The effects of the pandemic will last awhile
Change: Many businesses have had to permanently close their doors, while others will be able to resume regular business when safe to do so. However, there will be effects that are tied to businesses regardless if they were in a better position then others. Companies have lost a huge amount of revenue in the months they have been closed, which will result in many adjustments in their expenses. The pandemic has lost the global economy trillions of dollars. Many businesses feel as though they should stop their marketing efforts all together!
Alternative: By stopping your marketing operations it will lead your business into the worst possible position it can be in at this time. If anything now is the time you should be marketing the most! Your business needs to find a service or product that will help people throughout this time in your niche and get it in front of people. Many companies might have to develop a new service or put their marketing efforts on one product that fits during this time.
For example, Gyms have lost complete revenue due to their clubs closing and people not being able to attend their facilities - however many are now offering virtual classes/ private training sessions that people can attend at home and pay a discounted price to generate revenue for their gyms.
Due to the effects of the pandemic having a lasting impression on business in the future, it is crucial for your company to adapt to change and remodel your services and products.
Organic Reach Has Dropped
Change: Throughout your social channels you have probably seen a drop in organic reach and exposure and this is solely to do with the pandemic. However, some industries are thriving at this time in regard to organic social reach such as; finance, food, healthcare or media. This is due to the platforms catering to the most relevant topics that are trending and favouring content directly linked to the pandemic.
Alternative: In order to allow your social channels to excel at this time you need to consider running ads through them. Right now many social media channels, especially Facebook & Instagram are highlighting businesses that are paying for ads online. Even if you dedicate $5 a day to your social channel for marketing it will make a huge difference in the delivery of your business.
Conversion Rates Have Dropped
Change: Just as organic reach has dropped, conversion rates have as well! The sectors seeing steady growth still are the health, media and food industries. Again this is due to the social channels favouring these niches and users wanting the most information out of them.
Alternative: Ways in which you can keep your conversion rate steady is by offering a value add (bonus) to the service or product you are marketing. At this time there is 10x more competition when selling online so you need to offer something unique to what your competition is offering.
For example, if you were a clothing company selling apparel online you could offer a discounted rate and free shipping which most clothing companies are offering but ALSO a value add (bonus) such as; if you spend $50 you will receive a complimentary shirt (which 10% proceeds of the t-shirt go towards the fight against COVID-19).
By doing this you are not only adding a value add to your product but also making it relevant to what is trending right now! This, in turn, will increase your organic reach and conversion rates.
The best time to double down is when others are not. During an economic crash, you will see that you will have less competition, which means it is easier and faster to get results, and in some cases, you’ll be able to get deals, such as a potential reduction in pay-per-click advertising.
The economic state of the country suggests some businesses will either go bankrupt, get bought out, or get bailed out by the government. Some may be able to survive but most will not and again this means less competition for you!
In other words, this is your opportunity to strike and gain market share in your niche.
So when you see your competitors shutting down or reducing their marketing efforts, the goal is to increase your marketing!