Should you be stopping your marketing spend in light of COVID-19?
It’s been said a million times before, but times really are uncertain right now. We’re living through a period where it’s anything but business as usual, and this goes for brands and audiences alike. A common misconception is that during these challenging times companies should pull on the breaks on their marketing spend, save their pennies, and bunker down.
This couldn’t be further from the truth.
In fact, right now there are fantastic opportunities for those who decide to go full throttle with their marketing strategies.
Currently, audiences are spending more time than ever online, and this is creating a chance for brands to put their foot on the pedal and zoom past their competitors.
Why Should I Be Spending On Marketing Right Now?
Be honest with yourself, how much time have you been spending online during isolation?
If you’re anything like us, you’re embarrassed when Apple send you your weekly screen time report, and you’ve been scrolling endlessly on Instagram and TikTok.
Your audience is no different.
They are also spending hours on social media, using it as a way to not only entertain themselves but also as a way to connect and engage with their community.
What better time to have their full and undivided attention than when outside distractions are limited?
While distractions are minimal and people are pretty bored there’s a unique opportunity for you to not only raise awareness around your brand but to also build a genuine connection and relationship with your audience.
But What Are The Stats?
We’re not making this up! The numbers speak for themselves.
Engagement on social media is up 76%, and online media consumption is up a whopping 90% since lockdown began.
Australia’s National Broadband Network (NBN) has seen a daytime usage increase of 70-80% since February with people spending an average 12 hours a day online (which is a lot of Insta scrolling!).
Interestingly, a study by the guys at ThinkVine has shown that companies who go dark on their marketing spend end up dropping sales by 20% by the end of the year. Meaning, if you stop now, trying to make up for it when things go back to normal could end up being quite an expensive decision.
How Should I Market?
Well, you’re going to have to change your tune a little bit. Now is not the time to come out with the hard sell, and you’re going to want to avoid that ‘buy buy buy’ mentality.
However, this is the perfect time to experiment with your strategy and even play around with platforms you hadn’t thought of before. This could mean focusing on building your LinkedIn profile to expand on your networks, or you could start playing around with the idea of marking on platforms such as TikTok. Marketing in the same way you did this time last year just won’t cut it. The world is changing and to keep up you should be adapting and changing with it, whether this is by switching up your message or changing and experimenting with your platform, it’s a great time to try something different.
Now is the time to let your audience know that you’re here for them, that you care, and that you’re willing to provide them with the support they need during this uncertain time. Focusing on being present will create a halo effect for your brand, people won’t be quick to forget those who were there for them when they needed it. While the hard sell should be avoided under the circumstances there still lies plenty of opportunities to engage your audience and build a long-lasting rapport.
If you’re ready to transform your marketing strategy, overtaking your competition and breaking boundaries, we would love to help.
Whether you want to revamp your Instagram feed, engage on LinkedIn, or experiment with TikTok, we’re ready to help you stand out and get your brand noticed by your audience.