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19 May 2009

Economic crisis presents new business opportunities

The current economic slowdown may have hit traditional retailers hard, but the ongoing crisis has presented a golden opportunity for businesses offering their products and services online.

Recent research has revealed that £0.17 of every £1 spent in the UK is now online and as people increasingly seek out bargains and competitive pricing, that number is set to increase in the months and years ahead.

However it is not all plain sailing ahead. For many businesses in a recession, the first cost savings come from the marketing budget.

This could be a fatal mistake if they want to make the most of the internet revolution.

Even those that do maintain a healthy marketing budget will need to justify the money that they spend.

Fortunately the online world provides a solution to that problem too.

A recent study on behalf of the Online Marketing and Media Show revealed that methods such as email marketing provide businesses with a more accountable return on investment (ROI). In fact three-quarters of respondents said that it is easier to measure through the web rather than traditional offline methods.

As a result, many marketing executives are now planning to divert a larger proportion of their budget towards online activities.

This latest research, once again, demonstrates the importance of all types of internet marketing as a means of attracting potential customers, either through email campaigns or by attracting visitors to a website through natural search engine optimisation and pay per click.

So, the lesson is clear, invest in the internet and make the most of the opportunities that even an economic crisis can present.



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