As we continue to face being #AloneTogether, marketers are looking to pivot their strategy to drive short term results, while they figure out how this will impact the next quarter of sales and beyond. Pandemics have an awfully jarring way of putting things into perspective in life; which means all consumers are shifting their consumption habits accordingly. We’re looking for connection, from Houseparty to that failed Zoom call you had last weekend with 4+ people.
We’re being bombarded with sales – but many of us don’t want to increase our discretionary income, especially if what’s happening in the US is anything to go by.
So, this is where we have to get SMART, think strategically and invest wisely. Starting with digital marketing.
The main benefits of online marketing
With fewer people traveling and screen time increasing by the day, there’s a larger opportunity to reach users in their homes. Marketing efforts for the next quarter won’t be focused around billboards and other types of off-screen advertising. They will be digital.
We’re in this strange time where we can see many businesses transform in-front of our eyes. Many in-person fitness centres are moving online and some of them are doing it quite successfully. So, this is the push you needed. To better your website, make sure you have a solid content strategy that focuses on online conversions and revisit your online ad spend.
Figure out how you’re going to navigate this area of digital transformation for your business. And do it quickly.
Online marketing results in easily-attributable and trackable engagements. For this reason, its often seen as the most cost-effective way to convert. This is the case now more than ever.
Why you should invest – now more than ever
According to AdNews, 86% of brands have changed their digital ad investment. And for most companies, this means a large decrease or pause in ad spend all together.
During economic crisis, many brands decrease or halt ad spend and for obvious reasons. Purse strings are tightening and brands get more conservative with their approach. So, be bold!
This is where you can move against the crowd. Implementing ad strategy, particularly paid social strategy, whilst there are fewer competing ads means lower engagements (Cost Per Ad Recall Lift) and cheaper conversions than your competitors during this period (CPC and CPP). While this may not be possible for everyone – I would strongly recommend any marketing budget left over for this quarter be attributed to digital marketing and developing online platforms (website, blog etc).
Thinking about where to start?
Take a look at where you stand in market and what your competitors are doing. For many businesses, there’s now an opportunity to set yourself apart and invest in maintaining constant communication with your target audience. Without in-person events, digital marketing is a great way to reach the same goal.
“In the middle of difficulty lies opportunity.” Albert Einstein