A huge impact on business. Yes, Coronavirus has effected a lot on each industry. It has spread uncontrollably. Most of the countries are in a process of unlocking the lockdown. The social distancing, lockdown has impacted a lot on various industries. Even though some of them has seize the opportunity with the need of the hour, Start-ups and SME’s are badly impacted with COVID. As per research 4% of startups have shutdown their operations & 38% are out of funds during this lockdown. The physical events like conferences, events & sports have gone for a toss now. Top companies like Google, Microsoft, Unilver, Spotify are encouraging their employees to work from home for quite a longer period of time. But, the query is that “How permanent are these changes?” Every business & marketers are in dilemma to spend on marketing activities like offline branding, Ads, hoardings etc or should they choose some other strategy?.
As per research: Some 9% of agencies say total revenue dropped by half or more because of COVID-19, a quarter say revenue dropped between 30% and 50%, and 32% say revenue dropped by less than 30%.
Some 47% of digital agencies say they experienced a decrease in leads because of COVID-19, and 27% say they experienced an increase.
Hence, the question is how to handle the current situation? What are things that business should focus in marketing activities that will reduce spending & render ROI.
Research has shown that 61% of marketers are working on short term strategy adoptions whereas 9% are working on long term adoption of new strategies. Most of the business are moving from offline to online media. As the business model shifts to online, same is the case with marketing efforts. Now businesses are preferring to spend more on Digital Solutions. And, this is the major key for the current situation.
Spending on Digital display ads, social media ads, Google ads are likely to increase in this short period of time. Even in long term the strategy will go in parallel with this. So How will it go?
Opt for Flexible Marketing Channels: Marketers need to work on the flexible marketing, digital & social media channels as per their business products & services requirement. No need to go viral now. It is important to reach your target audience with low cost rather than spending huge amounts. Checkout the insights & plan accordingly on the spend cycle.
How long? Concerns: No one really knows when the pandemic is going to over. The industries like Travel sector, hospitality industries are on the edge. Not sure when the things will get back to normal. But still there are some opportunities available for restaurants for online orders and home delivery services. On other hand Entertainment industry has hit badly. Even though theatres are closed, and no revenue is generated but there is another space left as OTT platforms. Online streamers like Netflix, Amazon Prime are making their way for the release of pending movies.
As the future is uncertain, it is important to stay focused on long term strategies. Even in crisis there is still an opportunity left for the marketers to workout. The cost of customer acquisition is reduced. Marketers need to capture the eyeballs of targeted consumers through websites with high traffic.
Consumer behaviour: There is a shift in consumer behaviour during this pandemic. Most of the buying behaviour process has changed. You need to adapt the new audience behaviour & lifestyle as per the current trend. Try to understand the emotional context of your audience? What they want to hear? How you should communicate to them?
If you do not have any in-house team to handle, then you have to look for an agency which have trusted resources and have dealt with the marketing activities at low cost. We at KRV Guru, understand the need of the hour and have worked on various tailor-made solutions for our clients. According to the business size, business model & the requirement we customize the package and deliver the results on time. We are an award-winning digital marketing agency and we are “Top Digital Marketing Companies of 2020 according to Designrush”. If you have a requirement and not sure how to reach your target audience within a stiff budget then do get in touch with our team, we have a solution for the same.