Now is a Good Time to Recharge Your Marketing
As we recover from a global pandemic, some businesses are doing better than others. With more people getting vaccinated and the positivity rate declining, there are hopeful signs.
As businesses recover, there are many reasons why marketing should continue or even get more resources.
People are on Social Media More
Studies show continued strong growth in social media usage right now. It makes sense because people are still spending a lot more time online following current events.
If you run campaigns on social media, now may be a great time to double down. Attention is in high supply and the competition may be pushing pause, giving you a unique opportunity to gain more attention.
In particular, the leading platforms like Facebook and Instagram are likely to be incredibly high-value as people follow breaking stories and share inspiration and life stories.
Building a List May Be Easier Than Ever
People everywhere are looking for hope and inspiration. They are looking forward to the day when they can socialize again and see life get back to normal. Now is the time to create content that inspires and helps.
Whether you're in B2B or B2C or both, the classic tenets of Inbound Marketing have not changed: provide value.
Now may be the time to launch that amazing offer, course, podcast, download, video series, webinar, or pillar page that helps your audience navigate their challenges. Now may be a great time to use content to build your email list, your social media custom audiences, your podcast subscribers, your video followers, and any channel that you are building a community around.
People in both B2B and B2C are looking for hope and guidance. Be part of the solution and provide help to them and when everyone is bursting out of this crisis and moving full-steam ahead in business, you have been part of the solution all along which gives you the social and business currency to turn that loyalty into revenue.
Marketing is Not a Switch; It's an Engine
In challenging times, it's tempting to think of marketing as a switch that can be turned on and off. But that's not how it works.
Marketing is an engine that starts slowly and then builds momentum as you spin it up (flywheel anyone?). The more you add fuel and the more momentum you gain, the faster and more effective it is.
As we come out of the pandemic, you may have to re-earn loyalty from your audience if they haven't heard from you in a while. You may have to re-gain SEO rankings because the competition kept going.
Businesses are Reinventing Themselves
While some businesses are unfortunately still struggling, others are reinventing themselves. Many B2C businesses are pivoting in response to the coronavirus in creative ways. B2B companies are less affected and in some ways, they are thriving. Many industries, especially technology, are experiencing unprecedented demand.
How can your business serve the community in the current environment? What can you do to pivot and adapt your message? Yes, there is some negative news out there. But there are also some amazing opportunities.
A Recession is the Time to Increase Market Share
No one likes saying the word out loud but it's pretty much accepted that we are seeing a recession. We don't know how long (or short) it will be but it's likely.
When this occurs, your competition is likely to cut back. This is your chance to gain ground.
It's been well-documented that increased spending in marketing and advertising during a recession can pay off.
- The “noise level” in a brand’s product category can drop when competitors cut back on their ad spend. It also allows for advertisers to re-position a brand or introduce a new product.
- Brands can project to consumers the image of corporate stability during challenging times.
- The cost of advertising drops during recessions. The lower rates create a “buyer’s market” for brands. Studies have shown that direct mail advertising, which can provide greater short-term sales growth, increases during a recession.
- When marketers cut back on their ad spending, the brand loses its “share of mind” with consumers, with the potential of losing current – and possibly future – sales. An increase in “share of voice” typically leads to an increase in “share of the market.” An increase in market share results, with an increase in profits.
Many well-known companies like Kellog's and Amazon became the uncontested leaders in their space by increasing marketing during recessions. And they're basically unstoppable now.
A Decision to Make
So what should you do? That's something only you can answer for your business. There are many very real considerations to work through including cash flow and financial situation. But if it's feasible and realistic to continue your marketing or even increase it right now, it could pay off exponentially in the months and years to come.
Clever Dogs Media is a digital marketing agency that focuses on website development and content.