Measures to reduce the negative economic impact through online presentation

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If so, or if you are only preparing for this situation, we have several tips on how and where to invest your money so that it achieves the desired results and the economic impact is minimised.

It is important to work more intelligently, reduce labour intensity and automate processes. Looking ahead and estimating how the situation will develop is not easy, but choosing the right activities can effectively reduce the pandemic’s economic impact on your business.

1. Choose the right communication channel

Identify your most profitable target group and find the most suitable communication channel. If you have a website with properly configured analytics tools, you can find this information easily.

Is social media or Google advertising the right channel for you?

If customers really search Google for your product or service using keywords, Google is the right channel. Advertising reaches customers who are already searching for what you offer. You can overtake competitors and achieve higher search positions.

If there is no real search demand for your product or service, social media is the place to invest. Which network should you choose? Almost everyone is on Facebook, so it is a safe choice. Instagram is suitable for a younger audience than Facebook, but it is important to use content that attracts attention and meets the platform’s visual standards. If your target group is significantly younger, TikTok may be the right platform.

There are many social networks, but your target group is not present on all of them. To avoid wasting money, think carefully about the choice. Remember that users pay only minimal attention to individual posts. The more precisely you define your target group and the more interesting the advertising, the more likely customers are to notice it.

2. Retain your customers and use remarketing

A returning customer is generally cheaper to retain than a new customer is to acquire. A returning customer has already gone through the lengthy process of learning about the brand, comparing it with competitors and making a purchase. Repeating this process with new customers requires considerable investment. If you already have customers, take care of them and offer something they want, might want or cannot resist.

Analytics from your campaigns or website is important here too. It can identify the channel from which a customer came, what they viewed, what they bought and what else interested them.

If someone searched for your product or service through Google, visited your website but did not buy or contact you, do not let them leave without another opportunity. With Google advertising, you can use banner remarketing to follow a potential customer with an attractive offer.

Facebook and other social networks also provide important data through statistics and analytics, enabling remarketing. If users clicked through to your website or interacted with a post, you can reach them again. If the decision-making process for a product or service is longer, you can choose how long ago users visited your site or interacted with a post.

3. Measure and optimise

If you do not measure, you cannot evaluate results or create improvements in relation to your investment. If you optimise your advertising, your marketing budget will be spent efficiently and produce results.

When evaluating and examining data, you can identify which channel achieves your goals and how effective it is. Once you find a successful strategy, continue using it in the following months. Correct execution will produce economic benefits and results. Thoughtful decisions prevent you from blindly investing in ineffective channels and advertisements; instead, you invest your budget deliberately.

If you need advice, our partner UPVISION will be happy to help. If you need advice specifically on accounting for online advertising costs, please contact us.