RESPONSE TO COVID-19: SHOULD YOU PRIORITIZE YOUR MARKETING BUDGET ON SALES OR BRAND AWARENESS?
From connecting with our loved ones to work and social life, COVID-19 has transformed the way we live, work, and socialize. In a crisis such as COVID-19, We need to develop strategies to adapt to this change.
Due to COVID-19, the social and economic landscapes of our country have shifted dramatically through both voluntary measures and unanticipated consequences. For one, policies enforcing curfews, social distancing, and stay-at-home orders aim to mitigate the spread of the virus and diminish casualties. On the other hand, due to such measures, many staple industries of our economy have suffered.
Tanking revenue has already forced tons of businesses to layoff employees, take out loans, and even file for bankruptcy. Of course, some industries have also boomed during this time. However, for all companies navigating through this crisis, it is exceptionally difficult to make the correct decision on allocating fleeting budgets. I’m here to tell you that as our society adapted to ensure human safety, companies should follow suit.
Focus on human.
Leaders need to adapt and adjust how they will lead their teams, speak to their customers, and manage their brand.
Marketing is at the heart of this adaptation, and advertising is the head. Through your marketing strategy, you set the tone for how customers perceive your brand.
Pre-COVID, marketing teams used to allocate more marketing budget to direct marketing campaigns on online platforms. This approach will still play a role in the marketing budget; however, advertising is going to shift, and this year we will see that shift.
That is why it’s essential right now for companies to invest Ad spend to develop a more memorable brand and showcase impact. Brands need to focus on their values, people, and customers.
If you take a chance to share your brand’s story and share how your brand can provide a valuable change to people’s lives, your business will grow this year. If you share stories around how your brand is bringing meaningful and positive change to both communities and individuals, not only will it help you grow your business, but it will help you garner loyal customers. Your brand value will increase, and customers will trust you.
Now more than ever before, we need to think about how our marketing strategy is impacting others and adding values in people’s lives. The focus should be moving hearts and minds as well as building stories around positive change.
The companies that will survive a post-COVID-19 economy are the ones that focus on brand values rather than sales.