It is essential to maintain human and business relationships. As in the old anecdote: “The corporate party will end, but the status of businesswoman will have to be restored.” The same here: the crisis will pass, not everyone will survive, but even less will come out of the situation with dignity.
While your competitors stop all advertising, you can buy out this traffic cheaply and make a profit. Instead of cutting costs, take an objective look at where you spend your money and what income you get with that money, i.e. evaluate your ROI. The key message here is an objective look. Focus on the products that make the most profit.
Example: One of our customers, who sells handicraft products in Australia, has increased spending on Facebook and Google Ads, while some competitors have moved away. As a result, sales are growing, and delivery is barely making it.
In times of crisis, consumers will spend more time looking for long-lasting goods and choose them harder. They are more willing to put off purchases, spend less and choose cheaper products. Content, reviews, reviews will interest users and down/cross-sales will increase conversion rates.
When hard economic times come, we tend to retreat to a safe place. Look for cozy family scenes in advertising that will replace images of extreme sports, adventure and tough individualism. Uncertainty encourages us not only to stay home but also to stay in touch with family and friends. It’s a golden time for board game sellers and booksellers.
You can’t make people change their spending habits. The best thing you can do is to identify a pattern that pushes them further and further along the customer’s journey.
Basic approach that we use in our e-commerce conversion rate optimization agency is: Track > Test > Apply > Repeat.
Everything that can be tracked on the site can and should be tracked. You cannot win a game if you do not know the score. Tracking and collecting more accurate and detailed information about the effectiveness of each of your marketing strategies allows you to see opportunities and problem areas that your competitors can’t see.
Once you have collected enough data, test the different settings of your strategies and/or your website design. You will not get better results if you do not test new approaches and do not evaluate old ones. Run tests to find the most cost-effective strategies that you can use. Once you get the results, repeat the process. I will write a separate post about UX|UI optimization of the website itself.
And what tips do you have for surviving the crisis?
If you still have any questions about how to properly run conversion rate optimization or about digital marketing or you need any help in GA and GTM setup, just send us a message or schedule a free 30-minute call with us. We really want to help you.