Over the past year, COVID-19 has disrupted businesses big and small all over the world. It has changed much of our behaviours, not just as citizens and consumers, but as entrepreneurs and business owners as well. Much of what used to be brick-and-mortar businesses have now moved and taken up space online and are now developing e-commerce channels and digital products and courses for their business.
As we draw closer towards another End of Financial Year with COVID still at large, and vaccines being massively deployed around the world, we at SponsoredLinx wanted to continue our primary goal and role of supporting small to medium businesses.
To that end, we’ve put together a short list of tips and resources to help you plan and manage your digital marketing campaigns more effectively.
Not too Defensive, Not too Aggressive
One response companies could make during a crisis is to reduce costs as much as possible in order to survive the downturn. Alternatively, other companies see this as a chance to move ahead of their competitors and take a more aggressive approach at monopolizing the market. However, in a study of 4,700 companies by the Harvard Business Review, what they found was that: “Firms that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability—21%—of pulling ahead of the competition when times get better…”
In other words, companies that balanced cutting costs and planning for recovery were the ones that would be able to successfully pull ahead of the competition when things got better. Companies that were pro-actively studying and analysing the trends were the ones that were more likely to both stay afloat and later thrive once the recession passed.
But what tools can you use to accomplish that?
1. Think With Google
A tool whose main function is to help you understand the current trends in consumer behaviour, Think With Google gives you information on the retail categories that are on-the-rise on Google search, what locations those searches are happening, and the questions associated with them. Updated daily, this is an excellent source of information to see what the consumers are currently thinking.
2. Google Trends
For content marketing and social media marketing, sometimes leveraging your content off of current trends can help get you the exposure and visibility your business needs to grow. Checking in on Google Trends and the Trending Searches can help you formulate a strategy on how you can leverage your content off of what’s currently popular.
3. Smart Bidding
If you’re looking to get the most results out of your Google Ads campaigns, Smart Bidding is an automated bid strategy that uses machine learning to optimise for conversions or conversion value in each auction. It optimises your campaigns based on the data across all your already-existing ones, making sure that even new campaigns get the best results they can from the start.
4. Performance Planner
If you’re seeing fluctuations in the market, one tool for Google Ads that would be helpful is the Performance Planner. This is a tool that gives you a daily forecast of your campaign’s performance based on the last 7-10 days. It considers search queries, competitor activity, and seasonal changes as well, giving you a bit of insight into the future.
With more and more customers shifting to purchasing products and services online, digital marketing and advertising has become more critical than ever. It’s possible to reach a lot more customers online, it also means that there’s a lot more competition grabbing the attention of those customers.
Managing your ad campaigns efficiently during this time has become more critical than ever. That’s why it’s best to ensure that you’re utilising all the tools that are available to you to make sound decisions. Hopefully, these 4 available tools will be able to help you make the most out of your campaigns this year.