The Coronavirus pandemic has caught people and businesses by surprise, like we’ve addressed in previous publications, marketers have reacted to the circumstances indifferent manners.
In this piece we are going to look at CPC (cost per click) as a key indicator of the situation from a digital marketing standpoint.
The rise and fall in CPC has gone hand in hand with the how COVID-19 has spread and impacted different regions. According to data gathered by Social Bakers, average CPC across industries and platforms has dropped by 38%.
Let’s take a closer look on how the figures have changed since December until March in Europe and North America.
The cost to advertise is now much lower for most industries, especially on Facebook. Looking at specific industries during the same period of time (Dec 19 to March 20), we can observe that for example Accommodation has decreased by 30.5% and Services has decreased by 34.4%. The following graphic portrays data for Accommodation, E-commerce, Retail, Services and Finance.
What does this information translate into? The fact that CPC is lower than it usually is —in great measure because many businesses have tightened their budgets— leaves opportunity for brands to reach a wider audience than they normally would.
As marketeers ourselves we understand the insecurities the COVID-19 crisis arises. However, marketing is all about understanding the market’s fluctuations and adapting to them while finding a way to offer value to the audience. Empathising with your target audience strengthens the communication channel with them leading to meaningful connections and ultimately customer loyalty.
If you believe this could be a good opportunity for your business don’t hesitate to say email@example.com, we’ll be happy to answer your inquiries.