Business isn’t just about being the first on the scene; it’s also about knowing how to pivot and adapt when conditions change, especially during times of economic upheaval. Businesses most accustomed to moving out of the way of the oncoming train of an economic downturn are likely to survive.
Even so, it is still somewhat challenging to break out of old patterns and discard bad habits. One of these might be a set-it-and-forget-it marketing budget. Yet, as the COVID-19 pandemic demonstrated, having a flexible, adaptable approach to budgeting and business strategy will do more favors in the long run than trying to uphold some marketing dogma.
Adjusting a firm’s pay-per-click advertising strategy during times of economic downturn is essential for success and necessary for survival.
Pay-Per-Click: Determining Strategy
There are three things to keep in mind when attempting to adjust a company’s marketing strategy: The assumptions that went into the plan, how the current economic situation impacted that outline, and some broader market trends in the niche.
The company will want to craft a strategy that harmonizes these three points into one coherent game plan for current conditions. It is important to keep historical and broader trends in mind because it may clarify whether this marketing plan was out of date, too bold, or misaligned to start.
Flexible and Adaptable
Beyond that, companies must tailor their plans to be flexible and adaptable to current economic conditions. Here, management has to ask itself whether it is more critical for the company to maintain business volume or profitability.
Typically, businesses can increase the volume of revenue they receive at the expense of profitability though this strategy may not work for every firm. The key to the first strategy is to locate and harness growth opportunities in the current market. In contrast, the second strategy relies upon a balancing act of maintaining just enough business to stay profitable and grow.
There is no “right” or “wrong” strategy in these instances, but rather, the necessities of the market should tilt the scales in favor of either one. For example, businesses operating with less human capital than they did one year ago will find it challenging to handle increased business volume; thus, securing profitability at a lower rate of activity would make more sense in this case. It also helps to be proactive in meeting market conditions as they emerge rather than waiting for events to happen or, worse yet, overtake you.
Has your marketing strategy been working through the pandemic? Some businesses suffered greatly. Now is the time to rethink your approach to come back strong. StickyLeads can help. Our pay-per-click marketing experts can help you get the biggest bang for your marketing dollars. Call us at 757-390-0748 and see what we can do for you.