Chances are high you have had to rethink your Paid Search Marketing strategy since Coronavirus. In this article, we highlight the most important tactics you will need to employ during this crisis.
As conversion rates and revenue streams are either decreasing or increasing across a multitude of industries and verticals in a very volatile manner, many brands are calculating the impact on their paid search marketing and how they should react. Brands on a growth curve are trying to keep up, whilst struggling brands are keeping the focus on cost-efficiency and the forecasted performance targets. Depending on your vertical and the estimated impact this may be the only option. However, a sole focus on maintaining the same hard targets as before the pandemic may also prove to be suffocating for your business. Given the current market situation, your business may benefit more than ever from “being there” for customers, staying in contact with them and letting them know they can rely on your brand. Building brand awareness keeps you at the forefront of customers’ minds during the pandemic, and will help you get your business back on track when demand increases again. We recommend analysing what works best for you and making data-driven decisions regarding your strategy. Either focus on a hard ROI target or try to achieve the maximum number of conversions or transactions still available in your market, whilst building and maintaining brand awareness. For the latter group, this may mean:
Keeping your campaigns efficient in times of rapidly changing demand can be very
time-consuming when you are running your campaigns manually. Marketing automation
leveraging A.I., machine learning and automated bid strategies
during normal times can benefit the efficiency, agility and success of your
marketing efforts, so don’t be afraid to leverage this technology during the
coronavirus crisis. It may help to reduce pressure on your resources, decrease
wasteful spending and maximize your revenue and profitability. Where applicable you
can start up new automation and bidding strategies to align with the changing
landscape and renewed or additional targets.
However, automated marketing campaigns informed by A.I. may also respond to erroneous or obsolete data, as demand and results are very volatile, so be wary and keep a close eye on performance. If necessary, manually adjust your strategy to meet your performance targets. Also, the incremental value of these technologies is in direct correlation with the amount of data available, so monitor whether your campaign is still meeting the minimum requirements and if needed, change bidding strategy and/or temporarily shift to semi-automated or manual management where needed.
For Search and Shopping, make sure your product feeds and inventory management are fully up to date. Where products are low in stock or unavailable, stop running your ads or segment these products to new campaigns and pull back on ad spend. In situations like this, where availability for certain items is changing rapidly, consider increasing the frequency of your inventory updates to avoid wasting your ad spend or disappointing customers.
If your business is suffering a period of decreased activity, we recommend you use resources that are freed up to improve the quality of your marketing efforts. Use the time productively to tackle those long-awaited optimisations that were parked or somehow mysteriously disappeared from the roadmap or pipeline. As suggested in our previous blog article on online marketing, doing this can help you get on top faster once the restrictive measures are lifted, giving you a head start on your competitors.