To fight or flight. Every business is questioning their strategy, and unfortunately, there aren’t many Harvard case studies that include a pandemic. These are unprecedented times, but business is by no means closed. Companies who fight for market share could benefit from low competition and cost-effective ad rates.
Like all of us, buyers have changed. There is tremendous opportunity for businesses to capitalize on the moment by adapting their strategies to a different economy.
The marketplace will continue to change after social distancing ends. Buyers will have a new set of problems and it’s our responsibility as marketers to better align our messaging. It is essential that your business is seen and heard in the new “digital convention center.” Even when social distancing ends, we can still expect business interactions to stay online. Not only because online meetings are cheaper, but because this crisis is long enough to form new habits that people stick with.
If we choose to make a fight response, the first step is to improve your online presence, culture, and experience for the buyer.
Some questions to lookout for:
- Is your website strong?
- Does it have SEO value and can it be organically found?
- Do you sell a product or service online?
- Do you use social media?
- Do you have an inbound marketing strategy with quality content?
- Do you have an active database that you can regularly engage with via email or social media?
- Is there low-friction in the buying process?
The new normal will require businesses to emphasize an aspect of their digital marketing portfolio. Now is the time to get it going!
Launching a renovated digital marketing strategy can be easier than it seems. We’re not advocating any business to put all their chips in, but we do recommend businesses to use cost-effective, guerrilla marketing tactics that can help you survive this economic crisis. The fighters who reposition themselves should be better off than the flighters who make cuts and wait it out.
We understand that cash-flow and account balance irregularities create serious limitations for new spending. The beautiful thing with digital marketing is that you only need two of three things: creativity, money, and time. There are creative ways to boost revenue without writing a check.
Especially now, ad rates are declining while online traffic is increasing. Most online advertising utilizes a bidding system. As there are less bidders in the marketplace, the costs of advertising have declined. Meanwhile, more people are surfing the web and spending time online. With this combination, there’s a greater likelihood of achieving a return on investment and thus healthier outcomes for business.
The combination of a revamped brand strategy with the capability of advertising online could set the stage for a new set of revenue that puts businesses in a healthier position through and post-pandemic. The challenge will be determining how buyers have changed and understanding the target audience. In any case, a reposition with an aggressive approach can have long term benefits.
In short, buyer behavior has and will change through our current circumstances. Paid advertising rates are declining which can be the catalyst for a new set of brand messaging. Buyer priorities are focused on learning rather than buying, but that doesn’t mean buying can be halted forever. By building an audience now through content promotion, cost-effecitve online advertising, and repositioning focused on a new set of buyer problems, companies can put themselves in the perfect position once these unpredictable times are past us. Sometimes, the worst thing to do is nothing.