WHAT DO YOU DO AS A BUSINESS OWNER DURING & AFTER COVID-19?
March 27, 2020
Due to lockdown, consumers are spending more time at home online and seeing more online ads. they are hesitant to make decisions about the future.
If your product or service requires commitment or future planning. you can expect your conversion rate to be lower than normal during this period.
This can also be an opportunity to increase your brand awareness and engage with consumers before purchase.
And then, after the outbreak lessens and restrictions are lifted, you can remarket to that audience and get the purchases.
How can marketers adapt to these changes in behaviour and marketing strategy?
In some verticals, it may make sense to decrease or even pause advertising for now. For verticals that may feel the effects of caution for a longer time, it may make sense to hold on advertising for now.
In many businesses, there are advertising opportunities now to connect with new customers that are at home.
While the conversion rate may be lower in your industry right now. you can focus your Product and consideration portions of the sales funnel.
Later, when consumers are ready to purchase again. they will be familiar with your brand and a part of your remarketing audiences.
You should consider creating a conversion that is easier than a purchase to gain people’s information for later use.
Right now CPCs are lower, you may want to spend more budget on non-brand searches for your products.
This is an opportunity to get creative and really engage your audience with great content and eye-catching visuals!
Make sure that you are closely watching your data and trends that you are seeing in your accounts and audiences.
Every industry, vertical, and brand will have unique challenges and opportunities.
If you have a business that advertises in different cities, states, regions, and countries. each location could have different timelines, depending on the severity of the lockdown and when it occurs there.
Marketers should be pulling location reports at least weekly at this point. make sure that they are optimizing budget to different locations and staying on top of trends.
Decision-makers in businesses need to be flexible and able to adapt, shift budget and priorities as consumer confidence changes.
When the stay-at-home orders ease and purchase behaviour starts to increase again. businesses and marketers should be prepared for a surge in conversions and search volume.
After staying at home, people may be eager to travel and attend events. Consider having an extra budget saved for that time. It may not happen at the same time for each location but may be more spread out.
Be ready with remarketing campaigns to reconnect with the people that visited your business before and during the outbreak.
Remind them about your brand and product and urge them to visit again and make that purchase. It may be a great time to have a special promotion.
If you had to postpone an event, offer your early registration pricing at that time. Get those consumers excited at the chance to purchase with you.
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