How Covid-19 is Affecting Digital Marketing Companies

June 30, 2020
June 30, 2020 Peter Minkoff

In the lives of most of us, we’ve hardly experienced a more life-altering and dramatic crisis than the Covid-19 pandemic.

The effects of the Coronavirus outbreak are everywhere and are impacting both our personal and professional lives, as well as the way business is executed everywhere.

If you’re earning for living by running a digital marketing company or working in one, you might be concerned by the way this industry is affected by the crisis.

Read on for a better insight into the state of the industry, so that you can use some new opportunities, make informed decisions,  and stay strong.

The state of digital marketing

A global digital agency survey conducted by Uplers has found that 66% of agencies experienced a decrease in their revenue. The most severely affected were smaller companies, with under 25 employees.

As a result, 58% of the companies became more flexible in client terms, while 28% decreased their fees. Most of the agencies – 80%- are considering the ways to continue, explore, or increase their investment in outsourcing because all the flexibility and scalability benefits this approach brings.

The survey has also shown that 80% of the agencies that saw an increase in their revenue during the times of crises, were outsourcing.

Almost half of the surveyed agencies experienced a fall in marketing leads. However, those agencies that were successful in acquiring new, quality leads actively invested in marketing across multiple channels and taking advantage of reduced competition.

As most of the agencies consider that the impact of COVID-19 will last longer than six months, what can you do to adapt to the “new” normal and stay afloat?

Adapt to the new organization

The way agencies are organized changed, and some of the changes will last. One of the most significant budget cuts that can spare you some money and that you can rather invest in client success and employee success is the office.

In situations when both your employees and your clients are more safe home than at their workplace, this could mean big savings for your agency.

Even without your office, you can stay in touch with your team remotely, using different web solutions, or by opting for reliable small business VOIP that will ensure you’re always connected.

Reconsider your customers’ needs

The environment, you’re working in changed dramatically for your clients as well. Due to lockdown, some of them were forced to change their business temporarily, or permanently, while others had to adapt to new circumstances too and offer new services or products to their customers.

This is a moment for you to take a closer look at your customers, recognize their new pain points, and support them to achieve their modified business goals.

Digital marketing can indeed be just the kind of support these businesses need to stay afloat. Many struggling businesses need SEO marketing campaigns to modify the way they reach new customers.  Instead of focusing on local, “near me” searches, even nonessential stores can now thrive and keep their business running if they optimize their webpages for “delivery” or offer an e-shopping alternative to the “brick and mortar” stores. As this marketing strategy keeps on evolving all the time, it’s essential to keep pace with the latest SEO trends for 2020.

Redirecting their funds from traditional means of marketing, such as print or billboard, to finetuning their online assets such as social media or websites, and investing in conversion rate optimization can bring affected businesses more qualified traffic, help them acquire new customers or keep the existing ones.

Genuinely reach out

Don’t forget that may of your customers are facing hardships, which is why they would appreciate your help.

By focusing on reaching out and showing that you genuinely care about them, you’ll strengthen a relationship with your customers. When times are tough, people need more information on how to overcome certain business challenges and keep their company afloat.

However, it’s not the moment to capitalize on your knowledge in a salesy way. Instead of trying to profit from their problems, do the opposite – offer them some help for free. Organize educational webinars, podcasts, and courses, and churn out blog posts, how-tos, and other materials that will help your customers to learn new things and improve their business.

This will pay off later, as your customers will be grateful to you because you were there for them in their time of need.

Follow these tips to help both your customers and your brand to go through this rough patch.

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