The example from China clearly illustrates that it takes several months for a coronavirus epidemic to decline. Getting overly concerned and freezing all advertising and marketing campaigns at this time, the company will simply deprive itself of the opportunity to maintain its market position.
The economy will need from one to several years to recover, which is conveyed by previous global economic crises analysis.
Increasing corporate failures and marketing budgets tightening will lead to the market competition reduction. The problem is that the “surviving” companies will fight with each other for the consumer, who may have become less solvent and, as a result, more economical and particular.
Therefore, a reasonable strategy for the crisis period is to reduce the costs of current “pay-per-click” (PPC or pay-per-click) active advertising and redistribute them in favor of long-term marketing investments (long-term advertising modules, promotion articles, image interviews, SEO).
“Of course, this means there’s opportunities out there for the taking, if you are a B2B supplier in an industry that has been slow to adapt to digital marketing. A key factor in resilience is adaptability. If it’s standard in your industry to go out and meet new customers face-to-face before you do business, adapting may mean opening new channels over web or social media platforms”
— Bernard Marr (Enterprise Tech) © Forbes.com
Its’ worth considering that you won’t be able to ride out of the crisis without changing anything. With the marketing tools that you had before February 2020, you will not return to pre-crisis indicators.
So, what’s next?
- Transform to Digital.
- Reduce PPC costs (pay-per-click or pay-per-click), leaving only the most effective campaigns.
- Pay close attention to creating outstanding content. If you don’t have one yet, then it’s time to start creating it.
- Be prepared for the fact that after the crisis, an unpredicted and non-seasonal surge of activity is possible, and you need to take advantage of this.
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