Managing Paid Ads in Times of Crisis
Despite the uncertain economic landscape, the changes incited by COVID-19 offer businesses new opportunities. Grow your business during the economic downturn with these five strategies.
From mandatory remote work to nations declaring state of emergency, the coronavirus outbreak has heralded tremendous change to the global economy. The forecast of recession raises the threat of layoffs and bankruptcies, leaving entrepreneurs scrambling for new ways to conduct their businesses.
Poise your company for online success
1. Ramp up or bunker down.
If you can afford to acquire customers, pour gas on the fire. CPMs are low, allowing you to reach markets you previously may have been priced out of. Ad auctions are in your favour, with abundant ad inventory to bid on and less advertisers in the space. Creating cash flow will allow your business to stay above the tides of uncertainty and grow despite the economic downturn.
If you don’t have the financial wiggle room to play online, hone in on providing the best possible service to your existing customers. If you build it, they will come.
2. Revisit your ad campaigns.
A lot has changed in the past couple weeks, meaning that copy you wrote a month ago might not have aged well. Revise or pause any social media campaigns that aren’t appropriate for the current digital climate. And of course, don’t profit off the pandemic—no one wants to be this guy.
This crisis is an ideal opportunity to test out agile campaigns. Ditch rigid quarterly campaigns in favour of weekly sprints, which offer the flexibility that crisis campaign management entails.
3. Pivot your strategy for new opportunities.
As your audiences’ needs and expectations shift in times of crisis, reposition your brand to better serve your client base. Just as the 2008 financial crisis gave rise to the gig economy, COVID-19 lends opportunities to drive new leads, land new partnerships, and champion the next big idea.
4. Stress test your content.
While your competitors are in crisis control, get ahead of the curve by upgrading your paid ads game. Repurpose your old and overlooked creative, and take advantage of user generated content. The creative process is iterative, as should your ads be. Make variations of your ads, compare their performance, and develop the most effective ones.
5. Equip your brand for a new normal.
When the dust settles, business will not be as usual. Changes in consumer behaviour and economic policy during the Coronavirus crisis will influence how we shop, travel, and work.
The ripples of mandatory remote work and social distancing will be felt for years to come. When the market reaches equilibrium, we may find that practices established in crisis remain as pillars of our new normal.
The times, they are a-changin’
There is a light at the end of this tunnel. Listen to your customers, fine-tune your product, and seize the opportunities in the upcoming months to reap the benefits of this new global shift.
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