Navigating a challenging economy as a business owner can be daunting.
When the economy slows down, you can bet your competitors won’t. Even with the threat of an incoming recession, a recent HubSpot survey found that 47% of respondents reported their marketing budget would increase in 2023, while 45% expect their budgets to stay about the same.
Adapting your marketing strategies is essential in order to keep a competitive edge — especially in a recession. When prioritizing effective strategies that will help you thrive, SEO should be at the top of your list. HubSpot research tells us it is the second most reliable strategy (behind social media) to acquire new customers.
So to get out of an economic downturn alive and position yourself for long-term success, investing in SEO is a must. Let’s look at five reasons why.
Reason #1: More Targeted Leads
Investing in the right SEO strategy leads to increased website traffic, which translates into more qualified leads, potential customers and higher revenue.
Research from Forrester reveals that 71% of people begin their customer journey with a search engine. Moreover, Google data shows that 43% of consumers in the market for goods rely on search to find inspiration, browse and conduct research.
Now consider that studies show the top three spots on the search engine results pages consistently garner the most clicks (AKA website traffic).
By optimizing your website’s visibility in search engine results, particularly aiming for the top three spots, you can attract a significant portion of these potential customers and drive conversions that impact your bottom line.
Landing in the top positions out of millions of results doesn’t just happen, though. It takes expert SEO strategies and ample time investment to reach those heights.
Focus on implementing good SEO practices. Once you do, expect to see improvement in your organic search traffic and more targeted leads.
Reason #2: Cost-Effective Marketing Strategy
Compared to traditional marketing methods such as print, radio, and TV, SEO offers a cost-effective approach with a higher return on investment (ROI). Unlike these channels, SEO allows you to track and measure ROI accurately.
BrightEdge Research demonstrates that organic search traffic generated by SEO can outperform other digital channels in terms of revenue generation, including paid digital ads and social media.
Investing in SEO allows you to maximize your marketing budget for the best results.
Reason #3: Improved User Experience = More Conversions
In recent years, user experience (UX) and SEO have become interconnected. Google’s page experience algorithm now ranks websites with superior user experiences higher in search results. Technical SEO optimizes page load times and enhances customer experiences, giving your target market an enjoyable browsing experience.
Better user experiences lead to greater engagement and conversion rates. Case in point, Pinterest reported a 15% increase in SEO traffic and conversion rates to sign up by reducing page load wait time by 40%.
Reason #4: Long-Term Benefits
The problem with traditional marketing methods is that once you’ve stopped paying, you no longer exist. While pay-per-click ads offer instant gratification, SEO provides long-term benefits. The immediate ROI of paid ads can be enticing, but investing in SEO now can generate organic search traffic that benefits your business for years to come.
McKinsey research studied those that came out on top during the early 1990s recession in the U.S. and found that the winners traded short-term profitability for long-term gain. Today is no different — if you want to join the winners, implement SEO to position your business for lasting visibility and success.
Reason #5: Stay Ahead of Competitors
Businesses facing challenging economic times need to distinguish themselves and maintain a competitive advantage. Utilizing SEO will help you do just that. The longer you ignore SEO, the further ahead the competition will be.
Picture this: if any of your competitors stumble in the search results, you now have the opportunity to pass them by and get the coveted traffic that would’ve gone to them. SEO allows you to get the upper hand no matter what the market conditions are like.
Weather Economic Storms by Adapting
Don’t let a bad economy deter you. Instead, leverage the power of SEO to navigate these challenging times and come out stronger on the other side.
Remember that the success of your business rests on your ability to embrace and adapt new strategies. Investing in SEO is a proactive step to surviving — and thriving — in a recession.
Need help coping with reduced staff and budget? Watch our on-demand webinar “4 SEO Strategies to Survive a Recession” for proven SEO strategies that can save your business.
FAQ: What steps can business owners take to invest in SEO during these challenging economic conditions to enhance their long-term success?
Overcoming Economic Challenges with SEO Strategies
Economic downturns can be particularly challenging for business owners in today’s highly-competitive business landscape, yet investing in SEO during economic difficulties can play an integral part of long-term success and business expansion.
By boosting your online presence and maintaining a competitive edge through optimized rankings, optimizing SEO helps business owners remain ahead of emerging opportunities and maintain sustained success.
Here’s how investing in SEO in a bad economy can pave the way for sustained success.
Enhancing Visibility and Targeted Traffic
Businesses faced with economic downturns often experience increased competition as customers become more thrifty with their spending. By investing in SEO, your website’s visibility in search engine results can increase and ensure potential customers find you when actively searching for products or services you provide. This results in high-quality leads and increased conversion rates, ultimately driving long-term success for your business.
Cost-Effective Marketing with Measurable Results
One of the many advantages of investing in SEO during a recession is its cost-effectiveness compared to traditional marketing methods. While costly ads or print media might drain your budget quickly, SEO allows you to stretch it further while still producing tangible results.
By employing data-driven strategies and monitoring key performance indicators, SEO enables you to make informed decisions and optimize your efforts for long-term success.
Establish Trust and Credibility
Customers in these uncertain economic times tend to favor established and trustworthy brands. A strategic SEO campaign can help your brand build its online reputation, trust, and credibility. By appearing near the top of search engine results pages, you establish yourself as an industry authority, instilling confidence among potential customers and increasing revenue through more sales. Positive online reviews further boost credibility; they help steer additional customers towards your product/service offering while driving sustained success for years.
Gaining a Competitive Edge
Investment in SEO during a recession offers you a powerful advantage over competitors. While some may scale back marketing expenditures, those who continue or increase investments in SEO enjoy a significant competitive edge.
By staying ahead of market changes and adapting quickly, SEO can position your business for long-term success and help attract customers while driving conversions during challenging periods. Embracing it as part of a key strategy during economic downturns allows your company to attract customers, drive conversions and continue growing even in adverse conditions.
Our SEO experts here at Bruce Clay can help your business achieve better success from your SEO program no matter what the economic conditions are. Contact us today for a free consultation.
