinion. From a financial aspect, think about how much you would save if you were able to make strategic decisions based on actual conversations and feedback you received from your target market over the course of a month as opposed to gathering site metrics over the same time frame where you will then have to organize, analyze, and discuss the results before any decisions can be made. As an internet marketer I will NEVER tell you to discard site metrics however they may be able to play more of a supplemental role with an effective social media campaign.
To summarize, do not abandon SEO as it should still be looked at as the building blocks of a fundamentally sound website. Social media, while it can more time and effort to be done correctly can offer benefits above and beyond those of typical online marketing methods. Financially, social media is an attractive option if you are able to strategize properly. If you were to just jump in the social media ocean with no direction you could easily over spend without seeing results. For more information on social media feel free to contact us here at info@propelmedia.com (shameless plug). More to come!
