The world is living an unprecedented health crisis due to the Coronavirus. This is without a doubt something we have seen only happen in movies which is why it seems so surreal and shocking.
COVID-19 is creating an economic crash as well, surpassing the financial crisis of 1987 and the one in 2008, the Great Recession. It’s taking a hit on the Oil Industry, the Aviation Industry and even on the international trade, plus millions of small and medium businesses worldwide.
Everyone wants to survive this pandemic and of course, they want their businesses to survive too, we all need our livelihood:
“The next two weeks are going to see a very sharp increase in unemployment,” says Michael Hicks, an economist at Ball State University who calculates that 28 million jobs, or one in six U.S. workers, are at risk of layoffs.”-Time Magazine
Yes, we can choose to panic with all the information that continues to bomb us. But we can also choose to focus on using the tools we have today to weather this storm as best as possible. Our options present in today’s world reside mainly in the digital world.
We Have Digital Options
According to eMarketer, Coronavirus is shaking up business and consumer behavior on a massive scale. And eMarketer adds: “The spread of coronavirus is likely to boost digital media consumption across the board as people spend more time at home and communicate in person less.”
The internet, social media, eCommerce, online shopping, cellphones, laptops and of course online marketing are useful tools at this moment for several reasons, especially in relation to digital marketing:
“…Marketing budgets, allocated to industry events, are now transferred to online marketing in the wake of the Coronavirus outbreak… Strengthening your focus on web marketing will enable you to maintain normality in these crazy days and will give you a competitive edge over competitors who are slow to react.”-ClickZ
Since sponsored events are being canceled, developing content marketing is one good way to go in order to stay in touch with customers, subscribers, and users, as well as give them reasons to stay engaged. Content marketing meaning: “blog posts, editorial strategies, email, social media, SEO, and paid media” (NewsCred Insights).
Just like marketing budgets are being rearranged, digital businesses should keep in mind what is the smartest way to spend their budget and lean on their marketing abilities, options, and tools.
According to Search Engine Journal, if you’re yearly revenue is between $1 and $5 million in sales, you should be spending 7-8% of gross revenue on advertising and marketing, this is according to the U.S. Small Business Administration:
“…for every $100,000 in gross revenue, you should have at least $7,000 earmarked for advertising and marketing per year. It is critical that you maintain at least this level of marketing investment throughout the Coronavirus pandemic.”
Ad Age highlights that the economy needs marketers and marketing because it helps drive commerce and they give consumers reasons to spend in deals, products, and services, despite being locked down at home.
So How Can You Protect Your Business From The Coronavirus Crisis?
Here are 10 things you can do:
- You can consider using a digital marketing tool for advertising your business in a new way and explore new audiences. You now have the time to do the research on what tool is best for you and you can even arrange a demo so that you will get to know the tool before making a decision. A digital marketing tool will have big advantages like:
- It’s not in-person advertising so no one is at risk of getting sick.
- It’s measurable in terms of ROI, quality leads and allocated expense.
- It can be applied universally.
- You can make your business grow online increasing presence and sales.
- You can display your business to a wider audience since people are at home, and it’s proven that the use of social media will significantly increase during this time.
- You can take this time to adjust your marketing strategy making an audit to your Website content and analyzing messages and calls to actions.
- Monitor your SEO thoroughly and optimize it to curate your web traffic.
- As we mentioned above, consider a holistic approach to content marketing and think of the context of your customers.
- Re-think your creatives and brainstorm how to improve your engagement during the Coronavirus crisis, or what’s a plus you can offer your clients during this period.
- Enlist your available content and consider what other channels can you use to communicate with your customers.
- We don’t know how the Coronavirus will last, unfortunately, so start creating Webinars, it’s a great format for customers to learn about your product.
- Fix everything that needs fixing that you’ve been avoiding and polish your brand.
- Take a dive into your data and really get to know who your customer is.
- Nurture the relationship with your clients as best as you can through clear and relevant communication strategies.
If you focus your marketing endeavors towards digital marketing during these Coronavirus times it will give you a clear competitive advantage. Plus, it will allow you to keep running your business by strengthening your brand presence online.
Please check out these articles and sources for additional information: