Economy Shift Impact on Digital Marketing
We can’t deny that the economy will be heavily affected by the current global situation. So what we are witnessing now is not only an economic shift but also a huge behavioural change in world-wide consumer mentality.
People need to adapt to severe restrictions imposed by governments. Companies search for solutions to keep business going in spite of all the hurdles that they now face. Entrepreneurs are confronted with a new scenario in which they need to rethink their business strategy and communication in just a matter of weeks.
So what will change and how will this all impact your budget and sales? We’ve comprised below a few things that you need to be aware of in the current situation:
Audience behaviour and economic overview
If you are a business owner, marketing manager or advertiser, you’ve definitely noticed the shift in consumer mentality, behaviour and focus.
The truth is that consumer mindsets begin to change. People start to focus again on basic needs of health, safety, food and shelter. Buyers’ irrational behaviours are driving an already staggering market to have unexpected spikes and downfalls in product sales, depending on the sector.
Business owners are forced to re-think their strategy and market approach in a matter of weeks if not days in order to keep providing a stable environment to their employees.
A year-over-year overview of eCommerce revenue, ad spend, and conversion rates shows the impact of the pandemic on various sectors of the market. Subscription-based products and delivery companies are compensating for the lack of consumer mobility. There is no denying that the global economy is taking a hit.
People are either losing their jobs, working from home, or lending a hand in a burdened medical, delivery and security system. There is a huge strain now on all those who have to offer safety, protection, medical assistance and supplies. So where does this leave the digital marketing and advertising industry?
The changing purpose of digital marketing
An already sensitive market will be easily irritated by many ads that show a “business as usual” attitude. It’s expected since people are stressed and anxious in expectancy of the next life-altering measure that will take place.
You know that marketing is and always will be impacted by context. That of the economy, events and sometimes life-changing situations. So think solely within the current global context. Products are made to serve people’s needs and digital marketing lets consumers know about these products.
How can your product or company help in this situation? What type of approach can provide easier access to the goods or services that people need? Be aware that digital marketing’s role has changed. It is no longer to let people know about everything but to let people know how anything helps them in the current situation.
Maybe you have an app that can help the medical system. A delivery company that can let those stuck at home in quarantine know that they can order food and supplies. Even a game that has community-based functions can be stress relieving for those who are alone at home and feel the need to escape loneliness by digital means. No matter how, if it can help, it will be relevant.
Keep your message relevant
Contextual video and photo productions will be pretty hard to obtain since gathering a production crew will likely not be an option. The good news is that digital alternatives to the classical solutions have been around for quite a while.
You can use stock footage, photos and songs to put together videos that are relevant to what you offer and to the consumers that you’re offering them to. If you have an app, you can use AppStore previews.
If you want something more specific than stock footage can offer, then you can use video animations to showcase your product. Animations can help create a story and explain the use of your product in a softer way to your audience.
Last but not least, the easiest way to advertise is to just use text. Simple text informing people of what you need them to know. Keep in mind though that video has the best results on social platforms. So If you want text that “pops” then you can turn to kinetic typography or other types of motion graphics that will make your ad stand out.
SEO & Social media spend
As people stop going out, traditional advertising is taking a major hit. Because of this, companies start looking more closely on their digital marketing strategy and spend. So what can you do to make sure that your brand stays relevant and communicates responsibly?
Improve your SEO through the release of written, relevant content to your target audience. Activate your Social Media pages and keep them active. Re-think your channels of promotion according to where your audience’s attention has shifted. Update your website to fit the current context of your business and make sure that all your social channels send the same cohesive message.
Because of the behaviour shift that we mentioned earlier, the audience might respond negatively to sales campaigns. Therefore if you have to launch ad campaigns that are unrelated to the needs of the population in the current situation (delivery/medical services etc.) then make sure to have a sensitive approach.
If you had planned a more aggressive approach to an ad campaign, try not to rethink it into a more toned-down version. There is no use to overcrowd an already burdened online environment if the product or service is not of paramount use.
Another thing that you should expect, is for your ad spend to increase since your relevance score will drop. It’s normal in the current situation so there’s no reason for worry, just be aware of it and plan accordingly.
In a nutshell
If you are a business owner, be understanding with your employees and your teams. Try to put your business purpose and objectives to use in the current context. Stay relevant to the current market developments and be aware that results might stagger during this time.
If you are a marketing manager or advertiser, be sensitive to your audience’s burdens. Communicate responsibly and inform your clients of both the context and the impact that it might have on the results and campaign costs.
Last but not least, if you have any questions as to how animation and motion graphics can help in digital marketing, get in touch.
