By Video Marketing Strategy, Business continuity
A fairly part of marketing B2B budget was invested in events attendance in the past few years. All the physical events are closed due to the COVID-19 potential impact. In this situation, let's see together how you can spend this budget in the most meaningful way, the one from which you can still see ROI and qualified leads.
Most of the companies decided that the best approach that they can have is to cut their marketing budgets. This approach was applied in 2008 and 2012 crises, and, unfortunately, many business owners or marketing managers didn't take the lesson from those crises. You can change that now.
Huge amounts of money are already lost
In February alone, concerns about the COVID-19 led to a 500% cancellation and postponements of significant events. The situation applies as well for March, and the finish line of this mass surge of cancellation is unknown at this moment. Experts estimate that the total cost of cancelations will be billions of dollars.
To have an example, Mobile World Congress (MWC) 2020, the world's largest cellular trade fair, was canceled at the last moment. As a result, months of preparation and tens of thousands of dollars were drained without any results.
In the situation in which the one on one meetings are postponed or even canceled for good, the need for refocus and changing the strategy it’s not a choice. It is a matter of surviving. So, how rapidly you act can profoundly impact your business.
B2B Budget Status quo in recent years
According to the research conducted in 2018 by the Center for Exhibition Industry Research, B2B marketers who participate in industry events invested nearly 40% of their budgets to exhibitions and industry shows. In comparison, only 8% were spent on online marketing, so doing the math - almost five times less.
Even if only a small fraction of the events' budgets are shifting to online marketing, it will translate into a massive growth in digital marketing.
Why is Online Marketing a Solution for your B2B Company?
Besides the fact that using digital tools like Zoom, Hangouts, Skype, and many other paid or free marketing tools don't require social interaction, digital marketing has another important advantage - it is measurable. Because of that, marketers can quite quickly obtain a good picture of their spending return on investment (ROI), and of which activities generate the highest number of quality leads and at what expense.
Review your Marketing Strategy Now
If it's something that I would like you to take from this article is that the time for the first move was yesterday. So, don't waste too much on planning these days, just act, see some feedback, and act again.
The most impactful action that you can take right now is to turn to video as soon and as much as possible. In the end, this is a good strategy at regular times. In times of crisis is even more useful and brings you the results that you are waiting for.
Strengthening your focus on digital marketing will enable you to maintain normality in these crazy days. It will give you a competitive edge over your competitors who prefer to freeze and react. Choose to act, and you'll have a competitive advantage.
Focus on Solutions and Grow from this Crisis
This whole crisis will end soon. What's essential in the end is what lessons we take and how this challenging situation made us stronger. And, maybe more critical, more prepared for a future crisis, that no matter in which form, it will appear.
To help you to pass this situation and to grow your pipeline under challenging times, the NNC team is hosting a series of webinars that are centered on finding solutions. Join us in this series of webinars and let us help you in this challenging situation.
