The Dot Academy

How to survive this crisis as a retailer ?

Now that physical stores are closed, companies are forced to look critically at their existing business model and come up with innovative ideas to ensure monthly revenue streams. Now more than ever it is important to maximize the output of your online channels.

Here are our recommendations for those who want to switch in the short term: 

  1. Make sure your product range is easy to find anywhere.

    Google search is extremely important here. Buy the right keywords that reflect your entire product range. A useful tip is that your Google Ads account should reflect your website structure as good as possible. This way you can immediately spot any gaps. In addition, closely monitor the cost per click, because the demand for a number of goods will rise sharply, for example home workout gear. This increase in demand will be picked up by retailers, so you will soon have a lot of competition on such keywords that will drive cpc’s to the next level and can therefore have a rather negative effect on ROI. Also on Facebook and Instagram it is important that your product range is well represented. Make use of the Facebook Shop and Instagram Shop features. These allow you to tag products in posts and will make sure your fans find their way to your products. 

  2. Make sure you have good content that encourages engagement.

    People are online now more than ever. How are you relevant to your customers and do you let them engage with your posts and stories? Especially during these uncertain times, it is extremely important to remain relevant but also to be honest with customers. It’s a difficult period for everybody, but together as a community you can act stronger! So be careful with shallow and superficial commercial messages, but don’t be afraid to communicate with transparancy either.

    Your community is there to interact with them, ask questions, show how you as a company deal with the sharp measures and how you still try to be innovative in these times. Chances are that you will create a lot of goodwill with this, which will give you an even stronger fan base.

  3. Determine the right advertising strategy.

    On the one hand it is cheaper than ever to advertise at the moment – mainly because the potential inventory has increased enormously due to the increase in the number of people who are online. On the other hand however, paid advertisements can sometimes come across as a bit inappropriate. So make sure to respect point 2.

    Check where your ads are shown and where they are not. Try setting up ‘blacklists’, this way you might want to avoid news sites during this period. Also think about what channels your customers are currently on and what content they are looking for. During these times of lockdown, people are looking more for indoor activities. For example, we see a significant increase in demand for online workout videos. But also interest in healthy cooking and recipes grows substantially. So it might be an idea to set up Youtube advertising and target this kind of content, so you can already plant seeds with new potential customers.

  4. Set up A/B tests and learn which creatives, products, messages work best for your target audience.

    By testing different versions in relation to each other, you will quickly gain insight into which message is currently most appreciated by your target audience. Keep your finger on the pulse and make sure you adjust your strategy on a weekly basis in order to optimize ROI as well. 

  5. Monitor performances closely

    Last but not least: monitor performances on a daily basis ! In times of uncertainty and declining purchasing power, conversion rates can suddenly plummet, which will also have a negative impact on ROI. That is why it is even more important to take a brief look at this on a daily basis. If conversion remains stable and your traffic on the website remains engaged, you can continue with your online marketing strategy. 

This post is also available in: Dutch