With stock markets having fallen, a weak Aussie dollar, and job losses being felt across the globe, some might think Aidan and myself foolhardy for choosing this time to start up our own business.
I like to think of myself as brave and daring, but not without some common sense, so I have put together a short, reassuring list, of why I have confidence that digital marketing might weather the economic storm a lot better than other industries:
· Online marketing is not like traditional marketing – by employing web analytics, it is easy to see the return on your online marketing spend – by showing the exact visitors it brings, and the related quotes, sales and revenue. It is harder for management to see marketing as ‘discretionary’ when you can actually show in dollars the value it has added in the past year, and estimate the sales it is likely to bring next year.
· Digital marketing can be so targeted that it is actually quite easy to refine and target your spend during hard times – which is not true of traditional marketing.
· While it is generally thought that marketing budgets will shrink, smart marketers also know that in the long run, those companies who want to survive, must keep their products and services in the minds of prospects. Marketing isn’t really a luxury or discretionary good (although obviously some management will think it is)
· When companies are losing jobs, and are reluctant to recruit, they will be looking for outside expertise to help them in the interim. Which gives us the golden opportunity to prove our worth.
In fact, I really think that this “Global Financial Crisis” will be a chance to raise the profile of digital marketing and showcase its value. This is why I am confident about starting a digital marketing business at this time, and hopefully we will be in a more secure position to ride the wave of the recovering economy in the future.