They say that history repeats itself, and the fact that it does, means that history has also left us some breadcrumbs as to which industries and sectors have the adaptability to survive during a recession… The outbreak of COVID-19 has definitely brought forth some surprising recession-proof industries that can not only survive but thrive during these difficult times. That reason alone is why your business should consider taking full advantage of this economic slowdown.
One sector that is taking advantage of this economic slowdown that may or may not come as a surprise to you is the marketing sector. As you are currently seeing and experiencing, COVID-19 is impacting the mobility of consumers all over the world and it’s also having a major impact on businesses, from supply and demand as well as where certain goods are being manufactured.
Because we’re in such a volatile situation, it’s crucial that businesses do their due diligence to plan their marketing moves carefully and strategically… You have to take some kind of action. Whether you decide to keep your powder dry to keep your business afloat during this economic slowdown or seize the opportunity to go all-in on your marketing investments, you have to do something because the economic landscape has changed and will continue to change.
In addition to that, there have been major shifts in consumer behavior, so you have to plan your strategies accordingly. But in order to do that, as a business owner, you have to ask yourself,
What type of adjustments can you make?
What type of marketing message do you want to convey and if it’s even appropriate?
How can your message and tactics engage with customers to meet their needs during this time?
All the data you can collect that tell you the behaviors of the “corona-impacted” consumer, the trends in how they spend their money, and the best channels to effectively reach them, all play a crucial and significant role in how businesses can invest in marketing that will not only be effective during COVID-19 but after things go back to normal as well.
Take a look at some of the best investments to make in marketing right now that will be beneficial to your business now and after the smoke clears from the Coronavirus.
5 Ways to Invest in Marketing That Will Pay Off in the 4th Quarter of 2020
1. Content Marketing
The emergence of COVID-19 has caused people all over the world to practice social distancing. The fact that there are so many things we don’t know means that more people are staying at home. So what does that mean for businesses? It means that people are doing more online shopping than ever before! So it’s important that you have a content marketing strategy that can adapt to this new landscape.
Videos, infographics, podcasts, and blogs are all forms of content marketing that will allow you to reach a targeted audience. Right now, your audience is scared, and that applies to all industries and sectors. So in your content marketing efforts, you need to offer them real value now and they will thank you in sales later.
Simply providing them with content that’s entertaining to watch and/or read is going to help take their minds off of their harsh reality. Maybe you share a video on social media of employees working hard, in masks, to meet customers’ product needs… That will make customers emotionally connect with your brand and make them want to shop to keep essential employees working.
The content you provide is something they will always remember, now and after the pandemic.
2. Social Commerce
Social commerce has often been looked at as the future of digital sales and businesses have seen and will continue to see great success with it. Because social commerce is the selling of goods directly through social media channels, it’s the perfect way to reach your audience.
This particular marketing method is so effective now because people use social media for entertainment. It goes hand in hand with content marketing simply because you can not only share entertainment on the platform but you can also prompt your audience to buy directly through the social media platform… just have them to “tap” or “swipe up” to be redirected to a particular landing page on your site. It can be looked at as retail therapy during these difficult times.
3. Link Building
Link building is one of those timeless marketing efforts that will be effective today, tomorrow, and forever, regardless of what pandemic the economy is in. That’s why it’s such a smart marketing investment.
The whole goal of link building is to get other websites to link back to your website, and the best time to do it is now. Why? Because people are practicing social distancing and sitting at home surfing the web… They have nothing but time on their hands to read, watch, and listen to all forms of content… Your site might as well be their go-to source for helpful, relevant, and entertaining content for them.
Taking some time and comparing link building services should make you feel confident that you are finding the right services for your business. Just make sure that the agency’s values and objectives align with your business’ values and objectives.
By building trust and providing useful information to your audience during the COVID-19 pandemic, you’ve just earned a wealth of loyal customers when the chaos is over.
4. Augmented Reality (AR) and Virtual Reality (VR)
The state of physical stores is dead right now, unless you’re an essential business… But businesses outside of that realm have turned to virtual and augmented realities. This technology is no stranger to the world of marketing but it is certainly being utilized more now than ever before.
This technology has been very effective in the actual conducting of business. The way this marketing strategy will outlast the pandemic is that it has changed the landscape of the job market. Businesses are seeing productivity levels increase as well as how cost-efficient it is to not have to rent an office building.
According to CNBC, 42% of US workers are now working remotely. After the Coronavirus passes, you can expect to see more businesses adopt the remote work environment altogether.
5. Cross-Device Strategies
On average, a customer is connected from at least five devices, and because of that, you want to make sure the content you create is optimized to reach audiences on whatever device they choose. Everything from cellphones to wearables, those devices are what’s popular now because people can take their technology on the go.
And although the public is being advised to stay at home right now, you can guarantee that when things open back up, people will be back on the move… And you’ll want to be sure you’ve invested in this particular strategy so your content can be accessed on the go as well.