Paid Media Strategy During COVID-19
There’s a lot of uncertainty in the market right now. Many businesses are wondering what the future looks like and considering where they need to make adjustments, particularly around budgets.
Should I cut paid media budgets? Pause all marketing spend? Increase marketing spend?
Your paid strategy during this time really depends on the industry you’re in, the product/service you’re offering, and the messaging you’re using. You must ask, “can I continue to deliver value during this time, even if it’s in a different way?”
There is no one-size-fits-all approach for paid spend right now because every business is different. But I can tell you about the paid landscape right now – it’s cheaper.
Cost per click (CPC) changes over the last 3 weeks:
- LinkedIn: ↓ 8.37%
- Google: ↓ 16.21%
- Facebook: ↓ 19.41%
Cost per 1,000 impressions (CPM) changes over the last 3 weeks:
- LinkedIn: ↓ 31.36%
- Google: ↓ 41.06%
- Facebook: ↓ 17.83%
Meaning? It’s cheaper to reach your audience right now. Your marketing dollars go further, as you can reach more people at a lower cost. Media buyers are backing out, making it cheaper for the people willing to stay in.
It may not be right for your business to invest right now, but for some, it is. For some, this is an opportunity to be there for your audience in the best way you can.
This does NOT mean that you should blast up your paid budgets with the same message you’ve been using. Be mindful of the situation and don’t be tone-deaf – your message needs to change to reflect the new environment we’re in and add VALUE to your audience.
Here are some good examples I’ve seen over the last few weeks of businesses adapting their messaging, acknowledging the current reality, and continuing to provide value.
If you have any questions on how you should be handling paid media during this time, we’d love to have a conversation.
P.S. Google is giving away $340 million in ad credits to small and medium-sized businesses who have been advertising over the last year. Keep an eye out in your account for a credit notification if you qualify and let us know if you have any questions on how to best use it.