The Coronavirus Effect
Starting my career in 2007 working on the trading floor at HSBC, I didn’t have long to wait until seeing first-hand, the impact that an economic downturn/crisis can have on businesses.
Even then, as a wide-eyed first-year graduate, it wasn’t lost on me how businesses that acted the fastest managed to best weather the storm.
Understandably, with the Coronavirus crisis unravelling at a rapid pace, many of our clients are concerned about the potential financial implications on their business.
We’ve pulled together some practical digital strategies to help limit the financial impact Coronavirus could have on your business.
- Activate your email database – Your email database is your just reward for those labour-intensive years of marketing and business development! Now is the time to cash in. This doesn’t need to be over complicated or expensive. By increasing the frequency at which you’re communicating to your whole database, you should be able to drive a spike in short-term demand without overwhelming your database with scattergun messages.
- Start Retargeting – Target low hanging fruit and stay front of mind with potential customers already engaged with your brand. By creating custom audiences, you can share your database data to retarget prospects on social platforms. Remember marketing’s ‘rule of 7’ states that a prospect needs to hear the advertiser’s message at least 7 times before they’re likely to take action to buy a product or service.
- Reallocate budgets to targeting ‘in market’ opportunities – Firstly, what do we mean by ‘in market’? In a nutshell, these are the people who are actively searching or seeking out your products or service. Most likely, they are already in the buying cycle. Some channels are far more effective at this than others. For example, by reallocating more budget into Search Engine Marketing (Google & Bing) you could decrease lead times by targeting people are actively searching for your products and services thus more likely ready to buy. While creating lookalike audiences on Facebook and response ads, can also help find customers that share the buying behaviours of your most valued audiences.
- Prioritise Performance Marketing over Brand Marketing (in the short term) – There is much marketing talk about whether businesses should focus on brand marketing (PR, Thought Leadership, Sponsorship, OOH, Content Marketing) or Performance Marketing (Search Engine Marketing, Paid Social, Direct Response, Email). The reality is that a good long-term marketing strategy needs to incorporate both. Brand marketing is a more expensive way to generate opportunities in the short-term. However, it builds brand recognition and trust in the longer term. Whereas Performance Marketing will drive cost-effective opportunities in the short-term but doesn’t build long term brand recognition. How does this relate to Coronavirus? As reports show, the virus is unsettling markets in the short-term. Therefore temporarily prioritising budgets into performance could help bridge any short-term lapses in demand.
- Look at the data – In our experience, very few of our clients take time to complete a deep-dive analysis of their own marketing performance, in particular the effectiveness of their website. To combat this, making basic changes to your site you can often double or even triple the number of opportunities that you generate. Simple wins include adding social proofing, multi-stage forms, updating case-studies and improving your call-to-actions.
If you’re looking for additional marketing support, why not drop us a note by filling out the form below.