Although this start of the year is a difficult time for the business world in general, in this article we will see a number of practical measures that your company can try to adopt to face the crisis as well as possible. many sectors of the international economy.
In times of social and economic crisis, it is not uncommon to see companies suspend or postpone all or part of their marketing spending , and this initial reaction is understandable, given the uncertainty posed by the COVID pandemic. -19 and periods of confinement, where we observe many workers falling into precariousness, and many companies suffering financially.
It is a normal human reaction to unusual and changing circumstances, due to which everyone is in pain.
But in most cases, it is not an effective marketing strategy in times of crisis.
We are far from asserting that the marketing strategy (s) to adopt during the crisis are straightforward and obvious to businesses, however, there are new and changing opportunities that need to be considered, and that your marketing team should take note of. into account. And you might be surprised that marketing can play such an important role for your business in tough times for the economy.
Here are some tips and ideas for practical and simple digital marketing actions that you can consider taking to get through this difficult period as well as possible.
In times of crisis, it’s not “ business as usual ”
A lot has changed in the last few months:
- Consumers have become more vulnerable.
- Behaviors have changed.
- People are changing their consumption habits, whether in terms of spending or consumption patterns.
- The market and audiences change.
- Competitive environments are changing.
- New trends are appearing.
It is for all these reasons that a crisis must bring any company back to the fundamentals of marketing and business, concerning their product or service offer:
- Who are they for? (Has there been a change of audience?)
- What are the benefits for you? (Are they more more / less important during a time of crisis?)
- How is your offer positioned? (Does this reflect current needs?)
- Is your offer an essential Turkey Phone Number List aspect for people? (During times of instability, people usually focus on the essentials, so this point is important)
Here is what John Quelch and Katherine E. Jocz, two American economics professors, say about marketing in times of crisis, in one of their articles in the Harvard Business Review, entitled “How to Market in a Downturn”: “ During During recessions, it’s more important than ever to remember that loyal customers are the primary sustainable source of cash flow and organic growth. Marketing is not optional. This is a “good cost” essential for generating income from these key customers and others. ”
A new way to interact with your audience
In e-commerce , brands that truly understand their audience will always be successful during times of instability.
This is because the notions of credibility, support, expertise and authority become more and more important to people as circumstances change.
Too often, brands are so locked into data-driven marketing plans that they forget that behind clicks and conversions are people, not just prospects.
Thus, it seems relevant to invest in both understanding people and data-driven research when business scenarios change or are disrupted. This will allow your business to react quickly to changing situations and to maximize emerging opportunities that present themselves before others within your competitive space.
Here are some examples of consumer attitudes in times of crisis:
- Increase in product evaluation time and search for alternatives.
- Pause or limit impulsive spending.
- Forward planning and transfer of reserved funds to future deadlines.
- Search for special offers, promotions, etc. / promotions / offers.
- Search for reliable sources of information.
These behaviors are just a few examples among many others that have also been observed over the past year, linked to the social and economic changes that have affected the whole world.
So if there are still business necessities, it is the conversation around them that needs to change, and businesses need to be more responsive to the people who buy their products and services. So, now is the time to take care of your communication on social networks and on your website, and to clearly explain to your audience why your product or service offer still has a place on the shelves during these difficult times. And then make the whole buying process go smoothly, both commercially and psychologically.
Shifting marketing budgets
Companies have a financial obligation to maximize all aspects of their marketing investments, which becomes much more perilous in times of crisis. The shifting and subtle strategies of the marketing direction, along with media spend and overall marketing spend impact return on investment ( ROI ) and return on advertising spend (ROAS). The biggest marketing expense for most businesses is advertising.
Now, a lot of companies are considering cutting ad spend as the crisis looms large, but this is a mistake.
Paid marketing, like everything else in all marketing, for that matter, requires reassessment, review, and repositioning to maximize returns.