Marketers need to focus on understanding the changes in consumer behavior in the time of coronavirus (COVID-19) crisis and be agile enough to respond immediately
CMOs across the world are taking the current COVID-19 as learning time to understand a new trend in consumer behaviors and learn how different industries are getting impacted by it. It is important for marketers to tweak their strategies to counter the impact created by the crisis, and be ready with course correction for any new crisis situations, in terms of marketing spends and strategies.
It is a great time for marketers to take note of the major shift in consumer behavior owing to the remote working model and more time spent online, thereby increasing ad inventory across different channels. The cost of buying ad inventory will most certainly witness a decline as there is a surge in ad inventory while the purchasing is either at the same or declining rates. This will create an opportunity to increase ROI by leveraging the time window of cheaper paid ads.
Businesses in industries like media, healthcare, and pharma are expected to witness higher conversion rates. It is necessary for marketers to keep a tab on consumers’ purchase behavior and change their campaigns accordingly. Along with business, the current time is equally vital startups. Businesses that are heavily dependent on supply chains of Asian or European markets need to reevaluate their marketing strategies, scheduled campaigns, and make required modifications.
Focusing more on brand building, and running ads that highlight the brand will be crucial. Now is a great time to take advantage of cheaper than the usually paid ads. At the same time, it is equally important to focus on the allocated budget. Reducing the frequency of paid campaigns, especially for the products that do not directly relate to the current situation, is necessary. Ensure that email campaigns send a message to consumers that say the company is thinking about them and are ready to help with rapid response programs.
Email and ad campaigns must have a language and tone that reflect compassion and empathy. Now is the time to focus more on building relations with existing and prospective customers instead of pushing a sales pitch.
This lockdown could be the best time to revisit the strategies for the new world order when the markets open again and rework on the current outreach and communication strategies. CMOs and their teams need to make the most of it by realizing the possible opportunities and leveraging suitable channels to connect with prospects and customers.
Marketers need to utilize challenging downtimes to analyze marketing roadmaps and audit campaign visuals.