The Coronavirus pandemic has brought the world to a grinding halt. As the global economies continue to reel under its after effects, organizations find themselves at the crossroads where they can either move on or freeze all operations.
Amongst the various business activities, sales and marketing have been heavily impacted. As companies recover from losses, one can expect substantial financial resource reallocation that can present themselves in several forms, like shrinking budgets or mass lay-offs.
In our latest survey, we discovered that 69% of brands would decrease their ad spends for the year 2020. For more in-depth insights into the impact of COVID-19 on various industries, check out our infographics below:-
Information Technology to the Rescue
Interestingly, as internet usage increased by 70%, marketers perceived this shift as an opportunity to employ digital marketing as a creative adaptation to the disruption. Digital marketing is not a new invention. However, the COVID-19 outbreak expedited its adoption.
In these conditions, the following trends came to light:
- With lockdowns and self-isolation, there has been a marked change in customer behavior with more customers preferring to make online purchases.
- Marketers will have to add value to each digital touchpoint through enhanced UX and automation to meet customer requirements.
- Curating an immersive experience through multimedia content for personalization and customer-centricity.
Social media spends are on a steady incline. Further, advertising budgets for online games have also increased.
- Transcending from physical events and meetups to digital events and webinars.
Brands pivoting from “come join/buy from us” to “let us serve you at home.”
Fortunately, the internet has allowed us to maneuver through these challenges to somewhat less choppy waters.
Can We Recover From This Situation?
Yes, of course!
Organizations that were more responsive to digital transformation have already resumed normalcy as their business went online. From this point onwards, companies must continue building up the momentum and enhance their digital presence.
Content marketing is one of the best ways for companies to stay relevant and spread product/service awareness. It allows them to stay at the forefront of the customer’s mind. Hence, companies should focus on reaching their clients through social media posts, emails, newsletters, and blogs using a mixed bag of content types and media. They may even reevaluate and reconsider their brand voice and marketing strategy.
Finally, keep a steady eye on the future and keep moving ahead!
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