Global Impact of Covid-19: B2B Marketers Reinvest In Digital, Amidst Canceled Industry Events!

The grim reality enforced by CORONA is now the hard truth. Industries shut-down, events called-off, educational institutions are indefinitely closed, major sporting events canceled, recreation centers ghastly empty, movie business on the downhill, and much more. Unfortunately, the world of B2B Marketing is on the same route too. A recent poll of over 200 B2B Marketers, revealed the drastic effect of Coronavirus on the marketers’ budget plans, due to the cancellation of trade shows.

The result which featured on Marketing Charts showed a new approach to reinvesting budget by the industrial marketers, post the decline of one of the prominent existing B2B marketing channels, i.e., the trade shows.

There’s no denying that COVID-19 is having an (unfortunate) impact on the world economy. The question which arises is, should it stop the companies from going ahead with their marketing plans? This period of adjustment, however, does not necessarily indicate that all the work needs to come to a halt. 

Improvise. Adapt. Overcome. 

Information is still needed, solutions still need to be provided, and support is all the more critical now, branding, selling, shaping of the curve still hold value. The key operatives are bound to change amidst this chaos, but this should not deter us from our (usual) course of action. The path has changed, but the goal remains the same, i.e., Solution. All the more relevant and useful for our clients.

The current situation has forced some companies to put their foot down in terms of work. But, this only reeks of the gaps existing in their usual marketing plans. What we need now is a better and efficient way to communicate with our clients. The scenario dictates new strategies and optimum delivery modes, as, virtual events, video conferencing, podcasts, webinars, interactive content, recorded video, live streaming, and other forms of online engagement. Marketers need to review their social media marketing messages and advertising plans in times of CORONA. They need to tread carefully in terms of content delivered and content required (by the customers), with the aforementioned disaster at the crux.

But, HOW?

• Stay in close contact with your customers – Learn better ways to support them, anticipate changes, and offer resources.
• Make sure your brand’s digital channels are up-to-date, including website, blog, social network profiles, and Google’s My Business listings.
• Commit to video – Video marketing messages are proving to be more responsive as compared to others. Also, the live video assist on LinkedIn is a great way to boost your brand.
• Optimize your digital channels: Refresh SEO, social, online advertising, and influencer efforts. Identify what is working and reallocate resources and budget as appropriate.
• Reinforce efforts and communications to support community, employees, and customers affected, through the supply of resources, technology, or expertise.

Being responsible for the health and safety of employees, customers, and communities should be the top priority now. At the same time, we need to understand that even though the flow of information is bound to slow or change, it should, at no cost, stop. The job of providing information in a seamless and hassle-free manner still needs to be done. However, a bit more differently.

Even though 42% of marketers, as per IEE GlobalSpec, are reinvesting their trade show budget into digital advertising and content creation, not all is lost. As compared to businesses opting against reinvestment, an agile, and a tactical shift in communication channel will keep the opportunity open at the top of the funnel for these businesses to continue connecting with customers and pursuing sales. Marketers choosing to reinvest can make use of our digital marketing strategy guide. All these changes in marketing budgets mean that now is the time to define your digital opportunity, set your strategy, and take action to implement your plan.

We at Lake B2B can help you achieve all of this (if you let us).