A recession is a term used to describe a significant decline in economic activity that lasts for an extended period. As history has the strange habit of repeating itself, the world has been anticipating another recession in 2023. As per IMF’s Annual Economic Forecast, factors like the Russian invasion of Ukraine, the lingering effects of COVID, high inflation, and following tighter monetary policy pushed the global economy to the edge.
During a recession, businesses can have a significant impact leading to job losses, bankruptcies, and closures. As we have seen throughout history, the effects of a recession can be far-reaching and long-lasting, impacting industries and individuals around the world.
In today’s digital age, Search Engine Optimization (SEO) has become an essential tool for businesses to gain visibility and drive traffic to their websites. However, as the world faces economic downturns in 2023, businesses are left wondering if their SEO efforts will still yield results. With budgets being cut, priorities shifting, and consumers tightening their purse strings, the question on everyone’s mind is, does SEO still work during tough economic times? In this blog, we will take a closer look at the impact of economic downturns on SEO and discuss strategies that businesses can use to maintain their online presence and continue to generate leads.
Search Engine Optimization at a glance
SEO is the method of building website traffic from organic search results. It entails activities including technical audits, content creation, link building, and keyword research.
As a result, it enhances the website’s visibility and positions it on top of search results. Nevertheless, time is a million-dollar investment in SEO. It is therefore a race that lasts for a medium to a long time.
When SEO builds Trust
High rankings on search engine result pages suggest that a website is trustworthy and of high caliber. That reflects how reliable the brands are. It gradually establishes a robust brand reputation. An intelligent SEO builds authority and ensures a seamless user experience on websites. It forges relationships with customers and aids in retaining them. As a result, it helps the brand carve out a niche in the market.
How SEO is cost-effective in the economic slump?
We acknowledge SEO’s unparalleled competence to drive traffic and leads to the website. But, is it worth the penny, especially when the economy faces a recession? To bluntly say, SEO is economical and worthwhile when the economy takes a downward turn. Because search engine-optimized websites generate leads and conversions without putting strain on the budget. Investing in SEO is a smart move since it has the lowest cost per head when compared to other forms of advertising. With the long-term advantages SEO offers, it obviates costly marketing.
Search Engine Optimization goes beyond the recession
When the economy attains normalcy after the fallout, it should reflect the investments made during the recession. Since SEO is a long-term strategy, it is a guaranteed investment. Optimizing your website to top the google recommendations is a long-term investment. Therefore, an impeccable SEO plan will eclipse the turbulent present with a better future.
Tailor-made SEO tools and conversions
Economic slump, for the time being, may fail to gravitate visitors to the company’s website. It should not discourage marketers. The hard work in such a situation should be put into analyzing the difference in keyword ranking between you and your competitors. Accordingly, let the SEO team curate a focused plan to outsmart the competitors. And, deploy keywords that generate leads. Moreover, adopt multi-click attribution, which incorporates all the touch points and awards them credits, as opposed to last-click attribution. Well-researched SEO tools will optimize the last click and increase conversions
SEO and communication go hand in hand
During a shaky economy, communication is crucial in choking out the best marketing plan. You need to bring the company and the clients on board to discuss the recession-proof budget package. Hence, client management is crucial while steering the SEO wheel to stay afloat in the recession. Then only you can stretch the budget keeping in mind the stakeholders’ concerns.
Why invest in SEO while the economy struggles?
Cost-effective marketing: Organic search is the budget-friendly channel that drives website traffic and conversions more effectively than PPC ads. Hence adjusting the budget to incorporate SEO in times of economic instability is financial prudence.
Spike in CTR: According to Backlinko research, pages landing on positions 1-7 in Google’s organic search results perform better than the average CTR for paid search advertising. Further, moving up one slot in the SERPs on average can enhance your CTR by 30.8%.
Assured ROI: Use of the proper SEO tools guarantees higher traffic and conversion rates. Investing in SEO over the long term will guarantee continued website visibility and revenue growth.
According to BrightEdge, Organic search accounts for 53% of all website traffic. It attests to the effectiveness of SEO.
The pandemic-induced tectonic shift in marketing illustrates the significance of online searches. Many were hooked to their monitors to buy goods and services. Google reports a 60% increase in search per day in the immediate post-pandemic year. It indicates that despite the economic climate, online searches will continue to rule the market. Hence, investment in SEO ensures an upward growth trajectory for your business. Businesses that alter their strategy and methods in response to contingencies prosper both during and after a recession. In a downturn, firms who keep improving their SEO approach will fare better.