Today’s “new normal” is a series of repeated quarantines, social distancing, video calls, and lots of take-out. As brick and mortar retailers receive little to no business, their online counterparts are ramping up custom digital marketing plans to stay afloat. However, the gaps between essential and non-essential businesses remain spacious, making online landscapes all the more difficult to navigate.
Decreased Spending and Greater Cost-Cutting
In an attempt to conserve funds and weather the economic crisis, marketing, and advertising efforts are typically the first to go. As less liquid businesses continue to put workers on unpaid leaves and cutting costs across the board, unemployment rates in the U.S. alone are up 10.4% as compared to 2019’s 3.7%.
According to the WFA, 21% of major advertisers have already decreased marketing budgets dramatically, with only 32% choosing not to make any changes. Despite the general drop in ad spend, one in four companies will declare an increase in marketing spend to maintain their presence across social media channels and encourage sales.
The Affected Industries
Few industries have effectively absorbed the economic impact of the pandemic. Among the sectors suffering more than others are:
Forced to close physical stores, retailers who rely primarily on imports, maintaining supply chain networks will prove challenging.
2. Hospitality and Tourism
With millions of citizens adhering to dozens of travel bans, resorts and hotels don’t have much wiggle room for business. As a preventative measure, the majority of restaurants are only offering take-out solutions, making it all the more difficult to avoid layoffs and budget cuts.
In light of national restrictions on group gatherings, businesses implementing manual processes must temporarily cease operations. A decreased demand for vehicles is also putting the auto industry in a precarious position.
Bad news for the construction industry, social distancing measures are keeping expansion projects at bay. Any supply of parts from Chinese factories will undoubtedly come to a halt, forcing smaller companies to carry out significant layoffs.
5. Tech and SaaS
Nowadays, online businesses are thriving—that doesn’t mean the tech industry can spare itself. Due to global import restrictions, the odds of a tech market decline are at an all-time high.
An Increase in Online Activity
As people refrain from leaving their homes and economies fall into various states of lockdown, online traffic continues to spike. As compared to daily averages, service providers are seeing a rapid increase in Internet usage the longer people remain at home.
Naturally, brands must begin to re-evaluate their existing strategies and tap into what consumers truly need during a time of crisis. To pursue opportunities within the digital sphere, businesses are thinking in both short and long-term changes.
Consumers remain uncertain, and it’s more important than ever for businesses to stay empathetic. Take note of whether your content feels insensitive or inappropriate. As a rule of thumb, avoid capitalizing on pain points, and instead position yourself to offer a solution.
Despite drastic market changes, it’s essential to keep your digital marketing efforts steady. If you already have digital marketing services on the ready, work to craft content that is relevant and important to today’s consumers.
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