Design by http://www.creativefactor.in/
How marketing budgets and strategies are being impacted by C O VID-19
Marketers: let’s move forward with confidence. There’s a lot of uncertainty in the world right now, but we hope these insights at least help you with getting your bearings. Budget reductions and cuts are common Accordingly, organic social content has become an increasingly prominent focus. Companies are quickly pivoting to move events online.
Paid social is seeing substantial increases and decreases, depending on the sector Messaging strategies are adapting to a more human, helpful approach.
1. What challenges are marketers facing? Top challenges
Single largest concern 76%
1. Forced to shift marketing priorities
74%
2. Budget cuts 3. Advertising investments & planning 4. Switching in-person to virtual events 5. Tactical execution of campaigns
34%
Budget cuts
69% 69% 67%
!
16%
Top reasons for decreasing spend
Switching to virtual events
13%
Lack of target audience engagement
72% Our budgets have been reduced or cut
30% It’s the wrong time to advertise
24%
64% 6. Proper content, messaging, & tone
Leadership doesn’t want to invest in advertising right now
64% 7. Lack of target audience engagement 34% 8. Changing target audience
2. How has C OVID VIDimpacted impacted marketing 2. How has CO marketingstrategies? strategies? Impact on campaign strategies
Impact on customer event strategies
15%
67%
18%
Some impact (Some campaigns were pivoted or paused)
No impact
Major impact
40%
moved events to virtual
38% paused or cancelled events
3. How are marketers shifting their strategies?
Marketing mix shifts Changes in investment in marketing tools
Increasing investment
Decreasing investment
Media planning and alternate channels Digital ad spends have increased multifold in the last months. A marketer needs to approach the media planning and point of sale differently today. Traditional and standard media planning strategy and channel strategy may not fly in the current circumstances. The primary reason for this is the cuts in marketing budgets and the current higher cost of digital media publishers. Webcasts, e-commerce, co- marketing, video marketing, content marketing, are becoming new standards of marketing. During the first phase of lockdowns, digital media costs were low, but that is not the case today. Businesses have realised that they need to up their expenditure on digital marketing which has resulted in limited inventories.
To give our brand every advantage within the competitive arena, we must first establish an identity that is unique and compelling to our customers. We developed a new identity that is destined to distinguish us from our competitors. And as our corporate communications adopt our new persona, we will establish a new global identity that is distinct, exclusive and instantly recognizable.
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Authentic: We follow the method of integrating sustainability and ethics with goals of growth and profitability for the long term success
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Committed: We're committed to putting our customers first by providing excellent products and services and exceptional experiences
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Reliable: We are reliable because we know the market, we are truthful. Our people, products and processes must always meet, or supersede, agreed results. Affordable: We continually develop our portfolio in keeping with our core values of affordable technology for the betterment of life
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Quality: We will deliver excellence, strive for continuous improvement and respond vigorously to change. Each of us is responsible for the quality of whatever we do
I MPACT
WEBINARS/ONLINE EVENT TIPS Keeping in mind the current circumstances, it’s very important to connect with potential and existing customers, especially when we cannot meet them in person. Hence, webcasts and online events can turn out to be an essential communication tool to connect and interact with the audience. Best practices for conducting a successful webcast / online event Defining the strategy and objective: It’s crucial to have a strategy in place and pre-define realistic goals in order to not lose track or deviate during the process. Don’t be preachy, instead be engaging To ensure effectiveness of the webcast, speakers should script an engaging content broken into smaller chunks to increase retention. Marketing the webcast well Spreading the word to the right target audience at the right place and time will not just help in getting more registrations but also can do wonders for your business. Follow up: Do record the entire event and post the event share it with the participants who attended and who couldn’t attend. Examine the event performance: Analysing the success of the event through feedbacks, analytic tools, surveys, and metrics is very important
We have been working with my clients and friends in pivoting their business models across verticals such as at-home education, new technology products, retrofitting for industries and customer service and more. We will be happy to be of any help to you in spotting new opportunities for your business, creating new brand identity, digital marketing. Feel free to connect for a free of cost consultation. As a Full-Service Brand Consulting Firm, we believe in a smarter ways to communicate the brand story that creates and activates incredible branded video content presence that the audience seeks. We combine the talents of an in-house video production capabilities, with the knowledge & expertise to develop video content strategies, and then activate it effectively. Being the strategic business consulting and communication firm, we have an adept knowledge of developing a comprehensive, effective and user-friendly journey for your prospects. Our Digital Marketing and Communication Design consultants help you create a website / digital IP that is ready for your business. Our In-house Web Development Team and SEO Specialists are well trained to use the technology and algorithms most suited for your business.
To stay fully informed about the rapidly changing world of marketing, subscribe to the CREATIVE FACTOR BLOG for the latest insights and trends Contact Detail Email id: info@creativefactor.in Head Office : 1001/A, 17th C Cross Rd, Indira Nagar II Stage, Eshwara Layout, Indiranagar, Bengaluru, Karnataka 560038 Phone Numbers : 080-4120-1624, 095-3524-6395, 0750668-5669, 099-9067-6552