Should I Cut Cost During Coronavirus On My Ad Spend?

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Businessman considering budget to be able to cut cost during coronavirus

You may have seen several headlines popping up here and there that are talking about the increase in at-home media consumption during Coronavirus quarantine measures. More and more people are staying indoors all across the world, which means there will be many hours of time people are now spending at home.

A very popular solution for consumers is to turn online for a means of entertainment, relevant information, or the ability to shop. Acting on this situation from an entrepreneurial perspective could prove to be very profitable. But what sort of action should you take?

Many business owners are cutting out costs to stay afloat, thinking that just keeping their doors open is the exposure they need right now. For many, it is their marketing and advertising budgets that are the first to go. We call you to consider that this formula is not the one for success that you have hoped for!

As the demand for eCommerce and all sorts of online services have spiked, utilizing your digital marketing efforts can have a supercharged effect during this time.

Twitter especially has been seeing a huge boom of usage across the world, as much as 23%! Strangely enough, however, they have simultaneously experienced a drop in revenue of about 20%. This is due to the decrease in ad spending from businesses all over that are being negatively affected by quarantine and social distancing. Ad spend has become one of the most turned-to investments to pull the plug on for making it through the lull in traffic or sales.

This is where we ask you to stop for a moment and consider something important. Cutting costs of things that benefit the business, like in production or aesthetics, for example, can still leave the business able to operate. If your restaurant cuts back on some of its employees and costly menu items, for example, you could curb your spending. Cutting spending for search engine ads would also cut out all of the online exposure for potential customers to see. While both routes would save you money and keep your business operating, the latter option also invests back into your business.

This factor might help emphasize our point: social media outlets are seeing a 44% global increase in traffic, while 36% more people are spending increased time online.

Some businesses are not going to have the ability to cut costs during Coronavirus for reserving advertising funds on any kind of scale. If you are able, though, we urge you to choose a digital marketing strategy to increase the health of your business. When combined with any efforts to provide your product or service online during the pandemic, and your odds of success can only go up!

If you could use a helping hand during this time, give OCGnow a call at (904) 600-3600. Our job is to help you develop an astounding online presence that reaches your audience. We will discuss your options and help come up with the best solution that fits your situation, big or small.

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