The COVID-19 pandemic has brought about one of the greatest disruptions of society in modern times, upturning lives and livelihoods. Millions across the world are quarantined and thousands of lives have been lost as World Governments are engaged in a full-blown war against the pathogen. To add on to the woes, the pandemic has dented the global economy, bringing industries and businesses down on their knees. Across sectors, companies have shuttered with little or no hope of revival in the near future. Several businesses are staring down at huge losses. Sudden and dramatic changes in circumstances brought about by COVID-19 and its impact on everyday life is something we all would be dealing with for quite a long time in the future.
In the face of such a global crisis, businesses must consider the severe and long-lasting impact, the pandemic may have on their bottom line. These are extreme times for nearly every marketer. According to WARC, Shutdown of retail, disruption of food supply chains, huge corrections in the stock market, and a staggering unemployment rate.
With the gradual easing of lockdown rules and countries taking baby steps to open up economies, businesses need to take a long, hard look at their marketing strategies in order to come up with a revival roadmap that would suit a post-pandemic world.
It certainly isn’t Business as Usual for marketers. Ad spending is down by double digits. While re-thinking marketing strategies and making decisions on advertising campaigns, businesses need to take into account changing consumer behaviour and impact on individual industries, right from manufacturing to supply chains leading up to point of sales. Consult a strategic Digital Marketing agency like lessburn to plan your campaigns and the selection of the precise target audience ahead to foresee a better result!
Analyse Changing Consumer Behaviour
Consumer buying habits are likely to be affected as disposable income went down, bringing down people’s intent and inclination to spend with it. Businesses need to factor in how buying habits of their target audience may change as a result of the current economic downturn by looking at online marketing data and quickly adjust campaigns as needed.
Leverage SEO and Digital Marketing
Digital marketing and digital ads in general just have such an advantage over traditional, physical ads that require space, materials, and limited resources.
With working from home emerging as the new normal, there is an increased online presence of people, both in terms of work and personal use. The traffic on the web is up but there are fewer advertisers. This means ads are cheaper. In other words, there has been an increase in ad inventory across several platforms. As a result, cost per thousand impressions (CPM) has decreased across platforms, especially as many businesses have cut down on their marketing spend. But going by numbers, as per Neil Patel, the ROI of paid ads have gone up from 31% to 53%. with a 71% increase.
Businesses, rather than just focusing on short term advertising gains, need to consider taking up the services of a Good Marketing Agency, powered by data analytics, market research and digital technology, that can offer marketing strategies highly curated to the challenges at hand. This can help them achieve both short-term and long-term goals and build value by connecting the brand with the right people, with the right messaging and at the right time. Optimised content marketing can also help focus on customer experience and customer retention with interactive content and personalization, making more impact by harnessing the power of digital marketing.
Boost Consumer Engagement
People spending more time online present an ideal opportunity to boost your brand’s social media engagement. Great social media will not just help you engage with your customers – it can build up a virtual community at a time when normal interpersonal contact is minimised.
Businesses need to double-up on social media to build relationships with new and existing customers. As customers are looking for ways to stay connected despite everything that’s going on, Social media can be the perfect platform for brands to engage with customers and create opportunities for now and into the future.
Revamp Marketing Strategies
As the impact of COVID-19 continues to unfold, businesses need to keep a close eye on the changing consumer behaviours and impact on individual industries to ensure they stay on top of the game and are able to tap into new opportunities.
Here are a few pointers to get you started:
- As online traffic increases steadily, businesses can reach their target users better by investing more heavily in digital, and direct mail advertising over in-store, face to face advertising.
- Compassion in advertising would ensure that brands remain in a positive light with their clients. A compassionate approach to advertising will ultimately find favour with consumers, leading to long-term trust, satisfaction, and loyalty.
- Now, more than ever, brands need to approach all of their marketing, social media presence included, in an intentional way. It is worth considering the benefits of content marketing and search engine optimisation (SEO) and a website revamp at a time like this. Good content can build up an organic presence, with strong SEO using good keywords, backlinks and authoritative, relevant content helping it increase in ranking.
lessburn – Here to Help
Our team at lessburn can tailor a digital marketing strategy to meet the demands of your business as it strives to re-emerge in good shape while the economy recovers. We could assist you in fine-tuning and restructuring all your current and future marketing campaigns to best fit the needs of your brand and consumers, as close to real-time as possible. If you are looking for support during these challenging times, please reach out to us at firstname.lastname@example.org to learn more.
Above all, Team lessburn urges everyone to be as safe as possible and exercise utmost care, during these challenging times.