Marketing Quandary
Since the pandemic, more and more companies and small businesses are using zoom and online meeting resources to reach out to their current customers and meet with new ones. It seems that businesses have adapted to this overnight!
Due to the planet as it stands, businesses have had to cut budgets all the way around, while having a ton of pressure to increase incoming leads. What a marketing quandary.
According to research by “Dun & Bradstreet” 70% of senior decision making marketers reveal their marketing budgets have been reduced as a result of COVID-19. It notes that 76% are facing an “increasing pressure to deliver leads since the COVID-19 outbreak”.
During times like these, businesses being adaptable is the best way to flow. Over the last six months, the movement to reshape advertising to be agile has been a necessity rather than an idea.
Per a WWIP forecast, they expect “internet advertising to account for 52 percent of all advertising expenditure in 2021.”
Your Company & Marketing
Businesses need to reassess their goals against their current marketing strategies. Is the message you are sending out still relevant? Is your brand still fulfilling your customers’ needs? Is your message sympathetic to customers’ challenges? How much do you have budgeted to marketing and is it still giving you a good return?
With online advertising and marketing, you need to ensure that it isn’t pointed toward physical store visits versus online shopping (when possible). This is a crucial time to be analyzing and measuring all of your marketing. Searches on Google have fluctuated severely over the past 6 months and it doesn’t look like that will change any time soon.
Digital advertisements are a low-cost investment compared to offline advertisements. This difference in cost is a big reason many are investing heavily in digital ads as the budget tightens. Advertisers are also facing the issue of refining the target audience to tighten the budget. This is easier to do with digital ads, not so much on some other media.
More Marketing Changes
For years, marketers have utilized third party cookies to find and keep their clients’ messages in front of their market. This is changing as by 2022, Google will be phasing out the third-party cookies on Chrome browsers. Firefox and others have already done this.
Content marketing and custom apps will be more important than ever. It will need to give the end-user a consistent experience. Consumers want to see that your brand messaging is helpful and reassuring.
I expect advertising to continue to change and rapidly evolve over the next couple of years. But, if you are not utilizing online advertising, now is a good time to start as almost everyone has learned to be online. Contact us so we can talk about advertising for your business.
