Businesses all around the world have been greatly impacted as the economy has taken a hit because of COVID-19. The sad reality is that the virus is spreading quickly and will continue to spread for a while.
No one actually knows how many people will be infected (or will pass away sadly), but it has caused the global stock markets to crash, which means as a business (or even a marketer), you will be affected.
Even if the virus slows down fast as the numbers have dropped in China, businesses are going to struggle for a while because they will have to recover slowly & steadily to make up for their losses.
We already have seen a behavioral shift, with people avoiding not only work, but restaurants, stores, and other public places where they might spend money. With customers staying indoors–and presumably, digital marketing may well be a brand’s best defense against coronavirus.
With lesser people traveling, promotional billboards and other types of off-screen marketing have become less visible. In response, brands should consider reducing any upcoming pop-ups, events, or off-line ads.
Has it Impacted Digital Market Conversions?
In this time of crisis, not just offline but the online market got hit badly. From a conversion rate standpoint, online marketers saw drops in web traffic for most industries as well. Even the financial sector, which had a big rise in web traffic, dropped in conversions.
But that’s not the same for the media industry. People are eager to know how’s the world doing and in the time lockdown that’s only possible through the use of electronic and digital media.
Marketing budgets are getting cuts. But a cut in marketing leads to a short term solution that is sure to have long term consequences. Maintaining visibility in your market at this moment is necessary for long term profitability and continued investment.
Work Smart to Retain your Existing Customer Base
Communication is the key to better customer relations. You need to keep in touch with your customers or you will risk losing them. It’s always cheaper to retain an existing customer than acquire a new customer. They may be spending less than their actual spending, but we need to figure out what they’re spending their money on. They don’t want to take risk of wasting a penny; they want to buy the right products from the companies they can rely on.
As a business, You have to build your brand awareness and get more visibility, which means driving visitors to your website to convert those visitors to sales. One of the best times to get found by potential clients is when they’re searching for what you’re selling and the time is now. This is where digital marketing companies come into action. They will design strategies that will help your business recover through digital channels.