During COVID, many businesses have either lost clients or customers are struggling financially. There is a solution. COVID has also turned the tide in our favor by making paid ads cheaper. Consider giving away what you can for free or include discounts.
Paid ads have never been cheaper
Right now the trend is that paid ads on Facebook, Google and everywhere else are becoming cheaper. People are spending more of their time inside and because of that there’s no real money being spent outside. All ad networks work with auction and the big businesses pay a premium because thousands of small businesses drive up the cost per click.
Get this: small businesses aren’t advertising that much any longer. And when there aren’t many businesses bidding for these spots, that drives down the cost of ads and there’s less competition and a lot of unsold inventory.
People are watching so much Netflix that they had to lower the quality of video streaming to keep up with the demand.
There’s traffic but few advertisers or conversions. Since there are only a few advertisers on the web at the moment the advertising dollars are easy to come by. According to Systeme.io, the more you help people, the more money you make like Alex Becker.
So paid ads are also producing better ROI for online businesses.
Conversions are lower, but no sweat
Not all of this is good news. For many industries like airlines and travel and the hospitality industry the conversion rates are down but for others the conversion rates are high.
How? Here are eCommerce marketing tips that can help. Specifically, if it’s an online store, offer payment through services that split the payment into multiple parts. So instead of one gigantic $1000, they pay $100 per month for 10 months. Record a video that explains this to customers and promote the offer through Facebook and other channels. You can also make a QR code to promote your business.
These plans reduce the immediate financial budget required to weather the blow. You can bottom out the payment along several months. That’s how the entire mortgage industry works. Announce the new package through a well-designed email that forces them to pay attention.
A good percentage will rather opt for the month to month plan. This boosts conversion rates. Win-win?
Coronavirus is definitely a unique situation. To be honest, it feels like one of the biggest curveballs there can be for businesses.
For businesses selling hand sanitizers, the world’s an oyster. For everyone else, not so much. But a little creativity can go a long way in helping you sell the products.
Think of how creatively you can make a connection between the product and how customers can use it to their advantage during this period. For instance, Semrush recently extended their trial period for the tool to 30 days. Or offer coupons or give them the first month free like Blubrry does.
It is particularly easy for eCommerce companies who can tie these pain points into their offerings. Think of coupling or including sanitizers for free. Or a special tag that mentions not made in China. Or offering cashbacks on purchases. Social distancing is rampant in malls and cinemas and that’s how online fashion retailers can outdo themselves. Fashion didn’t pick up online because people feel a need to wear the cloth for themselves. Not being able to test-drive clothes is a huge selling point for online fashion retailers at the moment. Take that front and center.
In this period find out what questions people are asking through Answerthepublic and tailor products and services to that.
Use special offers and advertise them
For instance, AMEX recently came up with the spend $50 with local businesses to get $50 credited to your account. “We’re in this together”, said the message. It was a slogan that acknowledged that all of us are in this together. There needs to be a way to help customers and share insights with the community. They advertised this through ads and through blogs.
You can also choose to dedicate time to charity and these should be told via social media channels and blogs. With offers that help customers through this difficult time you might want to consider payment plans that split one time payment into several months. Neil Patel did the same for his business and saw 20% of his customers opting for the payment subscriptions. You could run ads to build your email list and then email them these special offers.
You should also know if this is going to be financially alright for your business. If it is, go ahead with the plan.
What do you think of our tips and tricks?