There’s no doubt that markets around the world are struggling to make sales. Should you stop advertising all together and wait it out? Businesses are closing and people are losing their jobs. This means less disposable income for many people. If China is any gauge for our economies, they experienced a drop of 20.5% in retails sales in January and February compared to the previous year. The big question is, is there less or more competition for digital marketers?
What advice do I offer marketers or businesses considering what to do in this current climate? Can you currently trade and is there still demand for your products? Can you still deliver products directly to your customers? If you answered yes, then it is a good time to make the most of the additional time consumers have by travelling less and working from home. Consumers are more likely to spend a little extra time engaging with content on social media. The words of Warren Buffett for the investment community are equally relevant to marketing “be fearful when others are greedy and to be greedy only when others are fearful.“
Should you be investing in marketing now? Are you ready to get in front of the game? What would you advise your client to do in the middle of a worldwide pandemic?