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Inflation should prompt you to look at your digital marketing strategy to optimise and improve it, not try to cut costs on it.
What the heck is inflation anyway?
I’m going to level with you here, I may be a connoisseur of copywriting, but I am no economist. So, according to the RBA (Reserve Bank of Australia) - ‘Inflation is an increase in the level of prices of the goods and services that households buy. It is measured as the rate of change of those prices.’
I don’t know about you, but life has definitely become more expensive lately (cue my husband sitting me down to discuss online spending….again)
With customers being a little tighter with their hard-earned pennies, it’s now more important than ever to implement a killer digital marketing strategy so that your business can continue to thrive through times of inflation.
As the prices of everything around us increase, so does the importance of your digital marketing and brand awareness in your area of expertise.
Inflation is going to happen (whether you stick your head in the sand or not)
Businesses that have stood the test of time automatically assume that inflation is going to happen. By focusing on your customers and what they value, you can shift your mindset from price increases, revenue and profit & loss statements to delivering real value to your customers. You need to focus on the long-term success of your business, not just short-term gain.
Businesses that invest in advertising and digital marketing campaigns during inflationary periods reap long term benefits to their business. Rather than those that stick their head in the sand and pretend that inflation isn't going on. Often we see these businesses struggle to maintain growth through times of inflation.
So what’s that got to do with digital marketing?
I’m so glad you asked! Let’s get real – unless your potential customers know about how you’re adapting a product/service or what you have to offer…how are they going to know to come to you? The EXPERT in your field, The ONE AND ONLY business that should be on your potential customer’s mind. You can’t be on their mind if they don’t even know you exist.
Here’s a few tips surrounding marketing strategies during inflationary periods;
- Prioritise customer service – Make sure the customers coming to you are so happy that they will continue to use you for years to come.
- Lean on personalised messaging – Know your target market and personalise the language you use in your marketing. Make your customers build an emotional connection with your brand.
- Continue to build brand awareness – Again – how will potential customers know to come to you if they haven’t heard of you?
Inflation often causes businesses to cut costs and protect the bottom line. Maybe you’ve heard the saying ‘You’ve got to spend money to make money’. That statement has never held more meaning than when speaking about digital marketing during inflation.
Want to know more about how Hey Marketing can help your business through times of inflation? Get in touch
About the Authors of this blog:
Maddie Riehl
Founder and Director of Hey Marketing. Maddie has a passion for all things digital marketing.
She began her career in marketing in 2013. From there she completed a Cert IV in marketing and further developed her skills and knowledge base.
After seeing some flaws in other agency offerings, Maddie wanted to create a marketing agency where things are done a little differently - and so Hey Marketing was born!
