The impact of the recent pandemic on businesses has been significant. Regardless of whether your business is an eCommerce startup or a huge law firm, you have felt the effects of COVID-19.
The emergence of Covid completely changed the face of business around the world. With economies and markets literally shut down overnight, the pandemic has forced businesses to pivot and sometimes reengineer entirely different business models.
We have already looked at how marketing has changed as a result of the pandemic and the need for new tactics and marketing strategies. Now, let’s look at some key statistics on how the pandemic has also affected business in general.
With digital marketing emerging as the key to businesses adapting to this new, post-COVID reality, we have six new marketing strategies to use during and after the pandemic.
And finally, we will analyse why a marketing consultant is a good addition for businesses looking to thrive on the other side of this crisis.
Let us dive deeper.
The Impact of Covid-19 on Business: Key Statistics
Drastic changes in the economy have been evident since the beginning of the pandemic. By March 2020, the 2019-born disease had caused a sudden, global economic crisis.
A survey recently conducted on a sample of more than 5,800 small businesses demonstrates just how severe the impact of the pandemic has been on small businesses. Nearly 43% of the businesses in the sample had to close temporarily. In addition, most businesses have actively reduced staff (39% on average).
In addition, many businesses were forced to cut back on spending. On the other hand, this new reality has also led to some drastic positive changes.
For example, recent research by the SBI shows that more than 81% of Australians believe that employees can work from home. In fact, 44% of Australians have already agreed to flexible working hours.
The same is true in the US, where 58.6% of the country’s workforce now works from home. The study shows a huge 159% increase in this percentage during the pandemic (since 2019).
It’s clear that COVID-19 has impacted the daily lives of businesses and workers around the world. And some of these structural changes are here to stay.
But how has marketing helped businesses adapt to this new environment? And should companies cut corners on marketing during or after the pandemic?
Why Marketing Is Not the Thing You “Save Money” On
More than 72% of businesses believe that marketing is crucial to surviving in this new (online) environment. Why? Let us start with how lockdowns around the world instantly changed consumer behaviour.
With social distancing measures keeping people at home, professional marketers quickly adapted, proposing innovative strategies to help businesses survive this crisis.
In 2020, we saw a flurry of companies integrating digital technologies into their business, not just to manage internal operational and communications challenges, but also to manoeuvre their marketing tactics. This rapid uptake in marketing technologies accelerated digital transformation by seven years.
Offline brands shifted all their promotion online, via websites, apps, social media, and online shops. Due to social distancing measures, new, omni-channel marketing strategies began focusing on the entire customer experience.
This is also one of the main reasons why digital marketing should not be underestimated.
Let us now identify some innovative marketing strategies that have emerged due to the outbreak of COVID -19.
6 New Marketing Strategies to Use During and After the Pandemic
No doubt, many companies have had to reduce their marketing budgets. Fortunately, strategic marketing does not have to be expensive. In fact, most of the new marketing strategies listed below can be implemented on a shoestring budget.
All you need to do is implement one or more creative tactics and have professional staff to support them.
Reward Loyal Customers
Although it is very important to attract new customers, it is potentially more important to retain the customers you already have. Since most purchases are made online, it is much easier for customers to check out your competitors and other alternatives.
Therefore, it is important that your marketing tactics also focus on loyal customers and give them reasons to buy from you and continue to trust you. For example, showing your gratitude via email campaigns is just one of the brilliant tactics you can use to keep customers sticking around.
Invest in Digital Marketing
Digital marketing has everything to do with your online presence. The pandemic has shown that digital marketing is extremely effective, regardless of your industry or business. The first thing you need to do is move everything online. And by everything, we really mean everything. Everything from actual products to seminars can be moved online.
You can set up a brand new eCommerce store, host webinars, and boost your social media presence. These are all effective digital marketing strategies that can help you succeed during and after COVID -19.
Engage with your Audience
Engagement is critical to the success of any online business. During the pandemic, consumers tend to look for other solutions. So it’s up to you to build a deep, sincere relationship with them.
You can do this by responding to comments on your website and social media accounts. There are other tactics you can use to increase engagement, such as using live chat services on your website and nurturing them through email campaigns.
Create Quality Content
Whether you focus on written or visual content (or both), it must be of high quality. Learning the basics of terms like SEO (Search Engine Optimisation) can help you increase your traffic and boost your conversion rates.
Hiring a professional marketing consultant can help you develop a content strategy for your online presence.
Focus on CTAs (Calls to Action)
Increasing your traffic is great, but converting a customer during a pandemic can be a challenge. That’s why CTAs are so important to your business. You can include CTAs just about anywhere, from your website pages and articles to your social media posts.
Improve User Experience
The pandemic has also changed the way customers think. This has led to an entirely new approach to marketing, one that applies to the entire User Experience. This new approach is based on what is known as buyer behaviour theory.
Therefore, marketing strategies like User Journey can help you create a customer-friendly online profile. This is a brilliant marketing strategy that encourages interaction with your customers and improves the customer experience.
How a Marketing Consultant Can Help Your Business Survive the Crisis?
Hiring a top-notch marketing consultant can help you in many ways. Implementing digital marketing and the innovative strategies described above can be difficult. However, by adding an experienced marketer to your team, you can:
- Identify weaknesses in your existing marketing strategies
- Explore different alternatives based on your objectives
- Create a new, comprehensive marketing plan for your business
So, a marketing consultant can get you back on track and give you an edge over your competition. Now is the time to implement new strategies so that your business is set and ready for post-COVID economies.