Talk to any financial advisor about the reactionary investing and they’ll be happy to point out how it compromises long-term performance. Yet individual investors and pension fund managers continue to make the mistake of buying securities after they rise and selling them after they’ve already declined.
When it comes to marketing, advertising and digital infrastructure spends, businesses take a reactionary approach to these investments in much the same way. And as strange as it may seem, now is perhaps the best time to be thinking about investing in updating your website, building a more robust user interface for your customers, or engaging them with a new digital experience. Here’s why.
The #1 time for one-on-one
Everyone likes to feel like they’re the number-one client, and in today’s market environment, that’s exactly the type of business relationship you can expect. With a lighter workload among advertising agencies and experience design and strategy firms, your project moves right to the top. Whether you’re working with a global agency or a boutique design firm, you’ll benefit from expanded access to creative minds, the highest level of personalized attention, and highly motivated strategists eager to help you craft your vision and bring it to life.
Offers you can’t refuse
Most businesses outside of essential services and a few giant online retailers are struggling right now, but it doesn’t necessarily mean you should eliminate your marketing spend. Advertising agencies and experience design and strategy firms, many of which are fully staffed (a result of the Paycheck Protection Program), are eager to perform for you with greater contract flexibility. Additionally, all matter of media placement options are available at lower costs, for longer terms than before this current economic downturn. If you’re able to outlay even a portion of your intended marketing or research budget for the year, there’s no better time to engage than today.
With millions of people confined to their homes under virtual quarantine, digital device usage has skyrocketed. Everyone is online, looking for content, engaging experiences and just about anything to take their mind off a global pandemic. But what are they receiving from their favorite brands? A formulaic “We’re with you during COVID-19” message, over, and over, and over again. Not only can you reach a wider audience right now, you can also keep them actively engaged, in more ways, for longer periods of time. It’s the perfect time to conduct market research through online or telephone surveys, with minimal or even zero compensation. You can develop and test user experience prototypes with a more attentive audience. Or ideate and deploy creative campaigns on tighter timelines and realize higher-than-average, or even record-setting rates of conversion.
Advertising agencies and experience design and strategy firms should be taking advantage of the current market environment to get creative as well. Reach out to existing clients with ideas to help them engage with customers on an even tighter budget. If projects have been placed on hold, discuss a strategy for revisiting that work over a hypothetical timeline. It’s important to maintain relationships during this economic lull, even if you’re not actively pursuing a project. It’s also the perfect time to start strategizing longer term, opening up a discussion about how your clients could improve their user experiences if the budget was available, and outlining a few small steps you might take toward that path now.