We are all aware of the current situation of pandemic and how it is impacting businesses globally and will keep impacting in the near future as well.
But neither all have the similar take on this situation nor they have the same impact of this pandemic on their business.
Thus, its important to know all the aspects of impact that the COVID-19 has had on agencies and how they are coping with it.
Gridle Asks with Joon K Lee
Inquinix is a digital marketing agency based out of South Korea. They provide varied digital marketing services for businesses aspiring to enter the South Korean market and also for the companies based out of South Korea.
They are a 10 people team who specialize in social media marketing, social media advertising, PPC campaigns etc.
Here are some of the interesting insights from his session.
- Has working remotely impacted your team’s productivity and performance?
Team at Inquivix is used to working remotely. Most of the team has been working remotely and the rest have been working out of a co-working space.
Joon and his team has experienced that working remotely has actually increased the volume of the work that is being done.
Well, working remotely and having a virtual team has its own merits.
2. Have there been any changes in client behaviour?
They have lost a few clients and also at the same time have been successful in landing big enterprises as their new clients. Their previous work done on SEO is paying them off now in such a crucial time.
Joon makes an interesting point that the big firms have capital and reserves to spend on marketing vis-à-vis small firms who are forced to make only the required expenses on a limited budget.
Clients are definitely becoming more cautious on their budget and relooking at their work priorities. They are trying to avoid unnecessary spend in such times.
They are not taking the complete service package that they ideally would. Instead they are just looking for essential services that are needed to keep their work rolling.
3. Is there a change in the rates across the industry?
Rates are definitely changing. The cost of ad impressions are going down due to which it has become easier for companies to run ads but that is not actually resulting in conversions as the click through rates have gone down since people are busy dealing with COVID more and have less attention on buying things online.
The buying intent has actually reduced a lot compared to what it was before the pandemic started when even though the ad rates were high and the competition was more, still conversion was pretty good compared to what it is now.
4. What would you recommend other agency owners to focus on in these times?
Work on SEO and branding for agencies struggling with these times. Its crucial that people understand that working on a strong branding helps them win clients' trust.
With tied budgets and controlled spend, try exploring niche markets to get more clients instead of marketing everyone. Target focused market groups to get better results, as you are aiming on clients who will actually benefit from your offerings.
Interesting on how the learnings of a same situation can be different for everybody. What one must always remember is to never forget the learnings and keep working to strive for better growth.
Gridle is also doing its bit to help other agencies out there to make the most out of this situation. We have collaborated and gathered all the tools offering COVID special offerings in a single space making it easy for agencies to keep a watchful eye on.
“Happiness can be found even in the darkest of times, if one only remembers to turn on the light.”
Signing off until next time. Sayōnara!