It is a global pandemic. Life has changed. Some businesses are being hit hard. Others, less hard and many others somewhere in between.
When life and business get turned upside down, it’s natural to go into “hunker down” mode. It’s understandable to want to cut all expenses and anticipate the worst. None of us should feel bad about these very legitimate (and occasionally practical) reactions.
We don’t know what the future holds and there are so many things out of control right now. But, I’d like to offer an argument that advertising is not one of the things which should be suspended at the moment. As a Dallas SEO Agency, we suggest that there are lots of reasons why advertising should continue or even get more funds.
People are on social media a lot more right now
A recent study pointed to a sharp rise in social media usage right now. It makes sense because just about everyone is now operating from home and spending a lot more time following current events.
If you run campaigns on social media, now may be a great time to double down. Attention is at high supply and the contest may be pushing pause, and provide you with an exceptional chance to gain more attention.
In particular, the major platforms such as Facebook and Instagram are likely to be incredibly high-value as people follow breaking stories and argue about politics (Facebook) and share inspiration and life stories (Instagram).
Building a list may be easier than ever right now
People everywhere are searching for hope and inspiration. They are looking forward to the day if they can socialize again and see life return to normal. Now is the time to make content that helps and inspires.
Whether you are in B2B or B2C or the classic tenets of Inbound Marketing haven’t changed: provide value.
Now maybe the time to establish this amazing offer, course, podcast, download, video series, webinar, or pillar page that helps your viewers navigate their own challenges. Today might be a great time to use content to build your email list, your interpersonal websites custom audiences, your podcast subscribers, your movie followers, and some other channel that you’re building a community around.
People in both B2B and B2C are looking for hope and guidance. Be a part of the solution and assist them and if everyone is bursting from this crisis and moving full-steam ahead in business, you have been part of the solution all together which provides you the social and business currency to reverse that devotion into earnings.
Marketing isn’t a switch; it’s a motor
In times of turbulence, it’s tempting to think of advertising as a switch which may be turned off and on. But that’s not how it functions.
Marketing is an engine that begins slowly and then builds momentum as you spin it up (flywheel anybody?). The more you add fuel and the more momentum you get, the faster and more effective it is.
If you unexpectedly grind it to a block, you have to start over by building momentum again. You may have to re-earn devotion from the audience if they have not heard from you in a while. You may have to re-gain search engine optimization rankings because the competition kept going.
Rather than halt marketing, SEO Dallas suggests that you are probably better off maintaining or even increasing your efforts so you’re running strong when the storm moves.
Businesses are reinventing themselves
While some businesses are unfortunately truly struggling, others are reinventing themselves. From restaurants to breweries to retail, many B2C businesses are pivoting in response to this coronavirus in creative manners. B2B businesses are less affected and in certain ways, they are flourishing (take Zoom for example). Many businesses, especially technology, are experiencing unprecedented demand.
How does your business serve the community in today’s environment? What can you do to pivot and adapt your message? Yes, there’s some negative information out there. However, there are also some incredible opportunities.
A recession is a time to increase market share
No one likes saying the phrase out loud but it’s pretty much accepted that we are going to observe a recession. We do not know how long (or short) it’ll be but it’s likely.
When this occurs, your competitors are very likely to reduce. This is your chance to gain ground.
It has been well-documented that raised spending in marketing and advertising during a recession can pay off. By Forbes:
“… several studies are going back almost one Century that point out the benefits of maintaining or even increasing ad budgets during a weaker economy. Those advertisers who increased or maintained their advertising spending increased earnings and market share during the downturn and later.”
There are several reasons to advertise during a recession.
The “noise level” in a new product category can fall when opponents cut back on their ad spend. It also allows advertisers to re-position a brand or introduce a new item.
Brands may project to customers the image of corporate stability during challenging times.
The cost of advertising drops during recessions. The reduced Rates create a “buyer’s market” for brands. Various studies have proven that direct mail advertisements, which can provide greater short-term sales growth, increase during a recession.
When marketers cut back in their advertising spending, the brand loses its “share of mind” with customers, together with the potential of losing current — and possibly future — earnings. An increase in “share of voice” typically leads to an increase in the “share of the market.” A gain in market share outcomes, with a gain in profits.
Many well-known companies like Kellog’s and Amazon became the uncontested leaders in their space by boosting advertising during recessions. And they’re essentially unstoppable now.
A decision to make
That is something only you can answer for your company. There are lots of very real concerns to operate through including cash flow and financial circumstances. But if it is feasible and sensible to keep your marketing or even increase it right now, ioVista as best Dallas SEO Company advise that it could pay off exponentially from the months and years to come.
Mike Patel is a digital marketing enthusiast, innovator and President of a leading Digital and E-commerce Development Agency in Dallas, Texas. Mike holds a BS, Computer Science degree from Wayne State University and is a key player in the E-commerce development and digital marketing industry since 2004. The scope of technology in his extensive experience of more than 15 years ranges from Magento, Shopify, BigCommerce SEO (Search Engine Optimization), PPC (Pay Per Click) management, E-commerce SEO, Google Shopping Ads and more.