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5 min read

How to prepare your business for a recession

This article was updated on: 07.02.2022

The coronavirus pandemic is still very much ongoing and it remains unclear as to when normal life may resume. These past few weeks have been tough for us all, with many of us heading online to search for support and advice in tackling this global challenge. With so much to take in and adjust to, it can be overwhelming knowing where to look first for advice – both on a personal and professional level. If you’re a business owner, this uncertainty only grows worse and we’ve seen a real change in our industry already. 

Is there a recession coming in 2020?

Over recent weeks it has become clear that the world is about to be plunged into a global recession. The impact of lockdowns in countries around the world has caused significant financial impact, and the European Commission forecasts the most significant recession on record to hit in 2020. However, on the flip side, they are also predicting just as significant an economic bounceback in 2021.

How to prepare for a recession

Many companies and individuals are sharing their insights and observations on what impact the change in consumer behaviour is having across different industries and which channels are most affected. To help you keep on top of what this all means for you and your business, we’ve collected content from a range of different sources that we have found useful and therefore hope you will too. 

‘The future of ecommerce’ – Luke McCarthy

Ecommerce consultant Luke Carthy shares his thoughts on the foreseeable future of ecommerce in this recently published blog post. It highlights the increased appetite for browsing the internet as social distancing measures force people to stay indoors, along with how it impacts ecommerce behaviours. The full article shares useful tips and advice on how brands can better prepare for this period of uncertainty, addressing the coronavirus head-on. 

Sir Martin Sorrell & the future of the economy

In a remote interview, Sir Martin Sorrell, the founder of WPP plc, offers his predictions for the future of the economy, forecasting Q2 to be particularly painful. Talking about specific industries, he foresees tech companies maintaining their pattern of spend whilst those operating in FMCG, retail and travel and hospitality will most certainly cut their budgets as they are amongst some of the hardest hit. He goes on to explain that badly hit industries are switching money to digital and that we’ll see an acceleration of this switch that he believes could be permanent. Watch the interview here

What is the impact of Coronavirus to SEO? – Kevin Gibbons 

Founder and CEO of Re:signal, Kevin Gibbons, discusses the impact of coronavirus on digital marketing, sharing common themes and insights. Discussing where the growth and decline in search traffic is, he explains that whilst popular keywords might not have changed, the intent behind the searches may have. He advises brands should pay close attention to Google Trends as new keyword spikes are happening daily. Building a coronavirus content hub is another one of his tips.

Search Engine Journal takes a look at what’s happening to paid media performance during COVID-19. It looks at the amount of money no longer being spent on paid media and what this might mean. Paid search looks to be the most stable channel, with predictions that display and paid social will see the biggest decrease in spending. Whilst the data in this article focuses on The US, we found it an interesting read with trends that could be similar to those in The UK. 

COVID-19’s impact on Google Ads – Mark Irvine

PPC expert, Mark Irvine, looks at how coronavirus has impacted Google Ads results for 21 different industries. It examines industries that have been the hardest hit, industries with mixed PPC performance, and those that are seeing an increase in volume and performance. 

Google Updates regarding COVID-19

Google has also shared a host of recommendations and coronavirus related updates:

In response to more and more organisations sharing important coronavirus related announcements, Google introduced special announcements structured data that sites can add to their web pages. To begin with, the information will highlight announcements from health and government sites, though Google is actively developing the feature and is hoping to expand it to include more sites. 

Recognising that health organisations are busier than ever, Google has created a best practices article to help assist them in making COVID-19 information more accessible. In addition to this, a new support group has been created to help health organisations publishing COVID-19 information with Search related questions. Read more about how Google is helping health organisations make information more accessible here

The impact of coronavirus is affecting sectors in different ways, with some industries looking for ways to pause online activity. Google gives its recommendations that are applicable to any business about how to pause your business online in Google Search. 

In light of the current situation, events all around the world have either been cancelled, postponed or moved to a virtual format. As a result of this, Google has announced new properties for virtual or cancelled events to ensure users are kept up to date with the most accurate information relating to the status of an event. If you are a business that has had to reconsider your event strategy, Google has also put together a useful guide to hosting virtual events on Youtube

We hope that you’ve found this round up of content helpful. To offer you further support during this time, we’ve created a COVID-19 area within our blog, dedicated to sharing actionable advice, useful tips and guidance. If Impression can help you with your digital marketing during these ever-changing times, please get in touch with our team.