Should you Cancel your Marketing Budget During COVID-19?

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With the onset of the pandemic-recession, marketing spend has seen a new low with Google and Facebook Ads. While layoff continues to rule, SMBs determine whether to cancel their marketing budget during COVID-19. The strategy may appear wise from a traditional perspective for many sectors, but it is also counterproductive to many businesses with long-term impact. 

Healthcare Marketing

Healthcare is a sector where you can’t defer your marketing plans at any cost. Healthcare companies invested in COVID-19 drug research and discovery need to have a strong marketing team that will manage public relations and various promotional campaigns to make new drugs and old easily accessible. It is not only COVID-19 that’s a concern now; other diseases, as usual, need as much focus. A cut in the marketing budget will undoubtedly be a fool’s move. 

Insurance Marketing

A conversation that begins with healthcare marketing naturally flows into Insurance marketing. If insurance companies decide not to promote their offers thinking of low returns during the pandemic, it would be a poor decision. In fact, people who didn’t believe in insurance or have no savings to cover for the expensive pandemic treatment or related complications, to cover for their unemployment and other emergency expenses, are now looking to invest in insurance.

Recruitment Marketing 

With a surge in the unemployment rate globally, now is the time for businesses to consider recruitment marketing. A well-thought-out recruitment marketing plan can help businesses attract and hire the best available talent in the market. Not only this marketing strategy will inform potential candidates of the vacant position, but it also helps in brand marketing, establishing a trust in the market for being the organization that cares. 

EdTech Marketing

If your business is in the edtech industry, do not cancel your marketing budget in promoting your offers. While the market is challenging, it is also a potent phase to rethink one’s career objectives and, therefore, upgrade, upskill, and learn something new. The marketing department should craft compelling campaigns that genuinely mean to add value to its consumers. India’s edtech industry is already saturated, so businesses have to base all communication on trust and transparency.

SaaS Marketing

Many B2B (business-to-business) companies are worried about the prospect of making a substantial investment in their SaaS marketing. Research says it would be an unfavorable move for a business to stall its marketing plans. With new adoptions in technology to facilitate remote work and expedited output to meet production demand, companies are looking forward to innovative cloud-based solutions. In fact, influencing businesses to try out effective and affordable solutions is easier than before as companies focus on optimizing manufacturing costs.

Research & Development Marketing

Research & development (R&D) is indispensable for any sector. With the pandemic, businesses that provide R&D services and market research are now in high demand. Whether in the pharmaceutical, oil & gas, hardware manufacturing, or technology, businesses that offer research and development consulting must not hesitate to leverage the current times by offering value needed for meaningful development during the pandemic. Small, medium, and large enterprises are now looking for expert advice to build on data for informed undertakings.

Conclusion

Professionals in charge of marketing in any one of the above industries must focus on the current opportunity to add value to their community and consumers. Investing in marketing during the pandemic need not be a luxurious budget as outdoor marketing is affected. The best way out is to think of a robust digital marketing strategy for which a marketing budget during COVID-19 is a no-brainer. Reach out to companies through disruptive email marketing campaigns, content marketing, PR, and social media outreach.


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