It has been more than 2 months since the coronavirus took control of our lives and the world has not been the same ever since. Things are quiet and eerie, markets are empty, and economies across the world are crashing. Evidently, this has also been the case with online marketplaces. Businesses operating online are facing heavy losses, with a severe shortage of capital, and no clear direction to move in.
In these trying times, it is extremely important that you do not give up control and reimagine your business strategies to cope up with the market conditions. Talking about marketing specifically, shortage of funds does not mean that you need to pull back on your campaigns and let your progress go down the drain. It is always about adapting to the change and tweaking the campaigns to still achieve your goals but in a different way altogether. Here are some insights on how to keep your marketing campaigns up and running while everything else is going down.
Understanding the Market
Before you start playing around with your campaigns or your advertising budgets, it is important that you get fully aware of what is happening around you in the marketplace. Here are some suggestions for better understanding the market behaviour and some tips on how to deal with all the changes effectively.
Even if the virus starts to go away, just as it has in China, the effect it has had on businesses is going to last for a while. Businesses have been losing millions of dollars in revenues and have had to lay off their employees to deal with the losses. In fact, it is estimated that the coronavirus will cost the global economy as much as $2.7 trillion.
Dealing with such a situation involves a long list of careful actions. You need to start with clearly communicating with your customers about the situation and then proceeding to adjust your strategies. If you’re having trouble with stocking goods, you can consider changing your suppliers or even finding alternative products. If there’s an issue with lack of capital, you can consider using external capital deployment sources such as Jenfi. Such sources will help you hold firm while the virus lasts and get you back on track once it is over.
Low Traffic Volumes
Although the stats from all around the world show a significant increase in the overall online traffic ever since the outbreak of the virus, the traffic on e-commerce websites specifically has taken a toll. While there could be a million reasons behind this, your focus should be on how to get the most out of this situation by adjusting your marketing campaigns accordingly.
Due to the overall increase in traffic, paid ads have also gone cheaper. This is mainly because the traffic is up and there are fewer advertisers on average. If you use these cheaper ads to your benefit, you’ll be able to produce an ROI much higher than what you did before the virus hit. Even if you were not using paid ads before, this would be an ideal time to try them out. Again, if you’re having any issues arranging funds for this, Jenfi would be the best option to help you out.
The conversion rates for most of the ‘non-essential’ industries have also gone down ever since the situation worsened a bit. People have been spending way more on essentials such as food, hygiene, and healthcare, and have cut down expenses on other non-essential items. This has to do with people saving up on their budgets in case the situation gets even worse.
Once you have your paid ads up, you will start attracting a lot of leads. To encourage conversions, you need to play with your pricing strategies and payment plans. Bundling up product bundles and offering discounts could be a basic strategy. Otherwise, you could also try providing flexible payment plans such as instalments or referring external partners for loans. This can be an extremely effective method to push conversion rates back up especially in times where people are looking to minimise their short-term cash spend.
Managing Funds for Growth
Whatever we are going through right now is temporary. It might not seem easy to fight against it right now but whenever it ends, we are going to come out stronger on the other side. Holding your marketing campaigns up during these times is going to take a lot more than it normally does and if you are ready to put that effort in, you are bound to succeed. The only thing you need to focus on here is to adapt to the changes in the market and go above and beyond to do so.
This is going to be one of the most essential yet challenging parts of the whole process. Going short on capital can be a nightmare and if not taken care of, can hinder the growth of your business.
One thing that is clear is that taking on debts is never recommended unless you have a good plan to invest it and recover from it as soon as possible. Hence, you need to start building a fool-proof marketing plan to invest in, and then go for financing tools such as a line of credit or a business credit card.
One of the many tools you could use for this purpose is Jenfi. Jenfi can either lend directly to you or offer you a virtual Mastercard that you can use for online purchases. The best part about them is that they help entrepreneurs invest in the growth of their businesses, mainly through the channels of digital marketing and online advertising. You can easily pay them back as small percentages of future revenue in lieu of a fixed repayment schedule. Funding your campaigns through Jenfi can be an ideal solution to this problem and help you get your business back on the road to success in no time.
Let’s have a chat about your upcoming marketing campaigns and how Jenfi can help catapult your business into the future.