Investing in Online Marketing is now more crucial than ever. During this time of mass uncertainty, many businesses are running scared from investing in marketing. Whether it’s canceling conferences or freezing budgets, the reaction of many large companies has been that of fear rather than faith.
However, it’s the companies that choose to stay the course during this time that will see long-term success once the pandemic is over.
Economic recessions are nothing new to the United States. Our country has a long and storied history of market failure and eventual recovery. One somewhat recent example is that of the 1980 recession. During this time of uncertainty and confusion, many businesses ran and hid, sheltering their resources in fear of the future. However, a McGraw-Hill analysis proved that those businesses that maintained or increased their advertising both during and after the recession had grown 275% by 1985 over those who did not. Now that’s a Return on Investment.
As the COVID-19 pandemic continues to influence every aspect of people’s daily lives, businesses have a significant opportunity to reach new customers. App Annie recently reported that the number of people online has increased twenty percent since the mass transition to self-isolation. That’s an entirely new group of potential customers who had not previously been accessible to online advertisers. Now that this group is being forced to transition their focus to the digital space, they are becoming exposed to digital ads.
According to this report, that number is only expected to increase as governments implement restrictions and extend periods of isolation.
Not only is the amount of people online increasing, but the amount of online spending is increasing as well. Social Media Today reported a new record in Q1 of 2020 for in-app spending in both iOS and Android at $23.4 billion. Clearly, the demand is there.
With more people online, and more social media apps being utilized for more time every day, businesses have a greater, more engaged audience than ever before. Now, it’s up to these businesses to get creative with their digital marketing strategies to see growth and success during this time.