RankHawn, conducted a survey on How COVID- 19 is impacting the Business. Professionals across various sectors including Education, Marketing, Technology, Software, Manufacturing, and other sectors participated in the Survey.
Professionals from around 13 sectors participated in the survey. Around 50 % of the participants were from Technology, Marketing, Finance, and Retail. 50% of the participants own or work for an organization with less than 10 Full-time members and 20% of the bigger organizations with more than 1000 employees.
The economy of the world is suffering from the pandemic and the organisations regardless of their size, are seeing budget cuts. They are slashing budgets on Marketing. Only a few companies are able to increase their marketing budgets so they can recapture the market.
But around 60% of the companies have seen cuts in their marketing budget.
The companies are slashing budgets on the various sections of marketing like Digital Marketing, offline marketing. Companies are not willing to spend on Paid Ads, Social Media Ads, SEO, Website maintenance, Affiliate Marketing, Branding, Content Marketing, Display Marketing, and overall budget marketing.
But despite the Budget cuts on Marketing, Companies are interested in planning and exciting new marketing methods and strategies. They want to try something innovative so that they can reaffirm their presence among their users.
Around 40% have tried new methods on their business and 30% are planning.
Most of the companies are waiting for the complete relaxations so that they can start functioning completely and make up the lost time and business.
But Few sectors also think that business normalcy wouldn’t return in any time soon. Businesses have to adapt to the changes that are happening and should focus on innovative and sustainable models in the future.
Since businesses are back in the game, they are analyzing where the money has to be best spent so that they can gain back their users. Many marketers think their brands and businesses must invest in Content Marketing, Social Media ads, cold calling, and other paid ads. They must also focus on branding since people relate to the brands that associate with their values.
Digital Marketing companies must focus on Social Media marketing for the companies and Content Marketing so the companies will find a smooth transition once they bounce back to the normalcy after the lockdown
Highlights of the Survey:
- Around 60% of the participants have reported that the Marketing Budget of their Brand/Client has been decreased drastically.
- Around 40% are going through Overall Budget Reduction and 40% have seen the reduction in paid ads spending and Offline Marketing.
- Around 41% of the participants are applying new methods to their Products/ services.
- Around 40% of the participants want their clients to invest in Content Marketing and Social Media ads to possess a strong position in the market.