How to Grow in a Flat Economy? Invest in Digital
The market is stagnant. Goldman Sachs forecasts that the market will be flat for the remainder of the year due to sub-par growth in GDP in the US. As a result, companies are facing a growth problem. For many companies that growth could be new product launches, acquisitions or brand extensions. There are a limited number of products or services that can be introduced before a company hits a growth wall due to market conditions.
An investment in digital marketing strategies is one way to grow your business. Taking advantage of the digital space allows companies to connect with the next generation of buyers. When analyzing your marketing plan you should ask yourself the “Why?” questions, which include: why aren’t consumers interacting with my brand? Why isn’t our business relevant?
Analyze your website – are you meeting your branding objectives? Is it user friendly? What kind of user experience have you created? Having a mobile optimized website – 48% of consumers begin their research on a mobile device – will ensure you rank higher on Google search pages, and users are able to interact with you online.
Establish Online Presence With Your Website
A good user experience begins with the website. A website opens up opportunities to utilize other digital channels – social media, content marketing, email. Creating timely, relevant content is important. Social media feeds that link to your brand site give you credibility by showing your brand as relevant to millennials. Creating a mobile friendly, user experience focused website will allow you to tap into more digital channels that consumers will appreciate.
Content that is engaging and useful for your customers is becoming increasingly important. HubSpot reports that marketers who utilize blogging and content creation are thirteen times more likely to see positive ROI. You can use content to establish your brand as an industry leader by creating educational and informative content. This can come in the form of webinars, white papers, case studies, blogs, reports, or infographics – among others.
Shift to a Digital Marketing Strategy
Shifting your marketing strategy to focus on digital channels will set you apart from the competition and will ensure your business survives while waiting for the market to rise. A flat market provides opportunities for innovative marketing tactics using social media, content, and website. With a digital strategy you will provide your customers with more value, hopefully leading to up-sell opportunities. Educating consumers by becoming an industry leader will drive new leads to your business because consumers want to see updated content, fresh perspectives on approaching problems, and solutions that will help them tackle their problems.
A flat market is not a reason your business should suffer. It is an opportunity to modernize your marketing strategy and stand out from the competition.