As industries adjust to the new norms imposed by the spread of COVID-19, businesses are taking a massive economic hit.
For marketers, there is now a challenge to reduce spending while still being able to engage consumers and customers who are unable to leave their homes.
How bad is the situation and what can businesses do to adapt and eventually recover?
Experts are forecasting the global economy will lose trillions of dollars due to the outbreak.
As more establishments, both small and large, close up shop for months on end, there’s going to be more and more lost income. With these losses, lay-offs will follow and then eventually business dissolution. We’re already seeing a lot of this taking place in different countries across the world.
Some businesses may be able to survive for a month or two, depending on the cash reserves they have available. However, most will have been caught by surprise and will be unable to negotiate this turbulent time as prepared as they could have been.;
In terms of Search Engine Optimisation (SEO) traffic and conversions, whether it’s in Australia or elsewhere, things have understandably taken a downturn. Advertising, travel, construction and manufacturing are other industries that have declined.
However, some have experienced a boost, such as media, finance and food. This makes sense as people right now are looking for ways to:
- Be more informed about current events and new developments around COVID-19
- Pass the time at home through movies and other forms of media entertainment
- Secure their finances
- Ensure sufficient food supply
Adapting to the circumstances
While many businesses can barely afford to go on, some businesses can further innovate and differentiate themselves from the competition.
No, the idea isn’t to take advantage of the situation. Rather, it’s using the current obstacles to spur innovative thinking.
For instance, think about how your brand loyalty advertising can adapt to the current environment.
If you’re a business that sells cooking equipment, sharing easy-to-do recipes at home can be a great way to help people sustain themselves.
If you’re in the business of selling materials related to arts and crafts, you could demonstrate a new way to use common household items in order to make them into DIY face masks or personal protective equipment.
The key is to continuously engage existing users and attract potential customers by demonstrating new ways of interacting with your brand or using your products.
Another idea is to think of how your brand can support those who are directly affected by COVID-19.
As an example, you could facilitate free food deliveries for health workers and other frontliners who are still showing up to work despite the outbreak. Or introduce special grocery shopping hours and rules for the elderly and disabled.
These are just some ideas to help you get started.
While things do look bleak, there is some opportunity to rise above the challenges, no matter how insurmountable they may seem. Marketers and businesses should take this to heart and adapt the necessary strategies.