There is definitely a financial crunch going on around the western world. The US media doesn’t want to call it “a recession”, and the UK media keeps threatening it’ll happen like the energy crisis isn’t a clear indicator that we’re already in it, but when everything from gas to bread is going up, you know there are hard times ahead.
A big indicator of this is the measures that a lot of big tech companies are taking. Lots of tech companies are laying off a substantial chunk of their workforce. The first might have been Elon Musk when he got into Twitter, but that was more a sign of his mad plan to make money and less about prepping for a hard winter. On the other hand, Google is the biggest perpetrator, having made headlines by offing 12,000, or 6% staff members via email. Setting aside the inhumane triggering of these layoffs, which saw people not even aware of their status or the threat of firing until they tried logging into their accounts, Google was just the start. Vimeo followed suit by dropping 11% of its employees. Salesforce axed 10% and Amazon is said to be looking to drop 18,000 people.
It’s clear that the tech industry is going through a crunch. All of these lost jobs are clearly not good for the industry as a whole, nor the people whose jobs are lost, and might be a result of the tech industry’s questionable business plans, which tend to focus on gaining more customers (subscribers) rather than looking after the ones they have.
However, for social media marketing, this can actually be helpful. Lockdown proved that when people have nothing to do, they will turn to social media. Only, this time, it isn’t Covid keeping them inside, but a lack of things to do that don’t take any amount of money. So, in between taking hikes and playing dominos, people are on social media. Take a look at our reasons for why that might help out social media marketing.
Nowhere to go
As mentioned, people in a recession have fewer options for what to do with their time. The cinema becomes a bi-monthly treat rather than a monthly one. Drinks happen at home rather than in a bar. Takeout becomes a monthly treat rather than a weekly one.
What do people do once they’re done with their hike/drinks/homemade meal? They post about it and chill out after by scrolling. There is sure to be an increase in people on social media as budgets tighten.
Even within the industry, you’re likely to see a lot of that. As tech companies scale back their budgets, airline points will need either to be used up or flying to industry events need to be abandoned. Networking will need to be moved online, where we’re likely to see an uptake in virtual events, webinars, webcasts, and more online alternatives. All of this will add up to more clients and customers spending time on social media, making for more marketing opportunities.
Smart buying
Social media retail might have taken a dip since the lifting of the lockdown, but it is by no means forgotten. People might have the choice to buy an item in person, but they’re going to do research on that item before they commit. Not only does social media clue users into the items that they might want to buy, but they offer lots of information, not privy when you’re browsing aisles, starting with if you can get a better price elsewhere.
Social media platforms have leaned into this, with live shopping features, the ability to tag products, and create your own shop, as Instagram has released in the past.
Sure, the purse strings might be tight for users, but what little extra money they’re spending is likely to be online. If it’s not food or heating, they’re going to buy it online, which gives you the chance to sway their picks in your favour.
Shared angst
Unfortunately, despite how unethical it might be, Facebook was right: strong, negative emotions, like hate, drives engagement. However, while we are all likely to be happy to see hate go down, the shared angst amongst users is the underlying negative feeling of the day – and it’s likely to drive traffic.
Talking to the people around you isn’t likely to help a lot, as they’re in the same boat. The internet gives users a wider perspective, tips on how to get by from around the world, and updates on how things are evolving. That all amounts to a lot of time on social media, where they can find your items and services to help them out.
If you are interested in more affiliate and social media marketing insights, take a look at our blog for all the latest news and advice. Or for a more personalised approach, book a free call with a member of our team.
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