Prior to this now very real crisis Customer acquisition cost for most businesses was going one way, and that was up.
Today, CPA's and CPC's are dropping through the floor like bricks in a swimming pool as brands pause, or cancel digital intrusions that we never really looked at anyway - it seems the ad ecosystem is also starting to collapse.
I have no doubt that for certain highly crisis driven relevant sectors conversions are booming, but not for those online behemoths selling discretionary items.
When this crisis hit none of us could have known the speed and fragility at which it's affected humans and economies around the globe. What previously took governments months and years to consider is now being agreed and implemented in a matter of hours and days.
As we all focus on continuing to be able to put food on the table and look after our families we're also mentally and fiscally trying to prepare for more than 2 weeks in lockdown.
In my world of business the physical retail sector was already in turmoil, and those pure play brands in eCommerce thought this was their golden time in retail history.
eCommerce pure play retailers in what might be classed as 'discretionary spend' sectors are already looking to see what survival might look like post Covid-19. And just like the rest of us they are most definitely not 'immune' (pun intended) from the economic vagaries that's taking place. There are warehouses of stock that cannot be shipped because people are mandatory required to stay at home, the downstream supply chain is on hold because we're mandatory advised to stay at home and consumers are thinking about survival, not that new spring dress or shirt.
This crisis is asking for all business leaders to 'lead' like never before. Employees, suppliers and customers alike are all looking for some degree of consistent communication in the same way people in countries everywhere wait with baited breath for the daily televised updates from our elected leaders.
The communication doesn't need to be dressed up like a January Sale window, it needs to be truthful, authentic, and consistent.
What do we get........
Emails from companies who we hadn't heard from for years suddenly clogging up our inbox to let us know 'how important we are in this time of crisis' - WTF!
The time for leaders to reset the way we think about doing business is today a major and immediate imperative.
With repeated headlines around household name of on/offline retailers in distress we don't seem to be hearing much from the leaders of these companies other than telling us that they're closing. Well no shit Sherlock, we got that one from Boris.
Apart from a few really great leaders I've noticed the majority (CMO's in particular) seem to be particularly absent on the 'free to use' social platforms everyone (including employees and suppliers) around the world are now accessing at a much greater rate than ever before.
"If ever there was a better time for companies to think about using social media as an enterprise wide 'strategic opportunity' including upskilling the workforce for employee advocacy training I don’t know what is"?
If you're in retail in any sector no amount of quantitative easing is going to get customers back to the high street or shopping mall, in particular when the overriding message from government and health officials is to create a mood of physical social isolation that 'could' last for 3-4 months (possibly longer) at the very least.
Had your leadership team looked at one of the other global changes in human behaviour maybe they would be able to ride out this commercial storm better than most.
They didn't, and now you and them are sat at home trying to do their job but without your companies ability to continue to remain front of mind with huge spend on advertising - so how's that going to build confidence that you're all going to come out the other side with a company to work for?
I can help, drop me a DM and let's set up a call TODAY!
Even Amazon has taken drastic steps to address the outbreak. While the e-commerce giant earlier this week said it is hiring some 100,000 new workers to beef up its warehouse and delivery operations, it also took the unusual step of suspending the intake of most products from U.S. and European Union Marketplace sellers into its fulfillment centers as it prioritizes household staples, medical supplies and other high-demand products.