COVID-19 pandemic’s presence is not just a health crisis but also a catastrophic blow to numerous industries around the world. Restaurants, malls, movie theatres, and practically any establishment that brings people together have been forced to shut down for safety reasons. One of the more crucial sectors deeply affected by the lack of operating businesses is the marketing industry.
A shift in marketing priority
Online-based businesses are booming ahead of traditional retail industries as they prioritise their online presence over other forms of marketing. Traditional forms, such as billboard placements, press releases, and even TVC spots, are looking to be a deprioritised form of advertising that is further reinforced by the COVID-19 crisis.
In this article, we will share with you the lowdown on what businesses should expect in the future regarding their advertising campaigns.
Investing in the long term
About 61% of marketers are now adjusting their short-term media strategy as a response to the global pandemic. Still, not even a quarter of that percentage is preparing to adjust their strategies and campaigns in the long-term. By looking at the positive movement of progressive countries, it’s more than likely that the global pandemic might be ‘manageable’ by the end of the year.
It’s important to realise that once the pandemic has passed, it has already reshaped the state of the marketing economy. Choosing to shift marketing budgets instead of cutting them off altogether is a smart business move in the short term, but an even better course of action is shifting to more viable and flexible media channels.
Exploring flexible channels
Many industries were forced to cut down or close indefinitely because of the COVID-19 crisis. Most big names in retail, travel, and even events industries are forced to save up what they have to wait until they can comfortably reopen their operations. Unfortunately, most small businesses in these affected sectors may never have the opportunity to recover.
Marketers have been forced to cut down on traditional marketing platforms and have transferred their efforts to social media platforms, streaming partnerships, and influencer marketing sponsorships. This shift into the increasing priority of the online space is seen as a direct response to a change in customer behaviour during a state of quarantine.
Analysing new customer behaviour
Because the COVID-19 disease is primarily transmitted through physical interaction, organisations from academic institutions to conglomerates have shifted their organisational workflow to a work-from-home setup.
Most consumers’ lifestyles are now entirely dependent on online interactions for business, socialising, and entertainment. Greater time spent on online platforms allows companies the opportunity to take advantage of digital marketing practices, such as search engine optimisation (SEO) and social media marketing, to improve their sales numbers and brand visibility.
Looking at the crisis in the long term
With many brands and businesses shutting down to deal with logistical concerns in keeping their company afloat, a head start can be gained by those who know how to take advantage of their competitors’ downtimes.
Know that a drop of up to 47% in CPM and CPC prices allows for cheaper and less congested digital spaces for paid ads and sponsorships, which makes for an ideal opportunity to gain a larger customer base with a lower campaign budget. The shift to competing for the consumers’ attention online is a race that only those who utilise digital marketing agencies’ strengths can compete in.
A smart way to look at the global pandemic is to realise the untapped potential of adapting to new trends caused by changing times. Many retail and restaurant branches are also adapting to the situation by offering deliveries through courier services to keep their business alive even while practising proper precautions against the COVID-19 disease. Focusing on the digital landscape has great potential in generating a broader reach and customer base with the new online behaviour of the modern consumer.
If you are in need of a digital marketing agency in Berwick to help you navigate through this crisis, contact us today to stay ahead of your competitors.