Coronavirus has caused widespread health concerns and, according to the Federal Reserve, the entire global economy is at risk.
In times like these, brands must put safety first. This focus on safety should apply to your customers, employees, brand, and business. In volatile markets, those with foresight who act deliberately and cautiously will find a market advantage.
We answered these questions to help strategize your response to this growing outbreak before it’s too late. Should I rethink my marketing budget during this crisis? Be conservative and focus on profitability. Conversion rates are likely to suffer, and we don’t know how far the economic fallout will be. There’s never been a better time to shift from CPA or ROAS to profitability-based KPIs like First-Order Profit or Lifetime Value. Keep a pulse on how changes in consumer behavior shape historical LTV or repeat rates and don’t get ahead of yourself in case things shift out of your favor. Besides changing optimization methods, consider cutting spend where it’s least efficient. Think of the marginal cost and marginal return, not just average efficiency metrics. Is the last dollar spent driving