With banks being propped up with money, the amounts of which would support entire 3rd world countries for decades, it is a bit of an understatement to say we are living in uncertain times. Companies are reviewing all aspects of their business and particularly their marketing budgets and strategies.
Earlier this year, the Search Engine Marketing Professional Organisation (SEMPO) predicted a healthy growth in SEM spending despite an impending recession, with search marketing expected to take budget share from traditional offline channels such as print magazines and direct mail.
With the likes of Woolworths and MFI both being taken into administration it is becoming obvious that no one will be immune. The SEMPO predictions were that the search engine marketing industry looked comfortably placed to ride the current economic storm. This does assume one thing, that the companies providing the work stay in business themselves.
Recent figures suggested that the number of businesses closing is reaching epidemic rates, with small businesses being at greatest risk. So how can a business survive the downturn?
There are many things small businesses can do for themselves. If you are selling a product rather than a service, did you know that ebay has more searches daily than many search engines put together? Being an expert in your field, you will probably know more about your industry than most, participating in forums, writing blogs and submitting press releases will all help gain you clients, directly or indirectly.
There is no doubt search marketing is a very effective and measurable way of establishing sales. Many people forget that it is not just about ranking for the major search terms in Google, often ranking either by paid search or natural search for the less popular search terms can not only be significantly less expensive but also have a higher conversion rate.