Why is SEO Important for Business During Economic Hardships?

The events of recent years have contributed to a worldwide economic downturn, and consumer needs, behaviors, and habits have rapidly shifted toward newer spheres of interest. With the COVID-19 pandemic paralyzing the economy and now, with the current volatile geo-political situation in Eastern Europe, the continued lockdowns in China, and frequent supply-chain interruptions, more challenging times are predicted for businesses worldwide.

 

But, in the midst of this turmoil, the pandemic also gave rise to the growth of eCommerce, and more and more consumers migrated to exclusively online shopping. According to Statista, eCommerce sales amounted to roughly $5.2 trillion worldwide and are predicted to reach $8.1 trillion by 2026. Online stores will have to update, adapt and change their search optimization strategies according to search engine algorithms, regardless of the economic environment they are operating in. 

 

Statista also claims that, in 2022, 62% of worldwide marketers considered search algorithms and search engine optimization (SEO) to be vital for generating and increasing revenue. Businesses pausing their SEO marketing strategies during a recession not only hinder their conversions, but also damage themselves in the long run, reducing online visibility and preventing them from accessing new customers.

 

For some companies, adapting their marketing strategy to new, emerging trends can be challenging, but search engine optimization must always remain central. But why is it so crucial for businesses to use and master SEO during uncertain economic times?

 

A Cost-Effective Marketing Strategy

 

During times of economic hardship, marketing budgets also need to be stretched further. Out of all marketing efforts, SEO is the most cost-effective long-term strategy that businesses can use to their advantage if planned for correctly.

 

Although SEO services might seem costly, they are not when compared to other traditional marketing channels, such as TV and radio ads, or printed ads. Compared to pay-per-click (PPC), SEO is a superior and more efficient digital marketing strategy.

 

In their State of Marketing Trends Report 2022, Hubspot says that around 70% of marketers prefer and consider SEO a better strategy for generating sales than PPC. With PPC, companies are getting results, but that stops the moment they stop paying for their ads, making it most effective as a short-term strategy in practice.

 

SEO is also the ideal digital marketing strategy for local businesses to attract new customers. Companies incorporating a solid local link-building strategy with outstanding relevant content have a better chance of standing out and building trust with their audiences than those without, making it a vital piece of marketing campaigns.

 

SEO Drives Revenue and Growth

 

Maintaining a constant revenue flow is a prime concern for businesses during tough times of economic downfall. SEO proves to be one of the most effective marketing channels that drives revenue and growth. Google and other search engines only deliver the most relevant website content for users, and businesses constantly need to adapt to the changes in search engine algorithms. 

 

Databox says that 80% of worldwide companies employ paid SEO tools. Having a solid link-building and keyword research strategy heightens website traffic, and it is particularly important for small businesses to conduct strong local SEO marketing campaigns. A good content marketing strategy fuels SEO efforts and brings in relevant website traffic that ultimately drives conversion.

 

Search engines are constantly improving user experience by providing the best answers to match queries. Businesses need to feed them relevant information that qualifies them as trustworthy in order to score in the top search engine results for their audiences. They also need to be aware that they are not only competing in search results against competitors, but they are also competing against various media publications, and review sites. Backlinko states that the first three organic search results on Google account for 54.4% of all clicks.

 

Hubspot found out that by simply having a blog, a company’s inbound link total can grow by up to 97%. Businesses can also promote their content through social media to increase website traffic and improve conversion rates. Although social media does not directly add to SEO efforts, it allows links to be shared across multiple platforms and contributes indirectly to SEO efforts.

 

Maintain Online Presence

 

In times of economic uncertainty, people will naturally be more active on search engines seeking advice. Companies in the financial industry, for example, will have customers who will likely be concerned about how the current economic conditions will affect them and their families. The search engine algorithms will inherently provide these customers with the most authoritative and optimized pieces of content.

 

Technical SEO proves to be an important factor for SEO optimization, and an example of this is implementing schema markup. Schema markup allows a search engine like Google to better understand website content, in turn providing better results for customers that are entering queries. Most websites today still do not have this technical SEO feature, and this provides businesses that do with an upper hand against competitors if correctly implemented.

 

Businesses can adapt their website content according to societal trends and target their audiences through SEO to improve their current customer base. By providing content that responds to customer queries, companies can propel their content in search engines and improve their online presence.

 

For a small business, a local SEO strategy can drastically improve its discoverability. Implementing long-tail keywords, creating content optimized for local searches, and incorporating backlinks are all essential elements to include.

 

For some businesses, adapting their marketing strategy to new emerging trends can be challenging, but search engine optimization must always be a part of this process. Because it elevates and maintains an online presence, a comprehensive SEO plan generates more brand awareness, organic traffic, and, ultimately, leads to a higher conversion rate.

 

Provide Access to Valuable Metrics

 

Peter Drucker, the prominent management guru, once said, “What gets measured gets managed,” and it couldn’t be more true. Being able to effectively quantify data is essential for businesses to track their progress and see how and where they can improve.

 

SEO metrics represent a prime source of business intelligence. They offer companies insights into what their consumers are searching for in search engines, their intent, and on-site behavior, both on search engine results pages (SERPS) and on your website.

 

According to Databox, in 2022, Google Analytics and Google Search Console are the most used tools for generating metrics in an SEO report. For businesses, running effective SEO strategies also means gaining insights into new market trends, consumer behaviors, and competitors.

 

Having access to metrics allows companies to better promote themselves during tough times. Businesses can gain valuable knowledge about their existing customer base, identify their pain points, complaints, and specific preferences, and build efficient keyword research that positions them ahead of their competition.