Here’s an interesting thought:
“Most estimates suggest advertising investment is likely to be reduced by between 30% and 60% over the rest of 2020 and beyond. Marketing Week’s latest survey suggests that around 90% of marketing budgets have been delayed or are under review.”
Mark Ritson, Marketing Week, 6 Apr 2020
This sums up one of the greatest marketing opportunities any of us are likely to see for many years. As money is deserting different forms of advertising, CPCs and CPMs are falling to levels not seen for many years.
If you have the ability to buy cheap advertising which generates a return on an important KPI then buy it while it’s on sale. Let your competitors fear, or budget constraints, be your opportunity.
Digital vs. traditional
There are predictions that digital will gain market-share from traditional media as a result of COVID-19. The world is being force-fed a diet of digital at the moment and it’s unlikely people will retreat from this when the recovery happens. In addition to digital capturing an incredible amount of people’s attention, it’s also much more measurable than traditional forms of media.
Digital is experiencing an explosion in growth and remains more measurable. Consider moving budgets into this area.
Seriously consider Conversion Rate Optimisation (CRO)
Genuine prospects are like gold for most businesses at the moment. Don’t be that business that misses out on a lead because their competitor’s website was more effective. Now is the time to work out how to do more with your existing traffic by increasing your conversion rate.
Invest in content
Some of the most effective marketing in the coming months will be top of the funnel. That is, it will be designed to increase the awareness prospects have of your brand. The best way to do this is via high-quality content with a focus on growing the number of people you will ultimately be able to sell to. When creating content, focus on solving people’s problems.
More specifically, invest in video content
If you were sitting on the fence with video pre-COVID, then you need to take a stand right now. Whatever it is you have to say, you need to urgently work out a way to say it via video. Best of all, know that a lower production value is more acceptable now than ever before. We’re even seeing mainstream television shows broadcasting from people’s living rooms, so don’t hesitate to get in front of your webcam. Your prospects want to consume video – be the company that
delivers it to them. Here’s what we had to say about video before the world changed.
Right now we’re seeing crazy numbers in social media. A combination of uncertainty, spare time and remote work is resulting in huge spikes of activity. At the same time, we’re seeing advertising spend being cut. The result is that costs in some industries are right down. If you have a message which can generate value for you now or in the future, now’s the time to review your social strategy and budgets. This opportunity won’t last forever.
Run a series of webinars
With the ability to learn in person severely restricted, we’re seeing enormous growth in the effectiveness of webinars. Sign-ups and engagements are sky-rocketing. If you’ve got a valuable message, it’s time to consider delivering it via a
webinar. You can’t go wrong with Zoom. Record your webinar and use the content to generate leads well into the future.
Improve your remarketing campaigns
Even if your prospects aren’t buying today, you can still heavily influence their future purchases by overhauling or launching your display and social media remarketing strategies. Increase the timeframe for which these remarketing ads
display to your customers and re-assess the ad frequency over time.