Corona-virus disease (COVID-19) is a new virus that has created a global health crisis and expects the economic impact of this will be very severe across the world including India.
In October 2019, WARC’s (World Advertising Research Center) Global Advertising Trends report on product category ad investment forecast to grow 6% to $656 billion in 2020. And India’s ad spends forecast to grow at 10.7% in 2020.
Due to this economic crisis, big organization’s first step is to cut down their Marketing budget and other expenses to overcome this situation.
Digital Marketing in 2020:
The marketing budget of every organization is expected to cut down 50% or even 70% on the product category ad in 2020. We need at least two months to get an exact figure on the Marketing budget in this situation. Still, some of the product categories like video communication tools, Project Management tools, and Work Collaboration tools use this situation to get more leads by spending more on the Ads.
For Digital Marketers, it is time to prove their skills through SEO strategy.
SEO is the heart of every organization to get traffic and leads organically through SEO practice. SEO is the long-term process and provides long-term results of the Organization with low Marketing spending or even ZERO spendings. In this economic situation, every organization will work on the best SEO strategies. So organic competition is expected to be higher than before.
As the coronavirus outbreak, Google announced the $340 million in Google Ads credits to help Small and Medium Businesses. These Google Ads credits available to all SMBs with active accounts over the past year. The eligible account will receive the credit notifications that will appear in their Google Ads accounts. Users can use this ad credit at any point until the end of 2020 across any of the Google advertising platforms.
We need to wait for another two months to get an exact figure on the economic impact and the organization will decide the Marketing Budget based on the upcoming economic crisis. Until that, organizations need to plan for a strong SEO strategy and Digital marketers will focus on upgrading their knowledge in Digital Marketing.