COVID-19 is having an immense impact on the world as we know it, and the digital world and market is no exception.
From a digital marketing perspective, because many offices are shut, presentations and pitches for new business are now having to be conducted remotely via platforms such as Zoom or Skype as opposed to being held in client’s offices.
One of the major hits from Coronavirus stems from the fact that many organisations will be pausing their marketing efforts (on and offline) whilst their businesses are shut. This will undoubtedly have a knock-on effect on digital marketing companies.
But it’s definitely not all doom and gloom. There are a few sectors that are actually booming as a result of this crisis, including supermarkets, online entertainment providers such as Netflix, online communication platforms such as Skype, Zoom, and Teams, and companies who manufacture cleaning products and soap. These companies will be looking to expand their marketing activities and even launch new campaigns.
Other companies might need to reduce their marketing spend which may lead them to outsourcing to agencies, especially if they have to make in-house staff redundant. There are compelling financial reasons to do so, including a reduction in fixed costs.
Why digital may be needed more?
The dramatic reduction in footfall in all retail stores (apart from supermarkets), in addition to that in restaurants and entertainment venues due to the lockdown means that in-store and physical advertising has become almost redundant. This means that digital marketing and advertising including TV and radio becomes far more effective and in demand. A significant number of retailers have moved online and therefore will need to attract customers in non-traditional ways, starting with the creation of robust and appealing websites.
Using digital to tell positive stories will also become an essential way in which companies can promote themselves during the crisis. It can be achieved without the need for human interaction which is severely limited at this time.
Until the pandemic passes, many larger-scale events may have to be conducted in a digital/virtual format, thus creating digital marketers more opportunities.
In summary, there are obvious challenges facing the digital market but there are also a wide range of opportunities and companies who are able to stay afloat may well start to spend more of their overall marketing budget on digital rather than traditional methods. Digital marketers are already pretty agile and able to adapt and this is going to be key in coming through the pandemic as unscathed as possible.
By keeping an eye on the economy as a whole, following trends and identifying opportunities, there is going to be a long-term place for digital marketing in the post-Coronavirus world.
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