Yes, it’s that time again!
Recessions are the economy’s little reminder that your marketing needs to be more efficient. Lots of our friends and clients are being asked to produce more sales with less resources. (And if you’re reading this post, that might sound familiar to you.)
Traditionally, in the offline world during recessions, marketers had their advertising budgets cut, then pressure was placed on sales teams to close more sales. But in the online world, marketers are expected to deliver both traffic from advertising and sales from the customer experience.
The math is simple. More sales with the same or less advertising means higher conversion rates. If your conversion rate is higher, not only will you be more profitable but you should also gain market share from competitors.
You may not always be able to control the cost of your advertising — except for when you cut it — but you can control your conversion rate.
In the interactive marketing world, many companies seem confused about what to do in a recession. Companies need to improve their online conversion rates. It seems obvious to most of us, but not everyone.
We want to ask you, our readers, for feedback. Have conversion rate improvements become a higher priority for your organization? If not, is it because you aren’t feeling the effects of the recession yet, or does your organization simply not believe it can control conversion? Or is it something else?
Read the follow-up post, “3 Steps to Recession-Proof Your Online Marketing“