Marketing Strategies to Recession Proof an Internet Based Business
The effects of the 2008 recession are being felt worldwide and to protect an internet based business, we as internet marketers need to ensure we have a recession proof marketing strategy in place.
Just because a world-wide recession has struck does not mean that it is a bad time to make an income online with an internet based business.
We all react in different ways when a recession sets in. How we react all depends on our own unique situation. Some cut back totally on luxuries, others opt for a cheaper version, but we don’t stop purchasing goods. Some products even experience record highs during a recession. In order to respond to the new situation, it is just a matter of altering course and mapping out a recession marketing strategy.
Understanding what people are interested in buying and why they need or want to buy it is what an online recession marketing strategy would then involve. This is the key to ensuring that you have a recession proof internet based business and is even more important during a recession than in a boom.
People feel good during a boom. As people are assured that their jobs are safe and so is their next pay check, they feel rich and confident and don’t mind spending because they have money available. It is during these times that most people can make money from their own internet based business.
However, it is a different story during a recession. A great many people cut back and no longer buy luxuries as they are worried about their financial situation. The idea of purchasing luxury items such as large appliances or new cars are put on hold and people tend to make do with what they have got and tend to repair rather than buy new items.
During these times of financial uncertainty people search for cheaper alternatives in the form of used goods, spare parts, DIY solutions, cheaper food sources, they eat at home rather than dine out and any other products that can help reduce their monthly expenditure.
This change in shopping behavior offers internet based businesses some clear recession marketing opportunities, some examples being:
1. Financial Counseling and Basic Financial Advice: You’ll be surprised how many people spend like crazy with a credit card but actually have no idea of how to manage credit card debt. Others have no idea how to prepare a household budget. Many more will require financial counseling during the recession as these people are in desperate need of help right now.
2. Informative How-To eBooks: Something that will be very popular during a recession is cheap information products that teach people practical skills that they can use to save or even make money or explain in detail how to survive during a recession. This gives you the opportunity to either write your own ebook or search for high quality packages that offer rebranding rights so that you can offer them as your own.
3. Don’t forget about eBay: As people look to raise money by selling off things they no longer require and others look for bargains or second-hand goods to save money, it is very likely that eBay will experience growth during the recession. The opportunity to start your own full-time internet based business awaits you at eBay.
This gives internet marketers the opportunity to promote eBay related affiliate programs or offer eBay advice and business solutions.
4. There are those that are so keen to start their own internet based business but feel that they just cannot afford the expense. There is a great opportunity for you to reach out and offer advice on how to make an income online on a shoestring budget. They will be excited to learn that the start-up costs of an internet business are minimal and will be keen to know more about free blogs, free affiliate programs, free article marketing strategies and free traffic exchanges.
When you see the opportunity that a recession presents, it is possible to build a recession proof internet based business and make an online income out of recession proof marketing.