5 Steps To Adapt your Marketing Strategy During the Coronavirus
Updated: Mar 23
It's no question the coronavirus pandemic has changed our lives in a big way. From social distancing to increased time indoors we are taking the time to adapt to the new normal. And just as we learn to adapt to this unexpected turn of events, our businesses need to do the same. A marketing strategy that leads with empathy and understanding is just one of the many ways that you can navigate these unprecedented circumstances. These are some of the ways we recommend you adapt your marketing strategy during the coronavirus.
1. Lead With Empathy
The most important part of this process is being empathetic. These are new and challenging times for everyone and as a business being a source of support is necessary for establishing lasting connections between your business and others. It is also necessary to see how your activity can contribute to other businesses during the pandemic, whether through promoting local business, or through collaborations. For example, companies in the fashion industry have produced fabric masks, while those in alcohol production have invested in the making of hand sanitizer. If you ask yourself how your business can help those who are vulnerable you can create a valuable support network that allows your business to thrive in a meaningful way during the pandemic.
2. Invest in Online Advertising
This goes without saying but to really show the impact of the changing environment in the light of Covid-19 consumers have different behavioral patterns. The market insights offered by Mckinsey & Company suggest that consumers are executing more purchases online.
What is worth noting is that these market insights are not for B2C but also businesses that are directed towards other businesses (B2B). Now is the best time to real hone your online presence especially since the cost per click (CPC) has vastly decreased. The reason for this decrease is a softening in competition. With users spending more time online, and the cost of advertising for paid ads on the decrease, the investment in an online advertisingcampaign is exactly how you can ensure you are reaching consumers and other businesses.
While it is important to reassess your expenses and adapt your marketing strategy during the coronavirus pandemic, you can still try to maximize your Return on Investment (ROI) by executing targeted online ads that show an awareness of the current climate.
3. Offer Virtual Events
Since more and more people are finding themselves at home and behind their screens it becomes a little difficult to learn about your business in real-time. What is one way you can fight that? The answer: virtual events. This is a great way to reach out to your community online, especially in a time where social distancing is encouraged. Hosting an event allows others to learn about your business. Again, this is one resource that you can adapt in light of the circumstances, offering educational support throughonline workshops. Events are also a great way for you to network with industry professionals albeit in the virtual space. There are many solutions for virtual events, and we will compile a list of our favourite virtual event platforms soon!
4. Adapt your Strategy Geographically
Not every country is experiencing the lockdown at the same degree. If you're running an international business it's important to adapt your advertising to cater to these varying differences especially since consumer behavior will definitely be affected by each location and how strict their quarantine measures are. Some countries are imposing curfews while others are gradually lifting their lockdowns. There isn't a one-size-fits-all formula so it's important to keep that in mind when setting targets for your ads.
5. Get a Continuity Plan in Place
What the pandemic has taught all of us is that we need to have a backup plan. In this case, safeguarding your business with a business continuity plan (BCP) is a necessary step to prepare you in the coming months. A BCP is your opportunity to ask yourself what are the potential threats to your business and how you can recover if they occur. It protects your assets and your employees and ensures that everything remains functioning. This risk-management strategy is key especially when you have to reassess your marketing strategy during the coronavirus.
Keeping all these tools in mind is a good way to adapt to the circumstances. Above all we know that patience and understanding are an integral part of any business recovery. Businesses can still make a change and contribute during covid-19 and that will make all the difference in the next few months.
Questions? Get in touch and schedule a free call with us, we can help and suggest some ideas for the next steps.