Marketing During An Economic Meltdown
Updated: Jun 15, 2020
It’s been roughly three months since the pandemic hit and a recession started peaking. Due to COVID-19, many industries have been affected; you can see just by looking at the Coronavirus Marketing Stats. A lot has changed for all industries but there is still an opportunity to adapt to the change and grow your online business and marketing strategies.
Consumers Are talking
Long term studies have shown that the right approach during an economic meltdown is to
increase and not decrease your marketing spend. American Association of Advertising Agencies did a recent study that shows 43% of consumers find it reassuring to hear from brands. In addition, 56% said that they are learning how brands are helping their communities during the pandemic. Only 15% said they’d rather not hear from companies. With that said, it is crucial for every business to be creative during these times, do their marketing strategies with empathy and be open to adjust smoothly through rough changes.
Marketers have to be clever yet understanding when it comes to communicating through their current and potential customers during COVID-19. Marketing is key during this time where you have to be relevant and tell compelling stories, authentically.
Brands Killing It During COVID-19
Brands that are killing it during this time are being creative and having a lot of empathy. Zoom has been free for schools and has a free 40-minute limit for meetings. GM and Fiat Chrysler are supporting production of respiratory, care products, and face masks. As for advertising, brands like Burger King and Budweiser are communicating through commercials about the importance of social distancing and encouraging people to stay home. Apps like Nike and Down Dog have temporarily eliminated their subscriptions fees for their apps to help people stay fit during quarantine. You can see how brands are staying creative during the pandemic here.
Be The Best Of Breed
Regardless of how long it will take for life to go back to normal, marketers and businesses have to realize that the way people consume will never be the same. Businesses have to be more agile than ever before and change their marketing strategies completely. Reaching out to your customers during this time needs to be done. Checking past data and insights won’t help. You need to see how your business can survive during COVID-19 and tailor your marketing strategies accordingly during the economic meltdown. If your business doesn’t have an online presence now is the time to do so. With every consumer migrating to shopping online your business HAS to go digital. Every industry has been impacted for better or worse. Businesses were relaxing on the beach... and then before we knew it, a storm came and took them and our plans to sea. Instead of waiting for the current to take you back to the surface you need to realize that the sea is your new home -- you have to learn how to swim in order to survive.