If you are reading this blog and are surely not living under a rock, then you definitely know about the Coronavirus outbreak all over the world which is claiming lives every day. And you are amongst the millions of people who are worried about its effect on the business and economy all over the world. The current situation is threatening for an economic meltdown which will be affecting near about every industry around the world. When the travel and living industry is already taking the heat, none of us are really far behind. Consumer behavior and the trend of conversion have changed rapidly all over the world.
Apart from media, healthcare, and pharmacy, all other industries are experiencing a remarkable drop in traffic and conversion. And it is an extremely uncertain situation which doesn’t show any proof of getting better anytime soon. As most of the countries are locked down around the world, it has completely stalled the businesses too. In a situation like this, if you are worried, then you need to know the following facts.
The Struggle of the Businesses
According to experts, even if the virus stops running and making havoc, the businesses are going to struggle for at least one year. Because of the virus, the retail sales in China dropped 20.5% and the spike in the rate of unemployment is around 6.2 till February. The travel industry around the world is going to face a loss of $820 billion. In respect of the global economy, COVID 19 is going to cause a loss of $2.7 trillion at least. When companies like Apple has shut down, it is surely going to affect sales and revenue. And unlike Apple or biggies like them, startups might not have the bank balance or backup to support themselves and the employees.
Dip in Organic Traffic
Travel, advertising, agriculture, education, manufacturing, real estate, retail, software, technology, and transportation have experienced massive fall in organic traffic. When insurance, healthcare, medicine, and media are getting more traffic, ecommerce is a mixed bag. The sale is dependent on what they are selling. Needless to say, this will have an immense effect on conversions too.
So, as can see, the current reality is really bleak, it is obvious that your marketing strategy will need complete renewal from what you have been doing and how the customer requirements are going to alter in the future. So, as a marketer, you have to keep in mind the following points.
Don’t Exploit the Situation
This is a big no for you if you are going to retain the existing consumer base of yours. Make sure that you are not boosting sale or making any new strategy keeping the situation in mind which, eventually, is going to look so on-your-face that it will make your consumers question your business ethics. A move like this is short-sighted. In a situation of a pandemic outbreak, it is obvious that there will be a crisis in the market. Don’t exploit that for your own short term benefits.
Don’t Stall Your Marketing
Just because your business is stalled due to lockdown, it doesn’t mean that you have to stop your marketing. During this time, you can refrain from paid marketing endeavors. But organic strategies should be at the place. Instead of pushing sales, spread awareness, share relevant information and ensure the community you are targeting is getting your message positively. Take care of your social responsibility as it comes.
Keep Working on the Future Strategy
Let’s face it, at some point, things are going to get better. Sooner or later, the world will come back to the right place and you will have to work for your brand again. And that will be almost starting from scratch which will require you to go fierce in your strategy and planning as the competition all over the world is going to be extremely tough, irrespective of all industries. So, keeping that future in mind, work on your strategies from now on and find out how well you can serve your consumers.
So, now as you know what this crisis of COVID 19 means for you as a marketer, don’t lose hope and don’t waste your time. Buckle up and get ready for the bigger battle that lies ahead.
6,894 total views, 2 views today