This all depends on your service/product and industry. We have insight into many different industries as we work with varied clients and I can tell you more than often it's good to continue advertising. If the data from this past month has taught us anything; its that everyone is stuck at home, online, surfing the internet. This is great news for your online advertising. Your reach is more now than ever. All your potential clients, and I mean all, are online searching, reading and viewing.
E-commerce businesses during corona are getting the best business. Why? Because people can't go out and spend, so they are online shopping. So if you have an ecommerce website you should continue and even increase your market presence. Next are webinars and training taken in quarantine, people are focusing on self development and learning something new during their time at home. So we see more and more signups for training and courses.
But we have a tip for other businesses as well: Do you think your service/product is not in high demand during this time? Well so does your competition. From what we have seen in the past months is that competition is slowly dropping out. This means for those that continue to advertise lower costs for higher returns. What you can do is focus on high performance campaigns and maybe pause lesser performing campaigns. In addition, with less competition you can also lower costs (cpc). These are just some of the adjustments we have been doing for our clients at Strangelove to counter the new situation we are all in.
To answer this question, I can share some insights we have obtained in the past month. When we look at our varied clients results we see different outcomes. Keep in mind that these results are after and due to the changes for advertising during corona we have made during our optimization.
High lead and high conversion campaigns are being searched less but per search are converting more (conversions are slightly less while conversion rates are higher). This means higher conversion on investment. For some of our clients with more unique or niche products we see search is dropping but so is competition. Therefore we kept a conservative approach with less budget and lower cpc. This way we are still in the market but not as aggressive. With competition dropping out during corona these clients are able to stay prominent in the market with lower investments.
To conclude, before making a decision take a look at how the market is around your service/product or how your ads have been getting response so far. It might be that instead of stopping advertising you should invest more on campaigns that are high return on investment. In the end that's what it's all about!