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16-Jul-2020

Marketing Trends and Effects from COVID-19

Summary

It is believed that marketing is the remote control to the success ladder for any business. A good marketing plan decides the future of your product and services. Therefore, it becomes inevitable that a blooming and headstrong marketing team is a must. No good product is enough to beat the competition alone until promoted through a unique marketing campaign.
  • Author Company: MedicoReach
  • Author Name: Lauren Williams
  • Author Email: lauren.williams@medicoreach.com
  • Author Website: https://www.medicoreach.com/
Editor: Lauren Williams Last Updated: 21-Jul-2020

Since the COVID-19 pandemic has attacked the world, it has become difficult for marketers to sail through. Many conferences, events, and product launches are hung in the mid due to the global crisis and lockdown. However, since marketing is the magic wand for many companies, it is showing its wonders through online platforms. By firmly relying on social media platforms and online portals, the marketers are developing campaigns for succeeding in their endeavors. There are multiple reasons why marketers adopt new marketing trends. Such as:

  • Communicate with the target audience
  • Product and service awareness
  • Brand promotion
  • Web engagement
  • Traffic and popularity
  • Empathy over crisis
  • Compete with other brands
  • Customer satisfaction

While we know the COVID-19 is showing its impact on the clients' buying behavior, it becomes essential to stay alarmed and attend to the shifting needs of the customers to retain them under all possibilities. By adopting various factors, you can change their mind towards deciding on buying your product and services.

Although there are many uncertainties about how the coming time will impact the business and personal lives of people, so it is vital to seek solutions for both the spectrums to bring an improvement in the future marketing investments. There are two essential points to be kept in mind while advertising a marketing campaign.

  • Change in buying behavior of the customer
  • Impact on the B2B industry (from the sales point of view)

Basically, thinking through these below-mentioned points, you can work on making a significant impact and adoption of marketing trends.

Customer's Behavior Shift And Its Due Impact: 

An increased time spent at home will naturally lead to an increase in the time spent on the internet, which will benefit your new set of marketing campaigns to reach your target audience. It will potentially hike an advertisement inventory for you across various social platforms.

As a result, it is expected the cost per thousand impressions (CPM) will deflate all across the auction-based platforms, especially the ones with business scale back on their marketing spent during the COVID-19 times. This will act as a trend to purchase the services by staying at home with online services available.


Image Source: https://www.outbrain.com/blog/coronavirus-digital-advertising-trends/

Some Essential Facts:

 In a survey, hundreds of marketers have claimed these emerging trends. Such as:

- About 65 percent of marketers expect a fall to their annual marketing budget.

- Around 86 percent of marketing experts anticipate that the marketing goals they designed will be challenging to reach considering the current state of the global economy.

- A handful of marketers are convinced that SEO plays a significant role in saving drowning marketing campaigns during these adverse times. As per hubspot, around 64 percent of marketers should responsibly invest time in search engine optimization (SEO).

Online Service Delivery: 

Undoubtedly, the internet is acting as a blessing for companies that are falling apart and ventures to retain their lives. By providing online service deliveries, you can create demand by directing customers towards sales through unique marketing plans. It may seem difficult in this tough time. However, a creative marketing strategy is likely to show results.

Online Performance:

 By this, we imply, you must ensure to be as active as your competitors. Just when you cannot be physically present, the best alternative is to accept the existence of the internet and socialize with your clients like you are available for them at all times. Your advertisement should be approaching and engaging in a manner that alarms your prospective client to call to action.

How are industries affected by the sudden rise of the global pandemic of COVID-19?

  1. Companies have postponed or canceled their online events, conferences, business meets, and meetings. It has changed its regular working schedule. Many newcomers in the industry had to sit back home before even having a full-fledged entry in the market. Many sports events are canceled, too, where big brands invest money otherwise. The struggle to generate enough finances and connect with customers is prevailing globally. Constant fear of getting “off the track” has hit many organizations due to the pandemic. However, the internet is saving the drowning ship and connecting them to potential customers for hopeful sales.
  2. The main challenge lies in having an exchange of words. By making social media campaigns, following the race of hashtags, and following the latest trend of webinars and digital festival conferences, you can communicate with your clients through amusing ways. This will not only bring a difference to the current state of your company but also appeal to your audience in unexpected ways.
  3. Companies that provide services through continents or all over the world are high effected as many countries have been facing the severity of the coronavirus pandemic worse than all. In such times, the business is the last thing that crosses one’s mind. However, providing support (empathizing) socially does soothe their situation and builds a bond for future business dealings.
  4. Businesses need to develop clear directions on how they wish to proceed in light of the COVID-19 outbreak. As the current situation shows no slowdown, it becomes essential to seal the business with the crisis and walk ahead. By cutting down the gap and bridging a direct interaction, clearing the goals, and alternates between attaining them, you can not only convert your aimed audience but also pull up the morale of your dear employees.

How Does Marketers Need To Make A Shift?

- Marketers will have to do what they are best at- adapt the newness. By staying on the top of new trends, analyzing the market insights, and understanding the growing customer demands and changes in behavior, they can develop a successful marketing campaign for moving ahead in the future.

- Since the physical meet-ups and seminars seem to be a general idea by seeing the current scenario of the world, and increased activity on the internet and advertisements can help in reaching the target clients at this time. Since the audience will be heavily hooked to the internet, it is the best time to make a dominant prevalence on the internet through various methods. Updating website and keeping a keen eye on site visitors is one of them.

- As the world is fighting these challenging times with unity, being a company, you must advertise notes of compassion that eases the sentiments of your clients in these critical times. Ensure them of togetherness and empathy to unveil satisfaction, brand trust, and long-term business with your prospective as well as existing clients.

- As per hubspot, only 17 percent of marketers use landing page A/B tests to elevate the conversion rates.

- Considering the impact of coronavirus and its unending misery, brands and marketing agencies need to keep a keen eye on the change in customer behavior and how it impacts you and your competitors. By having a survey with relevant questions, you can dig into their current requirements and create unique business opportunities to stay ahead in the cutthroat competition. From established to small-scale businesses, all should seek adoption of the latest trends to up their game.

How To Connect Your Brand And Clients During The Coronavirus Outbreak?

These are the points that you must consider before attempting an action to save your brand and restore clients.

- What is the objective your firm works on?

- Which sector/ industry does your business belongs to?

- Is it a B2B or B2C?

- How is your core audience or market impacted by the outbreak of COVID-19?

- How is coronavirus impacting the decision of your customers and their behavior?

- How can you add more value to your clients through your product and services?

- Is this time an opportunity for your company or a hindrance?

- What is the present solution to retain the old clients and gain the prospects?

- Are you providing enough customer satisfaction?

Conclusion:

By seeking answers to these and many more questions, you can create the best fit of solutions to cater to the needs of your customers in real-time. If you seek an outstanding result, you surely need to provide an overwhelming effort or services.