People might be shutting their doors, but they’re opening their apps
These are uncertain times to say the least. Local and federal legislatures are responding daily to the spread of Coronavirus, and we’ve seen companies adjusting their activity or closing altogether. This is all causing a major shift in the workforce. Most business owners are scrambling for ways to recoup lost opportunities and declining revenue. In volatile economies and financial downturns, many businesses make a fatal mistake by slashing the most critical part of their budget. The old adage says, ‘When times are good you should advertise, when times are bad you MUST advertise’. Right now is the time to keep your advertising budget healthy, and tailor your strategy to focus on digital media.
Your Shot at Greater Market Share
As some of your competitors cut their ad budgets, less overall spending means a less congested ad space, and this can mean greater brand visibility and ROI for you. Your advertising dollars go further, reaching more eyes for the same or lower price. There has been much research proving that aggressive advertising during a down economy results in increased sales and profits during the economic downturn and afterwards. Grab your share of the market.
On an average weekday there are about 8 million people working from home. As people practice social distancing to limit the spread of the virus, the percentage of the workforce at home right now is exponentially larger than it was a week or two ago. If you’re like us here at Adwerx, conferences and business travel have been cancelled, and your work from home policy, that once seemed like a luxury, is now a mandate. So many people are online right now that we’re testing the limits of the internet’s infrastructure. Think about how much time is being spent in front of devices – checking for updates on news websites, browsing Facebook and Instagram, watching streaming TV, and making online purchases. Reach your audience where they’re spending their time.
The Federal Reserve is reacting to the economic impact of Coronavirus. Interest rates are at historic lows which means people are incentivized to borrow money, make large purchases, or refinance existing loans. People will be seeking out brands they trust. With digital ads, it’s easy to reposition your messaging to address new concerns, making you stand out as a stable, responsive brand amidst the chaos.
As you move your offline business activities online, this is a great time to make sure your brand is staying top-of-mind with consumers. Even if you’re seeing a decline in activity right now, there will be a precipitous rise in demand when the economy normalizes. The next step is to create a multi-channel digital marketing strategy.
Here are the components of a bulletproof strategy that set you up for success in any economy:
- Digital display ads
- Custom Audience Campaigns/ CRM Advertising
- Retargeting Campaigns
- Streaming TV Commercials
Maintaining and optimizing these channels can become a full-time job. Or you can automate and leave the best practices to people whose job it is to be exceedingly good at digital advertising. At Adwerx, our Marketing Experts will develop a customized plan that’s a perfect fit for you. So don’t wait, position your business for growth in all economic climates.