For example, a lot of people expressed great disappointment over the last-minute cancellation of Mobile World Congress (MWC) 2020 in the wake of the Coronavirus (COVID-19) outbreak. The world largest cellular trade fair would have been the major industry event in which lot of company were planning to participate. Months of preparation and tens of thousands of dollars were lost as the Coronavirus panic led to the last-minute cancellation decision.
This is not 2008
We can still remember what happened during the financial crisis of 2008. Then most business-to-business (B2B) companies decided to play it safe and cut their marketing budgets.
Therefore, we were happy to hear that lot of companys has already adopted a new strategy. That means that they shift the funds allocated to participation in exhibitions/fairs/… to double the investment in online marketing.
On reflection, such a move makes perfect sense.
Add to this the fact that a growing number of organizations are these days minimizing all face-to-face meetings. Inevitable result is that they must change their digital strategy and turn it into their key source of lead generation.
Large organizations, such as the World Ban and International Monetary Fund have already announced that they drop all face-to-face meeting. Companies on the private sector are will follow.
Considering that companies allocate the largest chunk of their budgets to trade shows. Even a moderate change in preferences is likely to translate into higher investment in web marketing.
Billions of dollars lost
Figures published by data intelligence company PredictHQ indicate that in February alone, concerns about the coronavirus led to a 500% surge in cancellations and postponements of significant events.
The company said that more than 225 events ranked high impact were cancelled last month and the number of events canceled in March is expected to be significantly higher. The total cost of cancelations is estimated at billions of dollars.
Research conducted in 2018 by the Center for Exhibition Industry Research indicated that B2B marketers who participate in industry events allocated nearly 40 percent of their budgets to exhibitions and industry shows, almost five times more than the 8% spent on online marketing.
Even if only a small fraction of the events’ budgets shifts to online marketing, it would translate into a massive growth in web marketing.
Good thing for Online marketing
The major advantage of digital marketing, besides the fact that it does not require face-to-face interaction, is that it is measurable. Marketers can quite easily obtain a good picture of their spending return on investment (ROI). And…of which activities generate the highest number of quality leads and at what expense.
Assuming that many marketers will have some extra free time, especially those who will have to go into home isolation, they are advised to use it to review their online marketing strategy. Also, use it to redefine their marketing messages.
Marketing strategy – review it!
Marketing executives often complain that they have no time to update their websites because of their work overload. Well, this is exactly the time to revisit the corporate site. Make sure that your present your company well.
This is also the time to reset goals for your marketing campaigns. It is also time to take an in-depth look into the performance of past efforts. A close look will for sure indicate that there is real need to refresh much of the marketing materials produced in the past.
This is a great opportunity to fine-tune the following features of your company’s visibility and promotion strategy:
Website content – Ensure that it contains the right marketing messages with the right call for action.
SEO – Check your current website organic search rankings. Optimizing them for search engines to improve the quality and quantity of your web traffic.
Content marketing – Use this opportunity to generate ideas for new blog posts. Start writing the next newsletter for your customers.
Press releases and articles – Think of topics you can inform the media and your clients about and writing professional articles.
Marketing materials – Prepare presentations, brochures and other marketing materials.
Social media engagement – Strategize how you can improve social media engagement and writing new case studies, white papers and professional articles. Increasing the number of webinars you hold
Video – Draft the storyline for your next video
Strengthening your focus on web marketing will enable you to maintain normality in these crazy days. Also, it will give you a competitive edge over competitors who are slow to react.
Hopefully, the whole crisis will end soon, but no matter how long it takes strengthening you online marketing efforts will minimize the risk and improve your overall position.