We are all aware of the coronavirus situation and how it has affected the daily lives of people around the world. It is indeed a sad reality and we are yet to see its end. It is going to take a while before everything returns to normalcy. It is needless to say that global economies have taken a massive hit too. Businesses are seeing a downward trend and marketers are looking for answers to prevent them from going bankrupt. Many businesses have either reduced their marketing budgets or have paused advertisements due to the uncertainty. Here are some things that are happening to businesses during the crisis.
Businesses Are Losing Money
With the world coming to a standstill over the past few weeks, businesses will have to be given the chance to get back on their feet. The first and foremost thing a business owner will have in mind is to make up for the losses. It is estimated that COVID-19 will cost the world economy $2.7 trillion! Businesses are losing money, conversions and valuable traffic too. Marketers must analyze this situation very deeply and re-do their marketing strategies.
Increase In Cost-per-acquisition And A Dip In Conversions
As businesses, especially in the travel industry continue to struggle, the cost-per-acquisition has drastically increased unless it is for a business that aids in the current situation like a brand selling toilet paper, hand sanitizers, soaps etc. Many industries saw their conversion rates come down as well.
As businesses start to slow down, your business might have a good chance of success post-COVID-19 if you manage to maintain a good and long term marketing strategy. For all your digital marketing efforts to be successful, you must make adjustments and plan with respect to competitors, market share and searches. Your old PPC set up must change to adhere to the new times post the COVID-19 crisis.
How To Adjust Your Marketing Strategy?
As marketers, we understand that keywords are an important aspect of the overall marketing strategy. Post COVID-19, use tools like Google Trends to see how people have changed their search styles and what they are searching for. Marketing is all about adapting quickly and efficiently to the changes that are happening around us. Marketers must make it a point to include search queries and reviewing search reports a weekly task on Google Analytics. The answers to this task can now be used to tweak your old marketing strategy to suit the current times.
2. Quality Score
The Quality Score must also be an important focus for the marketer. Pull out all your current quality scores for the list of keywords in use and pick out the best-performing ones for today’s use. Redo and create new PPC ad copy, landing page copy and social media ad copy using these new keywords to see an improvement in the brand’s quality score.
3. Strategy Based On Device
With the routines changing back after the quarantine, people will move from laptops and desktops to mobile usage while commuting. You might want to adjust your campaigns for mobile traffic post-COVID-19 lockdown. Review your marketing strategies and when the time is right, make your business or brand visible on mobile again.
4. Bidding Strategies
As a lot of businesses are cutting down on their marketing budgets and PPC investments, the competitor market will change drastically. Sticking to an old automated targeting and bidding strategy will not work for a post-COVID-19 situation. Review and adjust both manual and automated bidding based on market volatility on a regular basis.
5. Extensions And Ad Copy
Make sure all of your ad copies are reviewed and suit the situation post-COVID-19. Keep an eye on how your competitors are approaching customers post the lockdown. “Shop Local” and “Support Local” are some of the most commonly used terms now. Go through and remove all content that might seem insensitive and redo copy extensions.
In conclusion, it is definitely going to take time for things to get back to normal post-COVID-19. We as marketers can use the above points to tweak our strategies and be prepared for any situation that comes our way. If you are keen on giving your business a boost post the lockdown, we suggest you talk to our experts at +91 9087706000 today! Stay up to date with the latest trends in the industry, news, digital marketing tips and tricks by clicking here.