Businesses are feeling the effects of the virus and companies are announcing cutbacks one after another. Marketing departments around the world are noticing these effects. More marketers are at a crossroad, wondering which path to take in such an uncertain future. Should they keep their marketing budget as it is, invest more to grow new opportunities or less to reduce any risks they may face. In this article, we will talk about how marketers can adapts to the new circumstances they are currently facing.
Make short term adaptations.
1. Change in consumer behaviors.
There has been a change in consumer behaviors. We can see a major consumer shift in online shopping increasing because of its convenience and ease of use. Many of these consumers are also working from home, which will naturally lead to an increase in the time spent online for personal use. Online activity and shopping could shift to mid-day, when activity in normal circumstances is low. However, with many who have lost their jobs or those without significant disposable income, their spending power may have drastically decreased as well. That being said, it is important for marketers to consider that their target audience may have changed and to continue analyzing their performance data making any necessary adjustments if needed. Locate your target audience and how their lifestyle has changed and map out how you should be targeting them. Once companies are aware of the change in your consumer behavior, you will be able to refocus your ad spend, goals and target.
2. Digital opportunities.
One key benefit that we have in modern society right now that wasn’t ready available to us in pandemics of the past, is the internet and increased connectivity. Media will be cheaper as marketing budgets in certain industries are cut. With a decline in competition, prices in CPM and CPC will decrease. This is an ideal opportunity for some marketers to gain new customers at a lower cost than before. Online activity could also be higher since there is a constant stream of breaking news. Marketers now have the opportunity to capture more eye-balls by advertising on these popular websites at a lower cost than what it would have been before the pandemic outbreak. For a brand, an online presence has never been important as it is today. Go digital and do not underestimate how the pandemic has changed your customers and their demands. Once youre aware of the change in your consumer behaviour, you can refocus your ad spend on key areas.
It is important to stay focused on the long-term and not shy away from new growth opportunities. Branding works best in the long-term. Cutting budget spend too much when not necessary would negatively impact the brand when the pandemic is over. We have now seen the effects on different industries, but how will marketers adjust ? Marketers should not forget that in the midst of a crisis – there could be opportunity.
Before you go, check out our latest COVID-19 related articles from last week.