Once the coronavirus (COVID-19) became apparent that it would begin running rampant across the globe, many were quick to put out their predictions. One of the most common predictions was that investment in digital marketing will be at an all-time high and the industry of digital marketing would be booming. What is evident is that the landscape of digital marketing will be changed forever. This will be how digital marketing will change forever post COVID-19.
Data suggests that this wasn’t entirely true according to these statistics, but changes are being made. Spending plans for approximately a quarter of brands during Q1 and Q2 have been reduced by up to 43%. Moving forward to the second half of Q2 and to the next half of the year, changes will be made as brands will not be able to sustain themselves in such a position. With the lightening up of restrictions and delivery partners resuming, brands will be looking towards digital marketing as their go-to solution for getting themselves out of the current state of staleness they are in.
It’s now safe to say that brands are fully aware of the need to invest in digital marketing. Brand who haven’t ventured into the digital territory now will have to make a commitment while brands already investing in digital marketing will have to up their spends to be sustainable. The technology, platforms and vehicles are there, so what’s holding them back? Uncertainty.
Venturing out into a new field completely or partially unknown to brands is a risky move. However, with how easy to track digital marketing is as a whole, brands will begin realizing this and wonder why they haven’t invested in a digital strategy before.
Looking At The Facts
Examining the facts and surveying the situation, home delivery is the only method of getting goods to homes at this point in time. As the situation worsens, it’ll become progressively unsafer for consumers to step out of their houses, especially when they shouldn’t in the first place. Not to also mention, the consumer mentality has seen a sharp shift in perspective, causing a change in trends. With fear running rampant in their minds, consumers are opting for contactless home delivery, we may see delivery being the norm after this pandemic is over.
So why are these important? These facts clearly show that the current situation is forcing consumers to change; staying home and opting for ordering online. And when the consumer mindset changes, marketers scramble to accommodate. In times of need, consumers often look to brands which they believe in. Therefore a brand cannot go silent. Going into and coming out of a crisis, the consumer will rely on the brand.
Brands Need To Speak Up
Further examining the psychology of consumer, brands which speak up during times of crisis see a jump in market share and stick into the mind of consumers. Normally, spendings are cut because the outcome will be uncertain and there is no guarantee of returns. But to look at it from another perspective. As there is a lack of advertising, there isn’t much of a cluttered mess there usually is in the advertising space. Brands should be looking at this as the perfect opportunity to make sure everyone hears their message. Furthermore, the goal of a brand right now isn’t to sell, but to be empathetic to consumers, reassure them and show them that you can be the emotional support they need.
Studies have shown that the norm for established brands in a time of crisis is to cut spendings by up to 60%. This is to maintain their company, employees and ensure that they don’t need to lay off a portion of their employees. On the flip side, brands which have maintained their spending on a digital strategy have seen a 2.5 times increase in market share. Those who have increased their spending during a time of crisis have seen a 3.5 times increase in market share. The bottom line is that brands need to continue investing in a digital strategy if they want to still be left standing after the Coronavirus is over.
Changes In Digital Marketing Norms
Enough time has passed for brands to slowly and quietly observe the changes in consumer behaviour as their pandemic continued. While others such as the hospitality industry were brought to its knees, others were clearly in need of a digital strategy. Brands were forced to rethink and adopt newer, tech-heavy strategies to stay in the game and not be a thing of the past. So here are the most important strategies we’re going to be seeing:
Dynamic Marketing Strategies
When we examine how brands responded to the news of a coronavirus outbreak had occurred, it was a mixed bag. Some took weeks to change their core messaging, others tried to rebuild their TV ads from the ground up. Some clueless brands didn’t know how to respond and were stuck with their “one size fits all” communication until they mimicked what others were doing.
This right here is the problem. Brands were left blindsided by the coronavirus and lacked what mattered the most. A quick response. In a time so critical, brands who were able to see a changed was needed and implemented said change became the front runners.
The key takeaway from this situation is that brands need a more responsive and real-time marketing strategy. Not only that but a dynamic strategy which can be changed ar a given notice is needed. Such a strategy isn’t as easy as it sounds to create and maintain, but it is a needed contingency. What can aid brands to further maintain and execute this strategy is digital marketing technology. The world is going digital and so should brands. They need to embrace this technology before they get left behind in the dust.
Direct Consumer Marketing
Retail stores are shut, food chains are nearly abandoned, consumers are advised to stay inside by their government. Businesses and brands will be killed off if they don’t act fast. So what can be the solution? Direct consumer marketing. We have all seen that many meetings, calls, events and so on could be done from home. A masterful example of this is Zoom. Zoom has made it possible and open eyes to workers that meetings from home are plausible and don’t always require face to face interaction. Similarly, food delivery services have seen a sharp increase and will continue to see a rise even after lockdown is over.
This is the clearest hint for all brands. Move to eCommerce. Move online. Your communication needs to be personalized as if you were speaking to them 1 on 1. This enables you to collect data and further refine your digital strategy while managing your platforms and further bettering your communication.
Digital is the way to go and this pandemic has shown that a “one size fits all” communication is not adequate. With how things are going, brands will continue to have a presence online as it will be a permanent change. Two things are for certain, the survival of brands will be achieved on digital platforms and your brand needs a digital marketing strategy. We provide a complete 360° digital strategy personalized for your brand. You can find out more about what we do here.