“A man who stops advertising to save money, is like a man who stops the clock to save time.”Henry Ford
Right now, the world is currently experiencing one of the most unexpectedly challenging economic times in recent memory. The COVID-19 pandemic has all but ground countries around the world to a halt and subsequently, many companies of all sizes have experienced a significant downturn in business.
Naturally, among the first departments to be dealt with significant cost-cutting measures are the sales and marketing teams to stem the flow of losses. But for those who are in a position to maintain business as usual amid the current uncertainty, employing this same strategy may actually prove to be more detrimental in the long term.
Here are three reasons why digital activity, even if scaled back, is now more important than ever before to maintain your overall goals.
1. Larger Audiences
With most of us in self-isolation (both mandated and voluntary), more and more are looking for ways to beat their boredom. This has lead to an increase in streaming (Tiger King anyone..?), online shopping and generally looking for ways to stay connected to friends and family.
Social media use is at an all-time high and consequently, we see more people than ever before glued to their phone screens. With a larger audience pool to market to businesses should be working to introduce strategies that will increase impressions across mobile-friendly formats such as Facebook Mobile, Instagram, Snapchat or Tik Tok.
APAC Managing Director, Joe Fox, discusses why audiences are at currently at their most engaged in this interview here.
2. Reduced Competition
In response to the perceived slowdown in customer activity, most businesses will be looking at cutting their ad spend. Alternatively, with the decreased competition, now is the time to ensure that your media spend is optimised where possible to increase your brand’s presence for those who may be searching for your products or services. With less demand, the cost of paid advertising on platforms such as Google’s advertising network has significantly decreased, including operating costs such as CPC and CPM.
The current environment may also be an opportunity to pivot and focus more on promoting products or services that may serve people better i.e. food delivery options for restaurants, health/wellbeing supplements for pharmacies.
Lighthouse8 has developed the K8 (Kate) tech to work with the best people in Business Intelligence (BI) to provide unique insights into untapped opportunities for your business. This information can assist in informing business decisions on where to shift the focus in your industry for long term success.
3. Generating Leads
A strong content strategy is critical to keeping your business at the top of your customer’s mind. If acquisition budgets are scaled back, investment in content marketing with a focus on SEO will also go a long way towards ensuring brand recall.
Highly relevant email marketing and social posts will continue to encourage customers at all stages of the marketing funnel to stay engaged with your business. While conversions may not be so forthcoming in the short term, this will create lead generation opportunities that can be actioned when consumer activity starts to gradually resume back to normal.
Each business is different, and the advice contained above is in no way meant to taken as a broad application for all industries. However, as Ford alludes to in the quote above, we cannot underestimate the power of maintaining activity while adapting to the present situation the best as we can.
If you are interested in learning more on how to navigate the current global crisis or how our business intelligence suite can help put you ahead of the industry curve, reach out to us today for an obligation-free review of your digital activity.