Without a doubt, businesses across the U.S. have slashed their marketing budgets due to the COVID-19 outbreak. But are these businesses missing out on potential opportunities for new leads?
Due to the COVID-19 pandemic, consumer and advertising spending is declining in 2020; however, the good news is the drop won’t be as bad as it was during the 2009 financial crisis. U.S advertising could drop 13 percent this year (this figure excludes political advertising), compared to the 16 percent drop seen more than a decade ago, according to a report published by media investment company GroupM.
And even Fortune 500 companies are feeling the squeeze from COVID-19 shutdowns. For example, tech giant Google in April 2020 had plans to cut its marketing budgets by as much as half for the second half of the year. While some businesses are tightening their marketing budgets to accommodate expected losses in revenue this year, should you?
There are a few reasons why you should do the opposite of Google — and maybe even spend more on marketing this year.
Optimize your website for SEO to generate more leads
With more employees working remotely now than ever before, it’s an excellent time for you to partner with a marketing company to optimize SEO on your website. When you optimize your site for SEO, you increase your chances of driving traffic and generating and converting leads. Use the COVID-19 pandemic to get ahead of your competitors by investing in SEO optimization. Consumers have more time today to browse the internet for the products or services that will best address their current and future leads. Help prospects find what they need by ensuring your website optimization for SEO.
Customer service is everything
Sixty-six percent of consumers who switched brands did so because of poor service. By expanding your brand presence on social media platforms, you’re essentially inviting consumers and prospects to engage with you in various ways, including contacting you with questions or concerns and becoming a brand ambassador by sharing your content and offers. Increased social media engagement puts you in a better position as a brand to be more transparent and increase customer satisfaction by being more readily available to your audience. Ninety percent of consumers buy from brands they follow on social media. When they see you actively participating in conversations and providing value, they’re more likely to buy from you.
Generating targeted content generates larger audiences
In today’s world, there are several types of content marketing, including blog content marketing, podcast content marketing, and video content marketing, all of which are essential to a brand’s overall content marketing strategy. Everybody learns differently. For example, some learners are visual, while others are verbal. So, by offering your audience various types of content, you increase the likelihood of your audience fully digesting the material you publish. Take the time during the COVID-19 pandemic to understand how you can repurpose content to serve broader audiences.
Sometimes going against the grain is the better path to take. Waiting until your competitors bounce back puts you at a complete disadvantage. Now’s the time to invest in marketing.