Financial crisis is a disturbance to financial markets. associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the markets capacity to allocate capital. Financial crises can result due to several reasons such as natural crises, revolutions, wars and many more and it has happened on the international and the local levels since the beginning of time.
Some of the most popular financial crises that took place in the 20th and 21st centuries globally were the International debt crisis in 1970, International debt crisis from 1981 to 1989, The great recession in 2008 and recently the Covid-19 crisis in 2020.
All kinds of business are hurt during these financial crises; retail, entertainment, food and beverage … etc. Especially when the crisis is international. Small businesses and startups may be hurt to the extent of full closure. Large companies and factories most of the time have no choice but to cut down their expenses by shutting down branches, departments, production lines or downsizing their workforce. Thus everybody is hurt.
So how will inbound marketing strategies help?
During the times of recession the first thing companies do is shrink the marketing department and terminate all advertising plans in order to cut down their expenses. But cutting all the marketing budget is not the right move, inbound marketing can really help at times of recession.
Inbound marketing can help you during financial crises because it is cheaper than outbound marketing or traditional marketing. Qualified leads can be generated using inbound marketing 61% cheaper than generating leads using outbound marketing. Not only that it is a cheap tool for generating leads, also it can be outsourced. Hiring a company to perform your inbound marketing will save the hassle of hiring an in house marketer.
In this post we will explain 5 ways which make inbound marketing strategies help your business face financial crises and can be adapted to match the needs of your industry.
Relevant content strategy
Your content will always be online during and after the crisis, your content should be useful to your audiences at the time of crisis, following current trends and adding value to your customers. At the same time general content should still be there for the future.
Your content strategy should be spread all over your social media, website and blogs without any conflicts.
Update or create your website, at the times of crises it might be wise to close branches or offices in order to save the operational expenses. The existence of a well constructed website with proper traffic will aid the business to continue its operations online, whether the business internal affairs, communicating with the employees or customers and generating sales.
Add value to your loyal customers
Add value to loyal customers through offers and discounts, free delivery, free seminars,free access to paid services, webinars and ebooks, they will feel that you are taking into consideration the financial status of the customers. These gestures will be appreciated by customers and make them loyal to your brand and most probably will continue to use your services after the crisis is over and pay for it.
Continue generating leads
Focus on lead generation, along with your offers and discounts, you can generate high quality leads, through filling forms and leaving their information to get the offer. This will enable you to know which lead was interested in which services, thus you’ll be able to direct the right content to the right leads and generate sales.
- Inbound marketing strategies are cheaper than outbound marketing strategies.
- Good and useful content will always leave an impact on your customers, will always be there online and will always be remembered and can be found by internet users.
- Having a database of high quality leads will always be useful at your business’s hard times.