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04 June 2020
COVID -19 handbook for social media managers to overcome the crisis and succeed
As the Novel Coronavirus is taking its deadly toll on lives and economies all over the globe, it has a deep impact on our everyday lives. And nowadays our everyday life is dependent on social networking in many manners. Many businesses are running on social networking sites and it always been a productive platform for advertisement.
We were all adjusting our life during the pandemic, by working from home, homeschooling, in between all these when we were doing our office informal shirt and casual Pyjama, the data shows that there is a high surge in social media usage. But as the courier service had been forbidden it had directly impacted the selling of products from social media. Business on social media might have seen peaks and valleys in their sell but during the pandemic, the selling number went to zero, which is discouraging for a business.
The advertisement industry also went through the same distress. None of the organizations chose to advertise. For the first month of pandemic there were zero advertisements by many giant clients, but as time passes and industries introduced new materials, and by the amendment of policies and initiatives by authorities that liberalize the flow of goods in the country, companies started advertising.
Companies are facing one more problem that is targeting the audience. Customers who chose to buy the product in the first month of pandemic and could not order and now switching to a substitute product by another seller. Overall, the report reveals the key changes in paid advertising around the world, which have created certain opportunities and do provide some optimism when looking at regions that have started to contain the spread of the virus.
On one side, the audience size of the top 50 biggest brands on Instagram grew even bigger, and there was an increased reliance on organic content because of the overall decrease in ad spend. However, brands that we're able to spend money on campaigns saw increased results.
Another result of the pandemic was the increased amount of time people spent online, which created opportunities for brands to increase their reach or engagement.
Many businesses are fighting to survive, and marketing will be an essential part of their recovery. We have already provided a series of marketing tips that will help many firms better weather the Coronavirus crisis.
As countries implement necessary quarantines and social distancing practices to contain the pandemic, the International Monetary Fund projects global growth in 2020 will fall to minus-3percent. Many businesses are reevaluating their marketing and media spends and have refocused their advertising, marketing, and promotional efforts in an attempt to generate a sustained stream of consumer interest and spending while maintaining sufficient returns on media spends.
This crisis has driven down social media advertising rates all over the globe. Further, it has also led to a decline in engagement with campaigns, according to recent research from Social Bakers.
The report was based on SMM advertising data from 18 industries and five regions worldwide, with the most recent insights pulled on March 15, 2020. The researchers looked at trends in cost per click (CPC), ad spend, click-through rate (CTR), and other key metrics (see the full methodology and analysis here).
This has led many brands to cut their marketing budgets, resulting in less competition for social media advertising inventory and lower costs, the researchers found.
For brands across the 18 industries examined, average global CPM (cost per mille/thousand) in mid-March was $0.81, down by more than half compared with its high in late November 2019 ($1.88).
The situation with the coronavirus is changing daily. The impact is also likely to vary in different countries and regions. It’s therefore essential to stay as informed as possible. Businesses need to pay close attention not only to the reality of what’s happening but to how their customers are reacting. People don’t always behave rationally when they’re frightened. So, many of the tips stated may remain valid well after the actual danger passes. You may find that many customers remain extra cautious about going out, shopping, and attending public events well into the future.
Fortunately, there are now many tools and technologies to reach customers that don’t require them to physically enter your place of business. This is going to the trend that takes us to success.
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