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Looking Forward To The Upturn
Matthew Bailey of the News Spoiler reports that US internet advertising revenues fell during the first three months of the year to $5.5 billion.
Other research has been indicating that web marketers are tightening their belts as online sales experience the inevitable drop associated with recessionary forces around the world, but especially in the United States.
However, not everyone is looking at the economy in the same way. Many web entrepreneurs are treating this down period as a time to re-tool and to invest wisely and aggressively in order to prepare for what they feel will be the coming uptick in the economy. In a sampling of recent news, signs of recovery are beginning to show. For example:
The Conference Boards Consumer Confidence Index improved significantly in May to 54.9, the highest it has been since September 2008. The Index has improved a substantial 29.9 points since reaching an all-time low of 25.0 in February.
Former Federal Reserve Chairman Paul Volcker said the global economic slump is easing most clearly in the U.S. and the U.K.
CHINA industrial output and retail sales rose in May, the National Bureau of Statistics said on Friday.
Some online retailers are getting ready by upgrading their websites, freshening their product lines, analyzing their markets to figure out what their customers will be buying once they feel more confident about spending and investing in whatever technologies they need to stay ahead of the competition.
Future watchers believe that the go green mentality will stay even though some steam has been lost as oil prices have come back to earth. The data suggest that customers want to buy from eco-conscious sellers even if they are not selling green products. It is a good time to investigate shipping materials that are recycled, post photos of your operation complete with its energy efficient lights and recycling receptacles and put up a pledge to review all business operations, looking for ways to leave a smaller carbon footprint.
They also believe that people have been pretty severely stung by this recession and will continue to look for value purchases. That may mean that you need to look at offering coupons, providing discounts for volume purchases, establishing frequent buyer clubs and running time limited sales with special previews and opportunities for your email blast opt-in customers.
Internet advertising will become even more important as pay per click draws traffic and social networking sites become a roadmap for communicating with your customers in a personal, informal way.
The best thing about getting ready for the economic upturn now is that many of your competitors are still in the bomb shelter with their heads down, conserving cash and cutting budgets. By the time they figure out that it is time to switch strategy, you will be way out ahead of them.
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