Does the world economy affect the internet economy? How should you plan your online marketing budget, in light of the current financial state of affairs?

I will admit, the financial world is a scary place right now. The markets look more like roller coaster schematics than financial statements. Not to mention the doom and gloom from every news source on the planet. It is enough to make anyone want to take their online marketing budget and crawl into a deep hole. But I am here to tell you: Don’t Do It. The impacts of the internet on economy outlooks are huge and you can benefit from them.

Why you should be increasing your online marketing budget right now.

Businesses all over the world are struggling because the general public has tightened its belt around its collective wallet. But, that is not to say that people have stopped buying things. They have not. They are simply looking to buy the same things cheaper. While high end and mid level restaurants are losing sales, places like McDonald’s and Heinz are seeing an increase in profits.

Why is this? Because people are opting to eat either at the cheaper restaurants or to cook at home. What else will these same people do to save money? One of the major impacts of the internet on the economy will be that they will be doing more of their shopping online. Will they be able to find you when they go shopping?

Established sites should take a look at their online marketing budget in segments. Where is your money going?

The internet will be the best, last place that many shoppers will go to find the best price. This means that your online marketing budget is the worst, last place to cut money from. The rule of the internet economy is that the more you cut your budget, the less likely you will be found.

Look closely at your online marketing budget and make sure you are making the best use of the money. A sample online marketing budget might contain 30% for SEO, 60% for PPC and the remaining 10% for local and social marketing. This will make sure that when your customer price shops for your service or product, you will at least be in the running. Cut your online budget, and you will not have the chance to woo the customer.

New websites should have internet marketing money built into their web design budget as well.

If you are a company launching a new site in the current economic environment, don’t skimp on internet marketing in your web design budget. While SEO may seem like a convenient place to save some money, it will hurt you in the long run.

The internet is not the “Field of Dreams.” If you build it, they will not come unless you do some internet marketing. Make sure the money is there for this.

The economy is scary right now, but the internet economy is still going strong. Use this to help the rest of your company weather this economic storm. Let me know what you are doing to help stretch your online marketing budget.