We’re all in this together.
Businesses worldwide are facing adversity as coronavirus continues to slow down the gears of the economy. During this time it’s essential that businesses allocate their budgets in a responsible way to ensure they are able to tackle the challenges that lay ahead.
Many businesses have been deemed non-essential and have been forced to close their doors in order to slow down the spread of the virus. Although this is a necessary action to ensure the safety of the general public, it has left many business owners with tough decisions to make.
As we continue to battle through this unfortunate circumstance, it is vital that businesses work smart and allocate their resources wisely in order to keep their business running.
Learning from past economic downfalls:
During an economic downturn, it is only natural for businesses to cut their budget in order to see through the storm and come out the other side standing. Making budget cuts can help a business retain income and this is certainly a necessary action, but how deep should they be cutting into their marketing budget?
History suggests businesses that reinforce creative marketing strategies during an economic low point tend to outperform competitors that make large advertising budget cuts.
Studies have shown that businesses who cut their budgets faster and deeper than others during an economic downturn end up losing more in the long run and struggle to get their business back to its full potential as the economy recovers.
Different marketing strategies to consider during this pandemic:
Improve your branding and online presence: Many businesses have seen a decrease in their workload and this is certainly unfortunate. However, it provides a great opportunity for business owners to assess what aspects of their branding and online presence are working in their favour and what areas they can make improvements.
As many individuals are not working during this period, a lot of time is being spent online. If you are able to make your online presence glow it will help you expand your customer base and put you in a stronger position.
SEO (search engine optimization): Search traffic has significantly increased over the past month and will continue to rise as we isolate ourselves from COVID-19. With many individuals stuck inside their homes, they are going to continue to look for ways to entertain themselves online.
Online purchases are at an all-time high and being found easily online has obvious advantages. By implementing certain SEO strategies your business can climb to the top of Google’s search engine results pages making your products and services easily accessible.
Having a good SEO strategy can help you get ahead of your competition and grow your business opportunities for the future.
PPC (Pay Per Click): PPC is one of the most cost-effective forms of advertising and now is the perfect time for your business to explore this strategy. A well thought out PPC campaign can help your business capture the attention of valuable customers while working within a reasonable budget.
PPC is fast and easily adjustable making it the perfect way for your business to drive a significant amount of traffic to your website in a timely manner.
Incorporating eCommerce to your website: Thousands of individuals are currently finding they have a heck of a lot of time on their hands and as the isolation period marches on, many people are spending an exorbitant amount of time online shopping.
Providing your customers with the ability to purchase products online during this time gives your business the opportunity to continue to generate income even though your storefront is currently closed.