Since the outbreak of the COVID-19 crisis, there has been an increase in new consumers shifting to online. The e-commerce landscape is evolving quickly and businesses need to be agile and must decide how they are going to adapt to this rapidly changing consumer behaviour.
Digital marketing is a critical component to compete in the current landscape. Previous plans and strategies need to be re-visited and digital strategy needs to be decided at a company-wide level.
What is your marketing strategy? Are you reducing ad spend or in a position to ramp up aggressively?
OUR RECOMMENDATIONS
- If you are in a good financial position, your products still seem to be in demand and you view this as a good time to take market share, this might be time to get aggressive with your marketing.
- On the other hand, if you are taking a hit and need to scale back efforts, reducing ad spend is good idea.
Here are some digital marketing strategies to help you navigate these uncertain times depending on which of the two above recommendations you are going with.
IF YOU ARE RAMPING UP AD SPEND…
- Analyse current performance and be aggressive for the components that perform. More accurate insights can be obtained by narrowing down the reporting window that is being looked at.
- Exploit gaps in the competitive marketplace as others scale back. Now, more than ever you want to engage with customers and new business. Some of the competition will be unable to continue advertising, so it provides an opportunity to expand reach.
- Double-down on customer acquisition. It’s a good time to reach or gain new customers and double-down on customer acquisition. Might be slightly more expensive but consider the long-term strategy.
IF YOU ARE REDUCING AD SPEND…
- For those businesses that have had to reduce their advertising, the priority is to make what is left profitable.
- Dayparting and campaign scheduling are essential to ensure smart spend and bids are smart and time efficient. This can be done by automatically activating campaigns and changing bids during hours when buyers convert and pausing when they don’t.
- To save further costs, audiences should be refined and segmented based on important actions or non-actions that they take on the website and product pages. If you are looking to streamline budget, this is the first place to create savings.
- Prompting audiences with add to cart, categories visited or sign up for newsletter signals can be implemented to improve conversions rates.
- Removing under-performing products and those likely to run out of stock is another way to redirect marketing budget to campaigns that deliver.
- Focus advertising efforts on products that have good margins.
Innovate Digital Solutions 