It has been roughly four months since the 2019 novel coronavirus pandemic turned all of our lives upside down. Our favorite restaurants are barren, social distancing has become the new normal, and there was even a time when toilet paper became more valuable than gold. Although COVID-19 has impeded the way many businesses operate – and operations of every size are feeling the impact of a less-than-desirable economy – adapting your marketing strategy for a time of crisis is a surefire way to let customers know that there is light at the end of the tunnel. With that in mind, here are two ways to adapt marketing strategies for the coronavirus pandemic.
Utilize your online marketing budget (judiciously)
Nothing feels better after a long day than curling up on the couch and catching up on social media During the coronavirus pandemic, however, normal traffic patterns have been pushed aside and internet activity has skyrocketed – initial estimates state that traffic is up roughly 70 percent – due to a quarter of the world’s population sheltering-in-place. You may think that this increased online activity would decrease CPAs (cost per acquisition,) but this growth in impressions also increases the difficulty of converting views into customers.
During periods of increased viewership, CPMs (cost per 1,000 impressions) tends to decrease – while this may be the case, CVRs (conversion rates) decline as well. It can be easy to say “I want X impressions on this social media post,” but if customers are not engaging with content, any increase in marketing expenditures is for naught. Advertising on platforms that use cost per click payment models (as opposed to CPM) is an easy way to make your ad budget more efficient.
Communication, communication, communication
It goes without saying that communicating with your customer base is an important cornerstone of any business. During the COVID-19 pandemic, these open lines of communication have become even more important; with every aspect of business online, important messages can get lost in a sea of social media drivel. According to the annual Edelman Brand Trust Report, more than 80 percent