But what is the new normal when it comes to consumer buying behavior?
Let’s take a look at how the coronavirus is affecting consumer spending habits and how you can adapt to ensure your business continues to thrive during these unprecedented times.
A Boom in Video Conferencing
Whether it’s Zoom or Microsoft Teams, almost all businesses have become au fait with using video conferencing technology to help them carry out meetings and other critical business-related tasks.
That explosion has been matched by consumers who’ve been using the same technology to keep in contact with relatives and friends. Many even hold multiple social gatherings (such as virtual quizzes) each week using video conferencing solutions such as Zoom.
From a marketing perspective that present companies which usually operate in a face-to-face environment with an opportunity. For example, personal training and fitness companies have moved their service out of gyms closed by the lockdown restrictions into virtual fitness classes delivered via Zoom.
Not only is this beneficial in terms of securing continued revenues during restrictions, but they’ve also managed to expand their geographical reach by appealing to a wider market audience as the classes have become more accessible online.
With that in mind, it makes sense to evaluate how you can incorporate this seemingly ubiquitous technology into part of your product or service offering. For instance, switching meetings with prospective clients that would have traditionally occurred in a face-face format could be done on online video conferencing.
An Explosion of Online Shopping
While almost all sectors of the economy are taking a substantial economic hit as a result of this public health crisis, it’s a different story when it comes to e-commerce. The UK is currently experiencing record-breaking volumes of online sales, as consumers look to purchase goods from retailers that are otherwise closed to the public.
Even open retailers (such as supermarkets and bike shops) have witnessed similar increases, and providers such as Ocado have struggled to adapt to those increases in demand.
If you’re a retail business, there’s never been a better time to switch up your online strategy to include e-commerce functionality within your website. Shifting your marketing toward driving online sales will help your business cope with these demand shifts, which are expected to continue long after we return to normal.
Moreover, a move to introduce e-commerce functionality into your website design won’t only help to keep you ticking over for when the shops do open; it also has the potential to help you expand to new international markets.
An Increase in the Consumption of Online Content
With so many individuals staying at home for the vast majority of the time, it’s no surprise that the demand for online content has intensified. Facebook announced that its daily active users (DAU) increased to 1.73 billion during Q1 2020. Similarly, Spotify recently announced that its number of subscribers hit 130 million after experiencing a steep increase in listeners over the last six weeks.
With that in mind, it makes sense to recalibrate your marketing strategy to ramp up your online presence. While consistently effective before, social media marketing has taken on more significance than ever before when it comes to a business trying to relay marketing messages to potential customers.
By spending time on crafting a more robust calendar of social media content, you can drive up website visits, enquires for your business, and ultimately sales. If you’re not marketing on online platforms during this pandemic, then you are likely to be left behind that those that are.
Don’t Forget Offline Marketing in the Midst of An Online Resurgence
It is important not to forget the impact that offline marketing could have as businesses continue to adapt to, when, and where their marketing will be most effective in this period. With this in mind, Direct mail or large format marketing such as banners for the hospitality sector and promotional billboards may become more popular to boost short term marketing visibility when and if cafe’s and restaurants do open.
Receive Expert Advice on Repositioning your Marketing Strategy
During these unprecedented times, your previous approach to your company’s marketing strategy may no longer be fit for purpose. It’s no secret that you’re going to have to adapt crucial aspects of your marketing (both online and offline strategy) to survive and outwit this public health crisis.
Here at McGinn and Dolphin, we are experts in identifying how business can pivot their marketing messaging to deliver a much-improved Return on Investment (ROI). Therefore, if you would like to schedule a no-obligation virtual meeting or call to learn more about how we can help your business combat an ever-changing landscape, head over to our contact form to book a time slot.