Working from home, people constantly checking the news and changing customer behaviour is creating advertisers a great deal of anxiety and uncertainty in these troubled times.
Here are 4 tips on how to think and act to best benefit your business.
Everyone is spending more time on social media nowadays - for example, Pinterest reached an ‘all time peak’ in March and Facebook is reporting an "unprecedented" increase in the use of its services. So, you should go and meet your customers where they hang out. Many small businesses use their social channels to quickly and easily inform customers about changing opening hours, to share inspiration or just form a relationship with them. Strengthen this relationship with your customers by developing content that is relevant to both them and your brand.
Current uncertainty is making advertisers stop spending money on marketing. Lower demand for advertising space together with a simultaneous increase in media consumption contributes to reduced advertising costs. It’s clear that the cost for both CPM (the cost of the ad being shown 1,000 times) and Cost per 1,000 people reached (the cost of the ad reaching 1,000 unique people) has fallen. From 2 to 8 of March 2020, there was a strong downward trend with more than -20% (CPM -21% and Cost per 1,000 people reached -22% compared to the previous week) and the average this time of year is a change of 5-10%. The trend continued in the following weeks. Prices are also well below this year's average and compared to the same period last year.
What this means for you as an advertiser, is that you can now get a wider reach for your marketing budget. In true Always On spirit, we recommend you to keep yourself out there! Even if you may not want or even be able to invest in sales-driven advertising now, you should still build a brand, think "read more" instead of "buy now" and expand your market share over a longer period of time. Statistically speaking, an increased share of ad impressions within your category or industry will also lead to increased awareness and market share over time.
Don’t be afraid of rethinking your marketing plan or maybe even your offer. Can you focus on another product in your company's portfolio? Can you tweak the use of your products or services? Changing needs in the market means that your offer may have other USPs, so be creative in how you communicate them. However, remain humble and maintain your relevance by always refocusing on the customer journey and the customer's needs in it.
Seize the opportunity now and use the time to prepare for when these strange times are over. How can you create a strong yet flexible marketing strategy? A simple look into the future will tell you that life in general will be more digital, so how can your company and your communication prepare for that? Make a plan for your digital channels, rearrange your marketing strategy and take the opportunity to clean up your site or other digital projects that you may have neglected due to lack of time.
Are you wondering how to get started with tips or want to brainstorm other marketing ideas? Get in touch with us, we'd love to have a coffee in Google Hangouts!
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24 Apr - Romel ChoudhuryRead more...