As business owners and marketing executives, we do our best to plan for the unexpected. But sometimes, the unexpected happens. 9/11, the 2008 financial crisis, and now, COVID-19 are events that no one ever could have ever anticipated.
During a financial crisis, panic is one of the first things to set in. This is especially true for business owners. It can be difficult to determine what comes next. As advertisers, we constantly field questions from customers asking whether it even makes sense to continue an ad campaign or marketing during a financial crisis.
So it may come as a surprise when we say, now is not the time to slow down. If anything, now is the time when you really need to step it up. At a time when companies are trying to cut costs, marketing is often one of the first things to hit the chopping block. But during a time like this, this is a big mistake. Let's take a look at 3 reasons why you should keep advertising during a crisis:
We're on the brink of a financial crisis. Truthfully, we're already there. As Americans, we've been here before. But there's one thing different this time — we rely on the internet more than ever before. This economic crisis has forced employees and students to turn to the internet for jobs, education, and yes, eCommerce. According to MIT Technology Review, internet providers are currently seeing huge jumps in internet usage. In just the past three months, internet use has increased by nearly 25%.
What does this mean for your business? Your sales may actually see an increase during this time. This is because increased traffic means more people will see your ad campaign. This gives you more opportunities to build brand awareness and convert. And don't forget about social media. Now is your time to double-down in this area. Because face it, when people are bored, social media is one of the first things they turn to.
You're not the only one thinking about pausing your advertising strategies. Thousands of businesses are thinking about the same thing. So while they make the decision to scale things down, this is your opportunity to gain new ground. People are still doing business. They still need your services. Remember, there are more people online than ever before. Those who continue to invest in advertising are the ones who will have the greatest chance of surviving these uncertain times.
You've spent a lot of time building your brand. The last thing you want is for all that time (and money) to go to waste. Brand awareness is important. Even if you are not actively selling, when you take a step back, there's a good chance your customers will go somewhere else when businesses open up again. Why? Because you didn't put in the effort to stay connected. After everything is said and done, customers are more likely to be loyal to businesses who reached out, checked in, and continued to be there for them.
Remember, advertising during a financial crisis or recession doesn't have to mean sell, sell, sell. In fact, in some cases, there may be an argument against selling. Successful advertising during this time means letting your customers know you are there. Reach out to your customers and let them know how you can help. Let your customers know about policy changes, additional services, or payment flexibility. When you make an effort, your customers will remember you.
At Excelerate Digital, we know this is a difficult time. We're here to support you and your business. Now, more than ever, tone, approach, and strategy can make a huge difference. Whether you are looking for a new marketing campaign or need to reevaluate your current approach, we're here to help. To learn more about our services or to schedule a consultation, contact us today.