Digital Marketing: Your Insurance Policy for Softening Markets
Markets change constantly. They are dynamic and always shifting, which means your company needs to be prepared for when softening markets occur. No one wants to imagine a downturn, but it’s something that has happened before and will happen again. The companies that perform best during softened markets show up prepared and ready to maintain a steady marketing presence in order to attract and retain renters. Digital marketing offers you that opportunity. Your digital marketing strategy can be turned up or down to fit appropriately into dynamic markets. Set your business up for success by adjusting your marketing strategy – not turning it off.
Adjusting Your Digital Marketing Strategy for Softening Markets
Markets change, as does your business, depending on a wide array of factors. Sometimes your market becomes oversaturated or the economy is headed for a downturn. In other circumstances, expenses outpace revenue. Businesses must find a way to compensate and adjust their strategies to align with the current state of dynamic markets. We see soft costs, like marketing, cut during tough times, which is counterintuitive. Without marketing, you don’t have sales. Without sales, you don’t have revenue. Here are some opportunities to make your digital marketing efforts more efficient.
Invest in New Technologies
You want to acquire new customers and want to do so efficiently. In order to do this, invest in new technologies that automate once-manual processes and attract the right prospects with the right message at the right time. By educating yourself about the buyer’s journey, you can use digital marketing to effectively attract new customers. Buyers now consult more than 20 digital touchpoints before making a purchase decision. Advanced marketing technologies help marketers correctly identify sources of attribution by mapping the buyer’s journey.
Marketing technologies powered by automation, artificial intelligence, and machine learning help you focus your digital marketing efforts on the channels that are most effective as determined by the data provided by automation and AI. Taking advantage of AI means your strategy can change automatically based on various conditions. It can determine the best action based on the information available. As budgets tighten, these technologies offer many benefits for marketers. Automation, AI, and machine learning help eliminate human error and help you achieve the efficiencies and margin expansion you need in the future.
Smart Technologies to Increase Efficiency
At G5, we have implemented various technologies to make marketing more efficient for our customers, which helps provide an insurance policy for softening markets.
Lead Insights by G5 — The data generated by Lead Insights provides the information needed for AI-enabled features. Our technology tells us which campaigns and keywords are driving the highest conversions. We can use this data to improve your campaign performance based on which keywords and ad groups perform best for a property.
Smart Digital Advertising — Taking advantage of Google Responsive Display Ads leverages machine learning to test multiple combinations of images and ad copy to build the best-performing ads. The system builds and tests different headlines, copy, images, logos, and descriptions to optimize your campaigns. Google Smart Bidding learns to optimize for conversions in every auction. Smart Digital Advertising also allows you to display ads for the units you actually have available — generating more qualified leads.
G5 Reputation and Social Management — This AI-driven technology reads and understands every online review for your properties, allowing you to see what is being said about your brand online. G5 Reputation and Social Management breaks down customer sentiment, saving you time reading reviews, allowing you to focus on increasing revenue.
Build Your Brand
Building and maintaining your brand remains one of the best ways to navigate softening markets. Strong brands, companies that customers recognize and trust, perform better during softened markets. By developing your brand before markets soften, you set your company up for success during a potential downturn.
Digital marketing is one of the strongest tools in developing your brand. Invest in a responsive website optimized for SEO that also provides an intuitive user experience. Your logo and graphics play into your digital marketing strategy as well by providing a consistent experience for users at every touchpoint. You want to establish trust and loyalty with your customers through a consistent brand experience in order to retain them.
Use the Best Metrics to Drive Results
Digital marketing technologies can be used to generate metrics that help you make data-driven decisions and drives results during softening markets. It may be instinctual to make cuts and turn your digital marketing efforts off during these times, but without marketing, there are no sales and without sales, there is no revenue. Digital advertising, social media, SEO monitoring, email marketing, and digital marketing strategies, in general, can all be turned up or down to align with your budget, no matter the market conditions. Companies must focus on maintaining relevancy in order to sustain their brands through a potential downturn.
Are you prepared to adjust your digital marketing strategy to align with softening markets? Download our 20 Digital Touchpoints eBook to learn more about the buyer’s journey and how buyers make decisions in the Age of Assistance.