Since the new CoronaVirus has troubled the entire world, a wave of change much like the wave of the tsunami has swept away our old ways. With many realising the importance of technology; switching their business plans to evolve with the situation, we now know that the world shall never be the same.
One of the many things impacted by Corona Virus is digital marketing. Most likely recipients of change will be businesses that rely on them as this is the question of their survival. For the most part, digital marketing has become a boon rather than a bane. If you are still not up on the social media, now is your time to lift the curtains up and make some show. You will find new and cheaper ways of marketing and connect better with the world.
The Changing Customers:
We all agree that lifestyles have changed considerably. From a hyper-busy schedule, managing real and virtual worlds together, there is more of a slow-poke feel to every person’s life. The average time a consumer spends online has increased.
The ‘sofa-surfers’ will be least affected and might in fact create slightly higher sales as their lifestyle remains less changed. The businesses targeting sofa surfers are beneficiaries of the situation because their customer habits are the same. But on the other hand, the businesses unavailable online or reliant on white papers may have to innovate and introduce products online.
One thing is particularly common all around the world: A cut in the marketing budget and an uncertain business plan for the marketers. In this article, our aim is to discuss how you can evolve with the situation.
How is the World-Changing for Digital marketers?
Digital Marketers are multi-streaming their strategies, most of them channeling towards cheaper methods. According to research, 61% of marketers are changing their short term media strategies.
Whilst, only 9% are working on the long-term strategy. Most traditional marketing businesses are already moving to online territories. Investment in digital media is unsurprisingly changing because of the customers' lifestyles and time spent online.
Switching to cost-effective channels
Trends suggest that countless businesses will be switching to programmatic advertising that can give them cheaper rates and more customer imprints. In the short term marketing strategy, businesses are developing marketing content for social media ads, digital media ads, and online video channels.
The budget for billboards and banners and event marketing will come to a halt and this budget will be shifted to online marketing.
The Long Run Implication
The corona crisis does not seem to cool down for some time. Overall there is an unpredictable situation as businesses are waiting for things to return to normalcy. However, there is a sharp spending cut in retail and travel businesses.
On the contrary, food businesses, online delivery services, streaming channels (HBO, Netflix, Spotify), and news channels will likely increase spending in the digital arena because their demands have increased.
Also, healthcare and online doctors will be high in demand. The disadvantaged groups from the increased online activity are the cinema owners (offline entertainment), travel and hospitality businesses, events, and logistics businesses. Whether you fall in these categories or not, you have to know that creating online apps, ads and new sites can get your lost customers. You just need to transform your business and find a new role for the product.
Your Newer Goals:
The cuts in the marketing budget may save some businesses from temporary difficulties but there is a ruthlessly competitive world out there. In no way should you lose your business’s hard-earned lustre by marketing less. Otherwise more powerful businesses will take over you before the corona outbreak is over. You have to maintain an image and audience. So be ready for the optimistic campaigning, recovering your lost sales and reviving yourself in the later market.
Embrace your customers:
Customer behaviours have changed and they are spending more time online. You must seize this opportunity and design interactive campaigns to reach out to new customers. Also, marketing costs have reduced, why not use this time to make the content and market how you always wanted?
Not to mention, the declining CPC and CPM can aid you in putting out more advertisements. Put yourself out on the news and entertainment websites as most of the customers are spending time there.
You need to connect and retarget the market in light of the current scenario. Online marketing is more important today than ever. Turn your offline activities online, shift the communication sources according to the lifestyle of the customers.
There is no doubt every industry has suffered from the corona crises. A new question has always popped up after a major catastrophe in the world: What needs to be changed?
As human beings, there is no avoidance of uncertainty. We need to adapt, come up with better digital marketing solutions. We are luckier than our predecessors and we need to use our good fortune in building a new digital infrastructure for our businesses and customers.
Now is the time to find greater, grander opportunities and implement our most useful ideas to help the world.