In midst of the hype surrounding the global COVID-19 outbreak, the global economy is preparing itself to take the hit and survive the rough patch. Businesses all over the world, small and big scale alike are facing an economic rut.
Global stock market is unstable with big shifts occurring within weeks. Industries all over the world have suffered, travel industry in particular because of cancelled overseas trips and travel plans. With the emphasis on social distancing and isolation to prevent COVID-19, the streets are empty, and business doors are closed. The fear of a potential coronavirus infection has got people waiting for the pandemic to pass away peacefully without anymore losses. However, losses here are not only human lives, but the progress of global economy. At a time when we are looking at anything and anyone with the suspicion of being a carrier, customers are sticking to the bare minimum of consumables and restricting commercial purchases. Even with controlling measures, Coronavirus threatens to cripple global businesses and stagnate growth.
A pandemic outbreak is nothing less than an example of survival of the fittest and the one who adapts is the one who survives. The need of social distancing affects businesses that depend on direct marketing. Business meetings are getting increasingly cancelled because no one wants to risk their health by meeting other people personally. People are avoiding conferences and promotional events due to the advice against social gatherings. At times when people would rather shut themselves in boxes to save their lives, how do you sell anything?
It is here that ‘necessity is the mother of invention’ comes in handy. Business firms who previously relied on a massive human workforce or an extensive personal network of clients have to now reinvent and shift to the online market. During isolation, customers tend to spend more time online; either for virtual communication, expression or entertainment. It is through their screens that business firms should now market their products because the modern customer is all about ease of buying. Customers are reluctant to spend, so it is more important now to understand which services they are ready to invest in. It is important to revamp your website, and churn out engaging content on social pages that draw a large online audience. Interact with the virtual citizens more and work on visibility and reach of your website. If you were planning to take your business online since a long time, now is the time to act on it.
In the coming months, companies should develop a foolproof digital marketing strategy if they intend on surviving the economic slowdown. Adapting to the needs of its digital audience will help a company boost its sales. The companies who already have a strong digital footprint can tide through the low times. In the long run in this digital age, online marketing can act as an excellent tool to capture a company’s target customers.