As a premiere digital marketing agency, we have been planning for years for the eventuality of the digital age to consume the old analog economy, but with the spread of covid-19, some of the human behaviors we were expecting to be adopted this decade has already been adopted in just a few short months.
COVID-19 has certainly made an impact on commerce as well as ecommerce over the past couple of weeks here in the Cayman Islands, especially now that isolation and social distancing measures have been put in place.
Not just in the Cayman Islands, but workers in many infected countries have been asked to work from home, countries including the UK, Italy, and France have been placed under lockdown and schools have been shut down just as they have here.
Unsurprisingly, since taken the decision out of consumers’ hands by closing non essential brick and mortar businesses, forcing traditional consumers to adopt ecommerce and social media as more than an alternative, but a necessity.
Many of your competitors are taking their foot off of the marketing pedal, which means you may be able to blow right by them! Think of it like the hare taking a break while in the lead only to let the tortoise win the race with consistent effort. Don’t take your foot off the pedal!
Of course, I realize many businesses are simply not able to invest due to lost revenue and if that’s the case then simply skip this info. However, for everyone else, this is the most important takeaway of this article.
Now is the time to invest more, not less in your marketing. That is how you can gain a competitive advantage in the months and years to come.
We have put together a top 3 opportunities list to assist our clients with maximizing their brand exposure as well as ROI, and felt this would also benefit a wider audience of all businesses, please find below our list of top 3 marketing opportunities during covid-19 thus far.
Opportunity #1: Paid ads are really, really cheap
The latest trend we are seeing is that paid ads are becoming cheaper.
It makes sense because the way these big ad networks make money is through an auction system. They need small businesses to drive up the cost per click (CPC) for ads so that way the big, billion-dollar corporations have to spend more money on ads.
If you don’t have as many small businesses advertising (like we are experiencing now) there isn’t as much competition for the inventory, so the cost per click decrease.
But the virus has been causing us to spend more time online, so much so that companies like Netflix have had to reduce their streaming quality to help.
In other words, traffic on the web is up and there are fewer advertisers. This means ads are cheaper.
Now we are also seeing conversions rates dropping in certain industries, but nowhere near at the same rate as the CPCs.
When we average things out per industry and globally, we are seeing paid ads producing a much higher ROI than before the Coronavirus hit.
Our clients, in general, have seen their ROI go from 31% to 53%. That’s a 71% increase in ROI.
If you haven’t tried paid ads yet, you should consider it. If you do, consider ramping up as there is more excess inventory than there has been in years.
Opportunity #2: Offer educational based training
If you are looking for a good opportunity, consider selling your audience educational based courses.
With unemployment numbers reaching all-time highs, more people than ever are looking for new opportunities.
Many of these opportunities are in fields like high-tech that not everyone has experience in.
And, of course, going back to school can be expensive and is time-consuming. Plus, let’s face it… you can probably learn more applicable knowledge on YouTube than sitting in a college class for 4 years (at least for most professions).
So, where do people go to learn? Any online education website offering very specific, niche advice and courses.
Whether that is Udemy or you are selling your own courses, people are looking for help.
If you don’t know how to sell online courses in mass quantity, contact us for a free consultation.
Opportunity #3: Share Experiences Through Digital PR
Yes, the news is Ubiquitous with COVID-19 stories, but digital PR activity shouldn’t stop during coronavirus.
Now is a great opportunity to maximize social media, with interesting and personnel stories that are a distraction from the wider news.
People still want to read good news stories and want escapism from the pandemic currently dominating mainstream media.
Journalists themselves have been quoted on social media multiple times saying they need to put a smile on people’s faces.
If the story is strong, it can still get picked up right now.
If your business can offer comments to help other businesses and people during this tough time, distract them, or put a smile on their faces, that’s a great thing and should be encouraged!
Sadly, the next few months are going to get worse. The daily count of new Coronavirus victims is growing.
From a personal standpoint, all you can do is stay indoors and practice social distancing.
But from a marketing, business, and career perspective, you can make a change.
You should have more time now (sadly), so use it to your advantage. Put in the effort so you can grow, that way you’ll come out of the Coronavirus stronger.