Impact of Covid 19 on Marketing Strategy

The economic crisis created by Covid-19 is much larger than the 2008 crisis from the US due to the real estate bubble, or the 1997 financial crisis from Thailand and spreading to Asia then global. Because the “crisis of 2020” affects the entire global supply chain. In short-term, demand is reduced, but if the epidemic is prolonged, then Supply will undoubtedly be affected by the inevitable. Before getting to the main point, let’s take a look at some Marketing Strategy related data from marketing charts.

Survey data from more than 200 marketers had the following results: 28% said they would switch budgets through digital marketing, 14% would use the budget for content creation, and 46% would not. Use the budget to continue investing in marketing.

March is the time to best show the impact of the epidemic on companies with domestic markets. In this context, there are 4 standard solutions groups that any business will immediately implement, namely: Pause/stop – Promote – Reduce – Create new.

1 – Pause/stop some Marketing activities

Offline activities such as organizing an event, opening, selling a project, customer conferences are activities that must be canceled immediately and transferred from the budget to other activities, or must be organized events/activities online instead.

In early March, according to some real estate companies, they still took guests to the project to visit and give away free masks. But from mid-March to now, almost 100% of real estate companies have been frozen, customers and investors are not interested.

Investment Marketing activities are paused to consider the situation in the coming months, and at the same time, transfer these resources to the front line or cut back if the enterprise has low cash reserves during this period. The mobile world, in a recent announcement, also stopped the activities of investment projects to focus resources to solve the crisis.

2 – Strengthen Marketing Strategy to create input in the short term

Think all the way, put troops on the front line with the wartime slogan “All for the front line” is a short-term solution that many businesses apply in this period. However, it is not useful to put troops in as much as possible, so to gather troops and fight quickly, you need to evaluate the Marketing activities as follows:

• Determine which advertising channels are still effective and can be expanded simultaneously.

If it is determined that the advertising channel can still be effective, although it is laborious and expensive, businesses can still consider deploying to bring input, accept high advertising costs and profit ratio equal to not to maintain the entire operation of the company.

An additional note is that when businesses accept no profit to maintain operations, maintain jobs for employees, it is necessary to communicate this to all employees so that everyone understands and empathizes with the business to overcome difficulties.

• Identify activities that are laborious but still effective.

Some businesses now have a strategy to retain people for the post-epidemic phase, so human resources are abundant. For example, you have an entire team doing events and in charge of offline advertising activities, after stopping those offline activities, how do you use this human resource?

At this time, businesses should make the most of resources and have appropriate policies for this resource to participate fiercely in the activities of bringing input into the Marketing Department, such as supporting online marketing teams, supporting sales, participating.

Participate in simple online activities; this is also an opportunity to improve the skills of human resources, avoid falling into a passive and losing momentum after the epidemic phase.

• Determine which advertising channel is having the highest conversion rate, though not scalable.

For businesses that have website-based Marketing Strategy, fan page, and regularly use Google, Facebook is the primary advertising tool so they should urgently deploy the following:

3 – Minimizing activities that do not generate input in the short term

3.1. Optimize all content, messages on the website, fan page, and advertising templates.

3.2. Optimize the entire user experience on the website or other media channels because it is time to save every single customer.

Saving is a nationwide call to overcome the crisis. For long-term Marketing Strategy campaigns, businesses should consider reducing or suspending, of course, still depends on the cash flow and post-translation strategy of the business.

Some long-term marketing campaigns, such as SEO, need to be carefully considered. If SEO is in the final stage, and the results are gradually bringing the business, this is the stage to increase focus on resources to hit. The achieved results can improve revenue and create a basis for growth for the post-COVID-19 period.

With the advertising campaigns of Google, Facebook, Twitter, Banner ads now has also decreased significantly. As mentioned above, when the topical factors are too prominent, and the fear of making the ads is no longer attractive. Facebook, Google predicts that it could cost billions of dollars while the user index will increase significantly.

4 – Creating new elements to overcome difficulties

After stopping unrelated activities, intensifying activities that also generate inputs, and reducing activities with low impact factors.

Digital transformation for marketing, sales, administration, human resources, finance, and accounting is the need to adapt and boldly do it right away. For traditional fields, employees are familiar with the traditional way of working, and barriers will appear. To convert numbers successfully and speedily, company leaders and department heads must be the most determined people and must choose the right people to be responsible for innovation.

Marketing Strategy research, seeking new opportunities, constant trial, and error, all activities are directed to a single goal of solving the current problem in a new way. By concentrating all resources at the right point, you can solve the current problem without having to disperse resources to find something new; it will come by itself.

Once you’ve accepted the worst, the rest is always bright. Wishing you businesses, customers, partners together to overcome the crisis of Covid-19!

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