This week’s Entrepreneur University comes thanks to Max Kalles. Max is a certified internet consultant and conversion marketing specialist with WSI. He has presented at internet conferences around the world, and his workshops and seminars have helped hundreds of business owners improve the results from their website.
Today Max discusses how web marketing and communications will fare through the current hard times:
“Isn't it cute? The (relatively) infant marketing medium that is web 2.0 is starting to live through the first economic crisis of its lifetime. Even when the tech bubble burst, web 2.0 was still just a glimmer in Google's eye. Besides, the tech bubble was far too focused to be a crisis; more of a lesson learned.
In previous economic tough times, marketing took some big hits. When businesses panic, they often look first at the bottom line and the quickest ways to improve it. We are sure that "keep what's essential, ditch the rest, starting with marketing!" has echoed through more than one boardroom. Internal communications didn't stand a chance either. Wanton slashing of brochure, newsletter and video budgets was common. The thinking was that companies could get by without all the "communication" and pretty pictures.
So how will web marketing and communications fare through the current hard times? Even in previous crises, there was always those voices who insisted that marketing and communications were needed "now more than ever". It's more important during tough times to keep the brand in consumers' minds. It's a big world and somewhere in it, someone's spending money. Sustaining the brand flame keeps a company visible as all the other lights go out.
But, can web 2.0 keep your business turned on? If anything, this crisis might be the coming of age for internet marketing. Even in previous crises, if companies could afford it, they would keep their marketing channels open and flowing as much as possible. The advantages are obvious. Cost is the main reason for cutting marketing programs in tough times – not because they are a bad idea.
This is where the bloom might never come off the internet rose. Any company; your company, can keep the marketing flame burning bright through any crisis because of web 2.0. Why? Because it doesn't have to cost anything.
Web 2.0 allows your company direct access to your customers without any intermediaries — and it's the intermediaries that usually gobble up the budget. Your customers are there, on the web, throughout the crisis, and you just need to get online and connect with them.”
Are you worried about marketing yourself and growing your business with the current economic slowdown?