There is no doubt that the COVID-19 (coronavirus) disease has wreaked havoc on businesses and industries around the world. A lot of companies have stopped production or switched to manufacturing medical equipment. Other companies – including several “essential businesses” – are experiencing a rapid increase in demand and struggling with the needs. We try to run as normal as we can.
Leading in a Crisis
Based on the amount of working capital, businesses decide how to cut down expenses or shift budgets to withstand the storm of economics. These decisions are taken to save resources and – if they can – to keep employees. The business owners I’ve talked to agreed that we’re in an economic downturn. The idea of conserving resources is bright and organic.
With the current financial situation, there are numerous reasons to review all areas of spending, including digital marketing. The reasons listed above, though not all, are a sign of uncertainty for the future.
Shifting Your Mindset From Surviving to Thriving
Leadership starts with taking charge of oneself, and having a strategic mindset helps you think beyond the present. It is beneficial – and even possible to place your decisions from an interdisciplinary perspective instead of the emotions or fears that come amid a crisis. This is done by being aware of the uncertainty, then making changes to your plan and directing effectively during the time of crisis. Understanding the uncertainty level can help you establish a foundation to make decisions.
It’s also important to remember that money isn’t lost. It shifts. Your company – and also your marketing needs to adapt to it.
The ones who can navigate through uncertain waters will emerge with the top prize after the current turmoil is over. You could be one of the business leaders. To achieve this,, you must change your focus from survival to prospering. It may feel like leaping, but stick with me.
It’s time to transition. I’m inviting you to think about these ideas for inspiration. What ideas do you have that will benefit your customers or lots of other people in the economic downturn? What can you do to increase the possibility of growing market share, taking customers from competitors, or acquiring the most skilled employees from rivals? What could you change in your business and marketing to accommodate this shift?
Pivot Your Online Marketing
Loss of sales, a decrease in cash flow, and decreased working capital could prompt business owners to make rapid and difficult decisions regarding cutting costs. When deciding which expenses to miss, a few categories are instantly in mind since they are variable expenses that are easily modified. Marketing is among these expenses that should cause you to think about how to change your strategy. Internet marketing is even more critical for your marketing strategy in the remote work environment.
Segment Your Customers
Remember my previous post about “money moves”? The initial step should be to consider the places where money is going so that you can stay ahead of the game.
Start by determining what businesses are vital. Separate the different sectors of your industry into three (3) groups: winners, losers, and bystanders. The unfortunate thing is that losers suffer the most. It’s inevitable. The winners will flourish in this type of environment. The rest of us will experience bumps and valleys, but generally, they will not be affected. Integrate this into your strategy planning. Next, you should meet members of the team responsible for digital marketing to ensure that your digital marketing plan includes these elements.
Understand Historical Industry Trends
Google Trends is an excellent tool to study the search volume of your most popular business categories and search terms in the past 12 months. Utilize this tool to analyze the historical trends in growth and decrease in demand.
This data will help you determine the trends to monitor for any changes. You might also be able to create a well-informed strategy based on this information and use a solid approach to making decisions in uncertain times.
In this instance, the client could miss out on leads over the months ahead when they cease to market. While the number of leaders might not be as large as in prior years, they’ll still be able to generate income streams during the pandemic.
Consider Competition & Competitive Advantage
In times of turmoil, it’s not uncommon for businesses to drop out of the market. Do you think that a few of your competitors will cease marketing? Although it could sound foolish, this could offer you an edge. This is why some businesses have stepped up their marketing during the recession. When the economy is down, companies that can effectively get an edge in the market.
Analyze Traffic Trends, Test & Be Agile
Effective digital marketing campaigns are built upon data. Nothing has changed about this – except for the data.
The volume of searches can increase, decrease, or even drop due to changes in the demand for goods and services. You could also observe it stays the same. It is essential to keep an eye on it and look.
Ensure your marketing team is checking tools such as Google Search Console and paid advertising platforms to see if there are any shifts in click-throughs, search impressions, and cost-per-click (CPC) to assist you in quickly spotting changes in the demand.
You might want to alter your search marketing strategy as you change how you conduct business. Some clients see gains in their search rankings even though search volume is shifting. If you’re investing heavily in SEO and the organic traffic for your business is showing a dramatic downward trend, you should ask members of your team in digital marketing to assist in exploring the options available in advertisements for display, Adwords social media, PR, as well as virtual and live events.
Our method for testing keywords is the same; feel free to use it. By using paid advertisements to try keywords, we know which words generate business and can develop new keywords for clients as they require. Based on this data, search marketing focuses on generating revenue-generating keywords. Tests for SEO phrases are more vital than ever due to minimizing potential costs during a recession.