Going Against The Grain
Digital Marketing is one of the best ways to get in front of your target audience. It allows you to develop profitable systems of scale, and provides metrics for tracking KPI's and conversions.
In these intense times of fear and panic with the Coronavirus, many large corporations are needing to reduce their expenses. This often includes reducing advertising spend for their digital marketing campaigns. As this occurs, it opens the door for major possibility for small to medium sized businesses to profit.
Understanding the Opportunity
Most of us reading this article are familiar with the concept of supply and demand. When it comes to digital advertising channels, the same concept applies.
As it turns out, most online advertising channels utilize an auction-based pricing model. When more people are targeting certain keywords or interests, the higher the competition is for the adverting space, and higher the cost for those that are trying to market.
Assessing Your Current Situation
Not every business will be effected equally during this global pandemic situation. There are four categories that I have "coined" to help guide you on what action you should take moving forward:
- Benefit Zone
- Minimal Impact Zone
- Danger Zone
- Crisis Zone
1. Benefit Zone
In this category, your business has actually seen increased profitability during this period. In this circumstance, it's time to act fast. Double down on your marketing efforts, as you may never have another opportunity like this in your lifetime.
Take advantage of the more affordable cost of advertising.
2. Minimal Impact Zone
If your business has been minimally impacted by this situation, you're still in an incredible position to profit. Sit down and strategise on how you will focus on providing service or product offerings that will benefit other businesses or customers the most during this time frame. Nail down profitable online marketing campaigns to scale fast, whilst reducing expenses in other areas.
As seen above, it is also crucial to take advantage of the more affordable cost of advertising.
3. Danger Zone
Many businesses, especially Brick and Mortar businesses, will find themselves in this category. It is essential to begin planning ahead for both foreseeable and unforeseeable circumstances. The ripple effects of the current situation could do more harm down the line, so shaving off expenses that do not produce a good ROI is probably a good idea.
It also is important to begin planning and implementing new offerings that can help you continue to grow for the current situation, but also for the long term as well. Focusing on creating online based services and offerings is essential.
4. Crisis Zone
Businesses such as Travel Agencies and Event Planners will be in this category. For this population, it's do or die. At face value, it may be extremely overwhelming to have to deal with the stress that is coming with the Coronavirus. But there are some steps that can be taken to improve your situation.
Turning Things Around: Out of the Crisis Zone
If times are getting tough, or you anticipate them getting tough, there are things that can be done to protect yourself:
- Develop a plan, and act fast.
- Keep enough cash on hand to survive for at least six months.
- Invest only in needs, and immediate ROI-positive investments.
- Reduce non-ROI self-investments and expenses.
- Focus on maintaining and nurturing current clientele. Over deliver!
- Evaluate current and future risks.
- Stay on top of Accounts Receivable (make sure you collect payments on time from your clients)
Building upon the seven steps above, it is crucial to begin re-shaping the way we do business during these times. Learning from this situation, and continuing to carry on that learning lesson will prove invaluable for the remainder of your career. The Coronavirus has Many product and service offerings will not be viable during this time, so use this period to develop alternative means of delivery.
As a Digital Marketer, I see massive opportunity for businesses and brands to transition their current product and service offerings into a digital medium.
Take restaurants for example. Most restaurants are unable to function normally at this time, as many regions have imposed restrictions on gatherings over a certain threshold. The alternative approach would be to transition to online take-out and delivery. Combined with reduced cost of advertising right now on digital advertising channels, it's a no brainer.
Doctors can begin taking appointments online. Lawyers can create video sales letters and publish more content with their spare time. DJ's can host online performances.
The possibilities are endless, but it is important to get creative and act fast.
With the onset of the Coronavirus within North America, we are seeing less corporations advertise online. Because digital advertising channels are based off a supply-and-demand auction, this in turn is driving down the cost of advertising.
Use this time to get creative, and generate ideas for transitioning existing product and service offerings in to a digital medium, or come up with new offerings that could be executed online.
Not only is the cost of advertising online less than before, but more people are using their computers. It's a double whammy effect.
Although running an SEO campaign would still be useful, I personally see more urgency within the Paid Traffic (Online Advertising) realm.
At Latched Creative, we are taking every opportunity possible to help people like yourself capitalize on this rare occasion. To explore some ideas that could be of benefit for your current situation, or you need help getting out of the Danger Zone, click this link to have a chat with me.