Plan your response
If you’re not entirely sure what your marketing strategy should be during the COVID-19 pandemic, you’re not alone. There’s uncertainty about how businesses should react now and what to prepare for in the months ahead. This is all new territory and there aren’t many parallels in history that we can draw from to guide us. If any comparisons are possible, the 2008 recession is likely the only applicable example in recent history. We have to be mindful that digital marketing then was only a fraction of the entire marketing mix, but there’s a glimmer of light for digital marketers.
Overall, in 2008 the spend on online only dropped by 2%, while more traditional advertising mediums suffered greatly. Newspaper ad spend saw a 27% downturn, while outdoor ad placement spend dropped 18%.
You maybe like a lot of businesses thinking should i just turn of marketing all together? Hopefully here we can provide some insight and you even have the opportunity to take advantage of a free audit to ensure that you are in a position to bounce back once life returns to normal.
Evaluate Data and Optimise Digital Landscapes
We work in many industries including hospitality and one of the challenges in any year is having the opportunity to fine tune customer journeys, update web journeys and use data to implement solutions that will increase conversion and average order value. This crisis presents an opportunity to really get into the data and start to develop solutions to drive business once this period ends. The ability to bounce back (#bouncebackability) will mean making the most of every potential customer and delivering best in class experiences.
So what should your marketing plan look like in a downturn?
This can be broken down into 3 main points.
- Plan for the ride down.
- Plan for the way back up.
- Plan to accelerate after.
The very first one, that of the initial downturn, unfortunately, none of us had time to prepare for. In just two weeks we’ve seen businesses come to a halt. The graph shows the 3 stages.