Updated: Aug 27, 2020
There is hardly any industry not affected by the current situation. There are some lucky ones, who saw business growth because of the changes in demand and consumption. However, the majority of businesses have to adjust significantly to the changes in the environment. There is already countless prognosis on how life will be after the crisis. It’s curious to envision how our society and marketing activities will change. We would like to share the changes which took place in the digital marketing field.
1. New opportunities in advertising
The lockdown brought down revenues in many industries. Therefore, many companies had to pause their advertising as well - if there is no demand for your product at the time, it doesn’t always make sense to continue advertising. A whopping 89% of multinationals have paused their promotional campaigns! As a result, CPC decreased for the remaining advertisers. However, as quarantine measures get lifted around the world, we should expect a sharp increase in ad spend in the struggling industries. Therefore, it’s a good idea to act fast. Even if your business is not completely recovered yet, it’s a good idea to bring back advertising already.
2. Increased reliance on online shopping
Even though most of the brick-and-mortar stores are already open, only 6% of respondents consider increasing their offline shopping. On the other hand, up to 59% of people say that even after the end of the lockdown, they will continue to shop online more often. “Digital first” becomes a new reality. Therefore, it is increasingly important to establish a solid and consistent online presence. As customers buy online more, they also become less forgiving to digital fails. Poor UX, visuals, slow loading times - all these things can make the customers switch to your competition instantly. When was the last time you had a long hard look at how well your website is performing?
3. Increased Social Media consumption
Consumption of Social Media has increased by 44% only in the month of March. Moreover, messaging increased by 50%! This spike is not surprising, considering Social Media is one of the few ways to connect with each other when physical contact is limited. However, what implications does this change have in the long run? One of the long term changes is the way people interact with brands on social media. People want to interact with brands the same way they interact with friends - and expect the same level of responsiveness. 57% of customers in the UK perceive brand messaging as unauthentic. This means that there is still a long way to go for brands in their tone of voice and how they interact with their customers.
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4. Virtual events are here to stay
51% of marketers believe that virtual events are here to stay even after the lift of social distancing measures. Even as the cities start reopening, many companies continue to work from home. This creates a need for new networking opportunities. It is likely that online events will become a prominent digital marketing tool. There are a number of benefits associated with this shift. They allow you to reach a wider audience from around the world. Moreover, even digitally, events are still a good way to meet prospective clients and generate new leads. Last but not least, you can reuse the content you generate. As marketing professionals gain a better understanding of what can be accomplished with virtual events, this could result in enduring changes to what business events look like.
For a marketing professional, it's important to adjust quickly to the changes in the environment. 2020 started off from the rocky beginning. However, hope that by keeping open to the changes and new opportunities, you manage to achieve desired marketing results in your business!