Marketing during an economic crisis by Covid-19

The economic crisis created by Covid-19 is much larger than the 2008 crises from the US due to the real estate bubble or the 1997 financial crisis originating from Thailand and spreading to Asia. , then global. Because the "crisis of 2020" affects the entire global supply chain. In the short-term Demand is clearly reduced, but if the epidemic is prolonged, then Supply will certainly be affected by the inevitable.


The effect of Covid epidemic on world stocks

From a marketing perspective, with the research and information gathered, GOBRANDING hopes to bring businesses a better perspective to make appropriate decisions in the short and long term with marketing activities, from That has an impact on other parts of the business.


Before getting to the main point, let's take a look at some marketing-related figures extracted from marketingcharts. Survey data from more than 200 marketers said that 28% said they would pass the budget through digital marketing, 14% would use the budget for content creation and 46% would not use it. books to continue investing in marketing.


Coronavirus directly affects the use of marketing budget

March is the time to best show the impact of the epidemic on companies with domestic markets. In this context, there are 4 groups of common solutions that any business will immediately implement, namely Pause / Stop - Promote - Reduce - Create new. Corresponding to the marketing activities, below we will go into detail into each solution group:


Pause / stop some marketing activities


For businesses with specific sizes and marketing plans, marketing plans have almost been approved before Tet and have also started to promote before and right after Tet. However, with the current situation, some businesses have been very quick in pausing their advertising campaigns, in the long-term can cancel, including Cocacola in the early March announcement about stopping the advertising to switch parts. budget for anti-epidemic assistance. This is also the way brands shift from advertising activities to brand activities.


Cocacola announces the suspension of advertising campaigns

Stopping all offline activities such as organizing events, launching, opening sales projects, customer conferences is an activity that must be canceled immediately and transfer of the budget to other activities or to organize events / Alternative online activities. 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 until now, almost 100% of real estate companies have been involved. real estate, customers and investors are not interested.


Investment marketing activities are paused to review the situation in the coming months, and transfer these resources to the front line or cut back if enterprises have low cash reserves during this period. . Mobile world in a recent announcement also stopped the activities of investment projects to focus resources to solve the crisis.


Outdoor advertising is no longer available (source vnexpress.net)

Depending on the situation, industry-specific characteristics and assessing conversion efficiency, many businesses stopped advertising campaigns right in March, especially banner ads and facebook, youtube, despite the number of users and time. usage time spiked, but the level of interest dropped sharply, the amount of news coverage related to Covid-19 completely overwhelmed the advertising information.


Strengthen marketing activities to create inputs in the short term.


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


1 / What 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. Further note is that when an enterprise accepts no profit to maintain its operations, maintains jobs for its employees, it must be communicated to all personnel so that people understand and sympathize with the enterprise. difficult.


2 / Advertising channels that have low purchasing cost but labor-intensive: some businesses now have a strategy to keep people for the later stage of translation, so human resources are plentiful, businesses should take advantage of and have appropriate policies for this resource to participate fiercely in the activities of bringing input and also an opportunity to improve the skills of personnel, avoid falling into a passive position and lose momentum after the epidemic phase. .


3 / Which advertising channel is having the highest conversion rate even though the scalability is not high: for businesses that have had improved optimization thinking, this is an advantage in the current context. They always know which activity, which marketing channel is bringing the highest conversion rate. For businesses that have website and fanpage-based marketing activities, and regularly use Google, facebook is the main advertising tool so they should urgently deploy the following:


3.1 / Optimize the entire content, messages on the website, fanpage and advertising templates: the optimal content in this period is aimed at empathy and providing valuable information to users, limiting the rely on Covid-19 to do conditional promotions. At the same time, the business not only changes the marketing message but also changes the sales message for the sales team, in addition to selling, the sales consultant also needs to be considerate and considerate. his customers.


3.2 / Optimize the entire user experience on the website or on other media channels, because this is the time to ensure each customer: logical content, speed, images, CTA, colors, utilities , customer support ... maybe in the growth phase you do not have time to look back to optimize little by little, this is also an opportunity to focus resources to optimize the previous activities, do better what did.


4. Strengthening customer care activities during this period is extremely effective. Certainly in this period of crisis, you will probably lose 30% to 50% of existing customers, promptly launch customer care activities with messages of interest and sympathy that will help you gain the feeling. more love in the heart of the customer, no But it can limit the rate of customers leaving, you also have a chance to increase sales if you and your customers can talk and find a way to benefit each other.


Discounts are also a way to ensure a stable sales volume during a crisis

5 / Creating and developing content is a never-ending activity in marketing at all stages. Creating valuable and relevant content during this period not only has an impact on improving conversion rates, increasing sales, but also effective branding. However, special attention should be paid to the use of content in this period without abusing topical factors to catch the trend of excess, especially in B2B fields.


Minimize activities that do not generate input in the short term


Saving is a nationwide call to overcome crisis. For long-term marketing 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 to 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 has also significantly reduced, as mentioned above, when the current news is too prominent and the fear of making the ads show no longer attract more. Facebook, Google predict that it could cost billions of dollars while the user index will increase significantly.


In contrast to Google and Facebook, Amazon's advertising business is less affected because the platform is primarily focused on product search advertising. Therefore, during this period, GOBRANDING also advises customers to maintain a part of the budget for search advertising, because simply that customers have demand, they will find it. While transactions in the present moment are harder to close, you can take care to wait for the opportunity to translate and finalize the deal.


Brand activities such as PR, Banner Ads, building marketing publications, brands ... should be minimized. We have observed a number of major newspapers in Vietnam, the amount of banner is almost no ads, only some specific areas, some large businesses are still maintained.


Create new elements to overcome difficulties


After stopping irrelevant activities, intensifying activities that also generate inputs and reducing activities with low impact factors. Now is the time for businesses to look for MECHANISM in NGUYEN.


Market research, finding new opportunities, constant trial and error, all activities are directed to a single goal of solving the current problem in a new way, you just need to focus all resources on the right. 1 point you can completely solve the current problem without having to disperse resources to find something new, fix it yourself. Alibaba also in times overcome crisis that created Taobao.


Digital transformation for marketing, sales, administration, human resources, finance, accounting ... is the need to adapt and boldly do it right away. For the traditional sector, employees are familiar with the traditional way of working and will appear barriers, to transform success and speed numbers, company leaders and department heads must be the most determined, and must choose the right person to entrust the task of innovation.


The trend of home haircut is a good market for supporting products, physical training, self-made, assembling household appliances such as tables, chairs, cabinets, home beauty products ... also from That creates my market.


A series of perceptions and behaviors will change after the crisis, at which point the marketers, manufacturers, and service providers will have to change from product to marketing and distribution. A huge amount of work and need to move quickly as soon as the market returns so that it won't be left behind. There is no room for rest to regain work momentum, maintain them even during the daily work.


Some businesses choose restructuring solutions during the crisis, others are struggling to survive, some halt hibernation, the rest are finding ways to switch as quickly as possible. The market is always active and opportunities are available for those who do not give up. Most importantly, businesses and all members of the organization must be very calm and have the data for the worst scenario. 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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