It’s time to strengthen your focus on digital marketing.
With the widespread travel restrictions, schools closed and people working from home, consumer buying patterns are changing rapidly and B2B buying will be totally different. Your marketing machine needs to adopt to this new reality.
- Because of reduced face to face meetings, B2B and service industries will focus more on digital marketing to meet their revenue targets. The major advantage of digital marketing, besides the fact that it does not require face-to-face interaction, is that it is measurable. Marketers can quite easily obtain a good picture of their spending return on investment (ROI), and garner which activities generate the highest number of quality leads and at what expense.
- There will be no doubt be a huge impact on the events and conference industry. Here you should change your tactics from physical activations to virtual activations and make sure they go viral! As the events business has come to a stop, you should start pouring more money into digital marketing to make up for the lost leads.
- Though early indications show that overall ad spending will take a temporary hit, TV and streaming mediums (e.g. YouTube) will benefit from this as more and more people are staying at home which will increase their video consumption. So marketers should focus more on the audience as a strategic marketing investment.
- With social distancing and staying home consumers will shift to more and more purchases online. So commerce players should gain from this.
- Again a sustained economic contraction could also cause us to revise our forecast later this year. While some major industries—such as travel, tourism and hospitality—have already been hit hard, it’s too soon to tell how debilitating the impact will be on the global economy in the long-term. Google and Facebook will experience ad revenue declines in travel and other industries most affected by global efforts to slow the spread of coronavirus.
- Finally, we, Marketers, often complain that we have no time to revisit the strategy running behind the marketing machine due to day to day work overload. But with the advantage of working from home, we should get more time to analyse our marketing strategy and fine tune SEO, PPC, Social, Remarketing, Programmatic, Video or Content Marketing strategies. Also this is the time we should start learning new skills. For example: Data Science is a good complementary skill for the digital marketers!
To conclude, strengthening your focus on digital marketing will enable you to maintain normality in these crazy times and will give you a competitive edge.