Currently, the entire world is in the middle of the worst pandemic in 100 yrs. Around the world, many countries are imposing lockdowns by restricting billions of people to their houses resulting in economic shutdowns. That, in turn, led to widespread business closers and millions of layoffs in a range of sectors. unemployment rates are peaking and the projection of global recession is imminent.
Markets are crashing, major world economies are facing their worst economic meltdown post-2008 recession, many businesses are on the verge of closing as they’re suffering an unexpected loss in revenue.
The future is bleak and the clouds of a global recession are looming over the entire world. While the effects will be prolonged. but it doesn’t go to last forever and doesn’t mean that the business won’t rise whenever the market reopens.
As it’s fair to assume that businesses currently are in a state of panic. Which is forcing them to have thought on how to achieve maximum efficiency in a minimum possible budget?
Apart from traditional marketing that relies heavily on direct contact. Will this pandemic pose a similar threat to digital marketing as in the case of traditional?
Yes, It definitely will.
But the companies that can combat this shakeup with a strategic plan will come out much stronger and will be poised for quicker recovery.
As a business owner, you’re likely looking for ways and strategies to survive these economic downturns.
So what should be the strategy to combat this crisis?
For that we have listed out 7 key strategies that will in a way help businesses sought a picture on how to start preparing and combat this situation:
Reach out to your customers via Social Media
At present every one’s life is impacted around the world. People have restricted to their homes can’t go outside and can’t do normal things in their daily life and above that lies a constant fear and despair brought by the havocs caused by coronavirus around the world. In times, like these, we need to show empathy to others and reach out to that who are in need of help. It’s a perfect opportunity for brands to come forward and lend their support and services for the needy during this difficult time via Social media and other channels.
Significant contortion in data analytics
As the pandemic forced the majority of industries to opt for WFH (Work from home) strategy. This caused an upsurge inclusion of a certain segment that previously was opted out from the analytics metrics i.e. employees. A majority of employees are working remotely right now which will in a way, influence your analytics data.
Thus provides you a vast majority of the audience to target.
Assessment of campaigns and strategy
The coronavirus epidemic has so ravaged the market so badly that people and businesses are forced to rethink marketing strategies. So the businesses should be in a constant mode of reassessing its campaigns, creative, and even guidelines. As the market is changing rapidly. Because of that every possible touchpoint for your brand across paid and owned channels, from video ads to automated emails should be reassessed.
Startups should analyze and make decisions based on the performance of their marketing channels about which marketing strategies will continue to work long-term until the recession is over, and which can be scaled back or re-tooled. it can be done by
- Revisit your campaigns’ ad schedule performance
- Use smart bidding: may help advertisers by digesting changing data and adjusting their CPC bids in real-time to match their goals.
Navigate marketing spends
The coronavirus epidemic has affected so many industries that it has caused them to frozen their marketing, causing ad prices to plunge. In such cases, is it wise to reduce or trim down the ad spend or reduce the campaign budget?
It can be considered as a golden opportunity for many as advertising bids are lower due to fewer bids and budgets slashing. Lower bid leads to big advertising space and large audience reach.
According to Media agency PMG: Clients, primarily in retail, are seeing about a 25% increase in traffic to their sites, with costs per click (CPC) for ads down as much as 41% from before the pandemic.
Companies that are forcing to lower their advertising budgets — or shutting them all together right now due to the coming recession are at greater risk. When the economy reaches normalcy and uncertainty subsides.
According to AdWeek, those businesses that lowered their ad spend during recession witness a 20-30% drop in their sales and revenue numbers over the next 2 years as a result.
Startups with surplus capital can surely withstand and utilize this opportunity by buying more advertising space. Whereas in the case of companies/ businesses with lower capital may find it more difficult to channel their marketing strategies during an economic slump, but by remaining calm and analyzing channels that provide positive ROI for the company, founders can better direct resources.
For startups and businesses with a little-to-no marketing budget, they may have to opt for cost-cutting like reaching out to customers via social media accounts and content creation (blogging).
Monitor Google trends
Gather as much data as possible about the current trends during this pandemic using Google trends as it’ll provide you a brief glimpse of what keywords people are searching for currently. So understanding how to adjust to these rapidly changing trends can help keep our campaigns and businesses agile during this scary time.
This will help companies to start to recognize trends relevant to their business, which will help them create content around those topics to target their audience, brings more traffic, and improves overall SEO when the market reaches normalcy.
While Google trends will help you gather as much data as possible and gets you enough insights during this pandemic to understand the course of trend and utilize it to drive traffic to your websites in the future.
Utilization of the email marketing channel
Email marketing can also maximize marketing efficiency with reducing ad spend in case of industries having less demand or don’t want to spend on marketing during this pandemic and the forthcoming recession. Email marketing is simple, cheap, and effective and can balance out the setback caused due to reduced marketing budget.
Brands having a significant face value and customer/client trust can utilize this option in times like these.
Concentrated Focus on content marketing and SEO
SEO and Content marketing are excellent drivers for maximizing marketing prowess with content and conversion strategies around SEO as an acquisition channel.
SEO helps you get to the top of Google’s SERP by providing increased organic traffic to your website. So to climb the top, the optimization strategy needs to be put in place and with dedicated time to content and website optimization on a routinely basis. Failure to adhere to the routine will result in performance and revenue loss.
Generating quality content and improvising SEO is a great strategy to balance out the repercussions caused by the pandemic.
Reduce spending in SEO and content marketing will pose a significant risk to organic rankings and your revenue when the situation starting to get normal. As once the normalcy returns the search-demand will surge and consumer spending habits will stabilize and then Organic traffic will get increase eventually. While the content strategy won’t produce short term results but it’ll generate a certain set of the target audience for your business to flourish in the future.
So it’s vital to maintain your SEO campaign.
At last, whatever the future we are heading towards we better be fully prepared. over the course of 100 yrs. we have witnessed many economic disasters be it great depression or the 2008 financial crisis. Our resilience had helped us to avoid adversity in the past. So if we had overcome those situations and we can recover from these also. we just have to start making calculative moves to revive ourselves, our society and our economy.
There’s a saying “it’s going to get worse before it gets better.”