All has changed over the last month, and those changes had a significant effect on our marketing insurance policies. Although the hotel, travel and leisure industries are facing an acute impact, at the tail end of the recession, we the banking, investment, and development industries are struck.
Many of you are already preparing for the effect. When I talk to insurance companies and insurance technology providers in the US, I have heard rumours of marketing budget cuts, which raises the question: Is marketing budget cuts the best answer in this situation?
- Here are some interesting HubSpot statistics affected by surveys of 70,000 companies and organizations since the COVID-19 crisis began:
- Average offers have fallen 23 per cent as of March 30.
- Average monthly website traffic increased by 13 per cent in March compared to February. Marketing email rates increased when sales email response rates decreased.
While closed offers and sales are declining, informational marketing is more important than ever. Your potential customers are at home with free time. They are visiting their website and educating themselves. The time has come to speed up informational marketing efforts instead of giving them back.
Granted, your marketing efforts are unlikely to result in immediate sales. Companies are not going to spend money right now. However, it is now essential to inflate the pump.
Three Realities of Turning Off Marketing
- If you decide to disable your marketing efforts, it is essential to keep your eyes wide open. You must be prepared for the long-term effects of your actions and keep in mind the required rebound time. Here are some things to consider:
- The rise and fall of marketing: imagine your company sitting at one end of a sports swing and all your competitors at the other end. When you add a large amount of rich content to your website, it starts to rank high in search results. When you approach potentially, you enjoy a better awareness of your mind with your target audience. But what if you leave it for a month? His ranking falls rapidly. Whenever your competitors are active, and you are not, you will find yourself at the bottom of the ups and downs in both search and brand awareness.
- Competitive quicksand: If you are on the lower end of the saw, you cannot last long. As your contestants establish more rights and receive better rankings, you will go in the opposite direction. Imagine that your lead and sink are profound and profound. When you finally decide to get up, it is not easy. Ratings and mentality fall much faster than increases. This is an incident you cannot take lightly. If you are in a competitive position, it can take months to gain rankings and brand awareness.
- The Hollow Pipeline: Marketing experiments have shown consistently that a prospective buyer will take from seven to 13 communications from anywhere until they can act. If you contact each month, you will be able to see up to 13 months before making a sale. You typically have broad perspectives at various stages of your portfolio, so waiting isn’t as painful as that. If you close the pipe for a while, though, it’s still empty. You’ve got a long wait before you turn it on. The bouncer is not a simple task.
Keep in Mind
First of all, that all has changed. It’s not just about your business and your budget. Your customers are in another position that they were in February. They aren’t going to answer the same messages they had two months ago.
Taking the time (but not too long) to determine the.
- Your buyer personas. What changed? What is the truth now? What is the need to solve those problems? How can you get there in a different way, not to discover immediate sales, but to add value and become an affiliate?
- Your message. If you are using self-promotional messages, tweak them and adopt an educational and informative approach. Go back to your sophisticated shopper characters and create content that responds to your prospects’ current COVID-19 mentality.
- Your marketing and sales methods. Legs on the road are not currently an option. Fairs and events are out. What can you implement in the short and long term to reach your audience?
- Potential compensation for the budget. Your company also pays less on petrol, lodging, fees for the exhibitor, meals and other expenses. How much money have you saved and how long are those savings going to continue? How can you replace your high-cost activities with low-cost activities (such as travel and trade shows) (such as blogs and social media)?
- Your Editorial Calendar. Use an editorial calendar to plan the content that will take each of your buyers on a journey through their portfolio. It is an educational journey. There is a need to understand the key challenges, available options, and prospects for how their product/service can better meet those challenges? What help can you give now to position yourself as your best partner for the future?
- Your current catalogue for the ads. Creating an invention. What do you have in your library that already speaks about your prospects’ new mindset? Is it flexible and reusable? What does it take you to develop?
- Arsenal of your content. Tune in directly to your blog, white paper, case study, infographics, guides, videos, and anything else that your prospects need. Now is the time to meet customers, they are at home, in research mode.