Low Oil Prices and Online Marketing
In Aberdeen at the moment, most businesses are concerned about the fallout from the changes in the oil industry in the North Sea. What impact will it have on their profits; their very existence?
Some have slashed their marketing budgets, just to save money. Others might embark on a desperate boom or bust strategy. Which one is right for you? Is either?
Online (digital) marketing is now a massive part of the picture. Therefore it must be seriously reassessed to decide whether to keep or dump.
Spend 1 minute going through the following. Decide for yourself whether you are doing the right thing with your online marketing.
Let's start with the hard truth. For some, it is already too late. For all, the days when non-productive marketing didn't matter, because money was no object, are over.
The time when "we're too busy to need more business" has passed. And "everyone knows what we do" is no longer relevant, if they are no longer in post.
Every business will be reassessing their supply chain. This is a threat to all of your existing business, but an opportunity to get in where you couldn't before.
The above facts play to the strengths of online marketing. It will attract enquiries from people who are seriously looking for what you sell. The paradigm has changed. You must change with it to survive.
Spend 1 minute going through the following. Decide for yourself what your strategy should be.
By online marketing we mean anything from search engine optimisation (SEO), Google AdWords (PPC), social media, or anything that is intended to generate more online visitors and enquiries, and ultimately more sales.
Let's assume that you are currently doing online marketing. There are 3 possibilities:
- Phenomenally successful. Most of your business comes through online marketing.
- A limited return.
- Complete failure. Spending time and money, but getting no results.
In the unlikely case that you are a number 1, then continue what you are doing, and expand upon it. You must defend your position in what is a much tougher market.
If you a number 3, then stop what you are doing. It doesn't work. Stop using who you are using for your online marketing. Speak to someone else; it can't be any worse. Obviously I would recommend speaking to someone competent, but you get the point.
If you are a number 2 above, then you have a platform upon which to build. The first thing is to ruthlessly assess what you are getting back, and what works. That should inform your next move. Stop doing what doesn't work, and do more of what does. However, you are going to need new ideas, techniques and tactics to move you to where you need to be.
If you don't currently do online marketing, then that is both a plus and a minus. At least you won't have to undo any bad things. However, you are starting from nothing, and many approaches are irrelevant because they cannot address your immediate needs quickly enough.
If everything appears to be OK, then congratulations. But what if you have a problem? If you don't care about your business, then it's not really an issue. However, you wouldn't have read this far, would you?
Initiative2 has been providing successful online marketing in Aberdeen for thirteen years. Get in touch and I can tell you how we could help you.
Thank you for reading this email. I hope that you survive the current crisis, and I look forward to hearing from you.
Obviously this tip is very tailored to businesses in our home city of Aberdeen. Apologies to our national and international clients, those who are not so effected by the price of oil. However, it is a very clear example of where things can change very quickly, and so it is best to be prepared.
This is one of a series of articles that deal with common issues when promoting your business online. We hope that you found it useful. Go to our online marketing tips to see previous pieces of advice. If there are any topics that you would like covered, please let us know.
If you need to promote your business online, then contact us.