Why Invest More In Marketing In Times Of Crisis?

Marketing in times of crisis becomes the best ally. However, the crisis generated by the coronavirus pandemic has produced a lot of uncertainty and requires changes in the way of understanding business and different markets.

5 Reasons Why To Invest More In Marketing In Times Of Crisis

What to do when the economy is affected by a crisis that cannot be controlled? Experts recommend investing in marketing and positioning brands. Unfortunately, most companies lower this budget or decide not to invest in advertising. Here are five reasons why:

Maintain visibility in the market

A good marketing strategy helps the audience remember the brand and, in addition, it has a greater presence in the market. It is a way to maintain connection with clients or potential clients.

Build customer loyalty

A large number of businesses have had to stop or reduce their activity. Doubts arise about returning to normality, recovering what was lost and attracting new clients. But it should be noted that, unless the clientele remains close, they may decide to bet on other brands or companies.

New sales channels

Digital tools have many virtues and any company can benefit from them. Promoting or betting on new sales channels such as a marketplace, ecommerce or social networks benefits any business.

Open new markets

Crises give rise to taking action to seek to devise new paths that lead to new markets and other audiences. In a globalized world and with the weight of the Internet, betting on internationalization and crossing borders is not complex.

Adjust the budget

With the digital marketing model, a much tighter budget can be adapted for the company. Likewise, it offers the ability to focus efforts on a specific target based on tastes, ages, geographic area, etc.

The difference between companies that reduced their budget and those that continue to maintain the same investment is noticeable in the positioning of the brand and the increase in customers and sales.

New consumer profile

The coronavirus has brought small consumers closer to the internet. Experts predicted that after confinement, buyer preferences would change in the short term. Thus, a new post-covid consumer is born who is more sensitive to price. In addition, you will be better informed about the products before purchasing. It will prioritize the consumption of basic products and postpone the purchase of leisure services.

New habits

Many new digital habits will survive the pandemic. For example, there are a large number of activities that will now be done online. Starting with the opportunity to work online from home, shop online, practice sports or yoga, attend free webinars, and train in new areas through the digital option.

Crises don’t last forever

Any crisis brings new changes and opportunities. The current one is a new adaptation process in the era of electronic commerce. Confinement has reduced physical consumption to give more space to online sales. For this reason, we must consider strategic actions to maintain a positive image of our company and business in this new scenario.

More consumers

Local marketing is very efficient and affordable, but products and services through the Internet are prepared for globalization. Although this concept may seem out of reach for a small business, nothing could be further from the truth. It is necessary to be present in other markets interested in products and services, even if you cannot physically reach them.

Why Not Reduce The Marketing Budget In Times Of Crisis?

Throughout history, different crises have occurred that serve as an example for the current one. But to stay alive you have to employ strategic marketing activity. The world’s largest companies, like Disney, know this, and they knew how to overcome moments of financial uncertainty.

During the crisis of ’29, the Kellogg’s company doubled its investment in marketing and its profits increased by 30%. He soon rose to leadership in the sector.

With the oil crisis of the 70s, the Toyota brand maintained its advertising budget unlike its competitor. This made it the first foreign manufacturer in the United States ahead of Honda.

Finally, one of the great examples of the 2008 and 2009 recession is Amazon. It increased its sales by 28% while continuing to invest in innovative products like the Kindle.

We see a large concentration of clients (43%) who invest between 21% and 30% of their marketing budget in digital, while in Latin America the majority of clients (67%) invest an average of up to 20%. The North American numbers are on par with global statistics. As a result of the global pandemic, these numbers do not stop growing. And it seems that this will continue beyond the return to normality. We still have to take a step forward in terms of Digital Marketing.”

So what to do in this new normal?

Faced with new behavioral changes, industries must reinvent themselves to serve a new consumer. A marketing plan must be resumed and adjusted to a client who returns to a changed market, with new habits and needs.

These Tips Can Be Proposed:

1. Get inspired by the marketing used by large companies.
2. Make a management plan on the different social networks.
3. Find a more effective form of online communication with customers.
4. Optimize conversion.
5. Worry about creating an SEO positioning strategy.

In short, marketing in times of crisis is a necessity for any company that wants to survive in such a competitive market. It is not enough to have a website or e-commerce, you have to implement certain factors and optimize the information in search engines if you want to obtain good results.

Also read : Instanavigation