Should I spend on Digital?: What the Caronavirus presents
As States across Australia prepare for the Easter holidays in essentially lock-down, we look at the impact being felt across the global economy, as companies try to operate under increasingly challenging conditions and assess how long the outbreak will last.
We’ve noticed a sharp increase in organisations that have decided to change, adapt or pause their marketing whilst they come to grips with current events. A significant number of pitch plans are being paused and placed on hold until the situation clarifies. Its a peculiar situation we are now in. I see many digital agencies touting that Marketers and Business Owners alike should keep spending money on marketing and some are saying to spend more. What do I think? Use some uncommon sense! Whether you’re a Marketer or a Business Owner, CEO or CFO. You all got to where you are because you know your business. Yes more people are online, yes more people are stuck at home but that doesn’t always equate to sales.
Look at your service offering, determine whether you need to pivot, hibernate or accelerate. As with any time of the year, you should be looking at your marketing objectives, determining whether you have enough cash-flow to realise those objectives, and aligning the relationship between conversions and time. One interesting observation we have noted from our clients analytics is that whilst conversions in some sectors are down, people are still looking, and adding to cart. The uncertainty is currently driving consumers behaviour at the moment, but when the time comes, you want to make sure its your item they have in their carts 🙂 . Like buying shares when they are low, an opportunity exists to beat your competitors before the upswing.