‘It feels like the end of the world!’
‘What should
we do now?’
No doubt
these questions crept into our minds at one point in time since the
beginning of this year. The Covid-19 pandemic is unprecedented, and the entire
economy is floating (or sinking) into uncharted territories as lock-downs are
being extended and social distancing has slowly become the strict rule for
safety and rightly so. Daily reports of infected cases and deaths fluctuate and
information is inconsistent and irregular but one common thread is that the
momentum of rise in the number of infected cases has not slowed.
As of 5th May,
China has recorded the maximum deaths of 4643 , followed closely by India at
1568 , Indonesia, Philippines and Japan among the other APAC countries
according to a survey done by Statista. And this means that the
lock-down could very well continue, affecting people and businesses. No
doubt, businesses have had to rethink how they can continue to engage with
their customers and employees considering that their operations have been
severely affected by the pandemic.
The case for
digital marketing
Since the
lock-down there has been a spur in the internet usage across the world owing to
video streaming, popular downloads, and e-commerce shopping. More people have
also started using internet for on-line learning, video conferences too . In
the long term, the number of mobile users worldwide is expected to grow beyond 500
million by 2023.
Both short
term and long term trends show that the reach of digital marketing cannot be
ignored by businesses, irrespective of their size or nature of operations. We
can see existing and new internet companies advertising through various social
media platforms and utilizing SEO. The key aspect is that, the more consumers
are engaged with their content like streaming videos or playing mobile games,
consumers are more likely to view and recall ads that they have seen. During
this time, marketers are more likely to grab the attention as the demographics
and base of users expand, especially since online content is conveniently
on-demand.
Technological
developments such as deep learning and Artificial Intelligence (AI) have made
it possible for marketers to re-target specific ads and content to customers who
repeatedly search, read reviews about and shop online for similar products and
services. Yes, that part of the internet where you get that creepy feeling when
you see ads for shoes when you searched for a pair of the trendiest platforms
very recently!
But what can
businesses convey when they cannot hold sale promotions and deliver through
traditional retail outlets or through online delivery?
Conversion
rates are bound to be poor as most businesses have had to shut down physical
retail outlets and e-commerce platforms have had to halt their customer
delivery services. But rather than being dissuaded, this is the time that companies
can explore online marketing if they are new to the medium or have not utilized
it fully. Online ad rates in recent times have fallen as some companies have
cut their advertising budgets and smaller and/or new companies can test SEO
optimization and social media platforms.
Using online
ads, companies can direct to content on their sites, sharing stories. Stories
of how companies are adapting their operations and strategy during the lock-down. Stories of solidarity with their consumers and suppliers during these
times of hardship and isolation. Stories of how they are taking preventive
measures to improve and safeguard the lives of their employees or people who
are still working to provide essential services. Through such stories supported
by robust content marketing, companies show more of their humane side and build
brand recall, resonating with customers and their situations. Results of a
survey of 1000 consumers led by a team at Conductor revealed that consumers are more
131% more likely to buy from the brand and 48% more likely to buy after a week.
The more consumers interact with content, the affinity towards the brand
increases over time.
If such
digital marketing initiatives are implemented during Covid-19, companies will
be able to capitalize on their efforts after the lock-down is eased and
operations are resumed. Companies not only gain experience from exploring
digital marketing now, they can also sharpen market-segmenting and targeting by
demographics and consumer behavior. One thing for certain is that the Covid-19
lock down has led to an immutable paradigm shift in the way people seek
entertainment and the way marketing engages with consumers, from traditional to
online. To quote John D. Rockefeller, ‘I always tried to turn every disaster
into an opportunity.’