Indeed, troubling economic times can be a blessing in disguise for the prepared advertiser. You just have to know what to look for, and understand how to take advantage of the economic environment. How, you ask? Take a moment to step into the mindset of your customers.
Your customers are feeling the effects of a slowing economy. Everything is having an impact on their wallets: the volatile stock market, the increased cost of commodities like food and gas, and the declining value of the dollar. It’s all adding up to tighter budgets, increased scrutiny of spending, and downright nervous consumers.
It’s also been noted that the number of search queries on search engines has actually increased during these troubling economic times. People turn to the internet when feeling the squeeze.
From cnn.money :
“As marketing budgets are squeezed, targeted measurable ads are becoming more valuable to advertisers, and as consumer budgets are squeezed, people use the web for comparison shopping to hunt for bargains online and in stores,” he said in a conference call to analysts.
“The number of search queries is actually going up,” said Jeffrey Lindsay, analyst with Sanford C. Bernstein & Co.
How does this knowledge benefit you as a PPC advertiser? Remember the old Wall Street saying: “The time to buy is when there’s blood in the streets.”
People are going online to find deals – on everything. Your customers are increasingly likely to be in bargain-hunting mode as a result of strained budgets. And businesses (including your competition) will be rising to the occasion to supply goods and services to the increased demand from these deal seekers.
As a consequence, the cost per click for ads could begin to rise. But this is not cause for despair! As a successful PPC advertiser, knowledge is your greatest asset.
Now more than ever, getting the best performance from your PPC advertising campaigns means you must know exactly what your competition is doing, and why they’re doing it.