5 Ways to Monetize Your Content Strategy During COVID-19 (For Good)

The devastating COVID-19 crisis has spawned uncertainty for businesses in its wake. Entrepreneurs the world over are feeling the impact the pandemic is having on their business right NOW and they are making hard decisions for the future. They also see the blaring gaps when it comes to their digital transformation. 

I’ve talked with several business owners and clients about their marketing departments and where they should be concentrating their efforts. Unfortunately, marketing is usually always the first department that gets blamed for everything in an organization when something goes wrong or the first to experience budget cuts. 

This definitely holds true in this uncertain economic environment, but I implore you to digest and really evaluate what I am about to say; right now you should be focused on optimizing your content strategy to improve customer loyalty. The reality is companies are slashing ad spend left and right and putting their marketing campaigns on hold. 

A recent study from Socialbakers takes a look at how COVID-19 is influencing the social media marketing landscape. Here we can see the direct impact these changes are having on brands across regions. They have been posting fewer pieces of paid content, not all are related to COVID-19 of course, but as this trend develops it’s becoming evident that it’s likely attributed to budget cuts. 

In contrast, this has also driven Cost-Per-Click down. You may gain a competitive advantage here, but organic content is where it’s at...Consequently, brands are creating organic posts and this is likely to increase as businesses look for more affordable alternatives to interact with their audiences. 

1. You should be producing more organic content in the wake of COVID-19 

SO this really is the time you SHOULD be producing more organic content and evaluating your strategy altogether! 

Think about it, a successful social media strategy is one that has a balance of an organic and paid approach. Right now we are living in the largest home office/remote working experiment the world has ever seen. Due to quarantine, everyone is spending more time online and on social media which means a higher possibility of user engagement. What we’re experiencing as a society is unprecedented in our lifetime, and it also provides a unique opportunity to capture audience attention. 

Content is king. At the end of the day, it’s all about increasing the bottom-line. Every like, share, comment, retweet on your status updates, photos, videos, etc. means another opportunity for website conversion. Building a loyal, engaged following improves your ability to drive sales. 

2. Revamp your content strategy today, not next month, not next week

If you don’t see the importance of your business embracing digital transformation, you’re likely not going to be around in the future. Tough shit to hear, I know, but this is the time you should be taking a hard look at your business. The truth is digital channels are where your customers are and failing to engage with them leaves money on the table. 

This cartoon from my buddy Tom Fishburne absolutely nails it. 

Right now you should be investing in your organic content strategy, working on thought leadership, and building your presence like never before. If you're a freelancer, the same holds true. If you’re a budding entrepreneur that wants to start an extra side hustle to bring in another paycheck, the time is now. If you're a CEO that has a ton of industry insight and can provide a lot of valuable information, do it. You have nothing to lose. 

3. Perfection is the enemy of momentum

You’re stuck at home anyway, so why not work on those ideas and create free content that can build brand awareness and help other people? Don’t get stuck trying to perfect every little thing, every minute you spend perfection something is a real opportunity cost. 

I absolutely love how my boy Gary Vaynerchuck from VaynerMedia post reflects this, 

“Too many people get caught up in semantics: Let's call it what it is - it's not about "personal branding" or "social media", it's about the fact that before you can do anything you want to accomplish you need to get somebody's attention. Whether you're trying to get a job, build a business, run for mayor, or anything - just so happens that attention mainly sits on a handful of social platforms right now, and making content is a requirement for staying relevant!”

4. Start learning about your audience

To craft meaningful content that will truly resonate with your audience, you have to know who they are and what content they interact with. Start analyzing your audience and look at the data to see how their behavior has changed over time on social media. Take a look into what they are engaging with and reverse engineer from that. What’s more, you should also be looking at how your competitors are performing, what they are posting, as well as influencers your audience cares about. 

The more knowledge you have about what works well with your audience, the better content you will create and the more following and engagement you will garner. Here’s a great worksheet from HootSuite that shows you how to research social media audiences. 

As we face challenging times such as these, it’s important that we get to know our customers. Each piece of content should be created with the buyer journey in mind - and ultimately provide value. 

5. Monetize this situation by improving customer loyalty 

With more and more people spending time on social media, customers are consuming content from their favorite brands. It would be a smart move to continue your social media and top of funnel efforts instead of killing them. To really stand out, it’s important that you stay top of mind for your customers by keeping relevant. 

How do you do that? You should be cognizant of the type of communication that your brand is pumping out. Should you be participating in the conversation happening around the Coronavirus pandemic? The answer is yes, but your content should be geared towards addressing their concerns that somehow relate to your brand. 

When it comes to communicating with your audience during a time of crisis, there are some questions your marketing team should ask. First, is there a way that you can monetize the current scenario? That doesn’t sound altruistic at all because you’re probably thinking, that sounds horrible! BUT that’s not all what I meant. I’m not talking about taking advantage of stealthy marketing tactics for the sheer profitability of your company. 

What I mean is, this is the time that you should be focused on growing customer loyalty. No matter what industry you’re in or what part of the world your business resides, you can find a way to help people in your community or beyond. Perhaps you could provide discounts, Refer A Friend (RAF) programs, free features or extended services, etc. This is the best time to be focused on giving back, building trust, and focusing on your long-term game plan. 

Did you know that the cost of retaining customers is significantly cheaper than acquiring new ones? Even a 5% improvement in customer retention can increase profits by 25% - 95%. Keep in mind that your loyal customers can grow your business much faster than any marketing or sales efforts. 

The Takeaway 

Eventually, after the business world goes back to normal, the brands that went MIA will experience that from their customers too. The companies that took the opposite approach by building better content marketing strategies, strengthened existing customer relationships, nurtured weak links, and spent the time to craft meaningful communication will reap the benefits in time. 

When it comes to creating content, think about how you can focus on building customer loyalty, show the steps you are taking to improve employee safety, and offer words of positivity or take a humorous approach in this uncertain time. You want to show you are here for them and they can depend on you. Remember that as people feel increasingly isolated, they are turning to the digital world and social media to feel connected, keep informed, and entertained. Keep feeding the content machine with organic content to stay relevant in the feeds of your community. Now, more than ever, you should be embracing this digital transformation because it’s only going to accelerate from here. 

Have you adjusted your digital marketing strategy? I’d love to hear your thoughts in the comment section! Want to get in touch? Reach out to me for content help. 

Alexandria McCulloch is the Founder and CEO of Alecci Media. She is a PHOENIX-based Content Strategist with a history of international experience working with the Global Fortune 500, startups, and high-growth companies from NYC, LA, Prague to Singapore. Alecci Media offers services across a wide range of marketing efforts: blogs, thought leadership, PR, video production, campaigns, social media marketing, rebranding, and other website services.