Marketing in the Age of Pandemic

Economic activities were forecast to grow steadily, especially with new emerging markets and evolving industries. However, daily commerce's regular flow came to a standstill when the COVID-19 pandemic spread across the globe.

As of August 31, 2020, the novel coronavirus has affected 213 countries with a reported total of about 25 million cases. Severe health and mortality concerns prompted world leaders to implement quarantine measures to impede the disease's proliferation.

With quarantine protocols in effect, the virus has sent the world into a new recession worse than the Global Financial Crisis (GFC) of 2008, precipitated by financial deregulation. The GFC was deemed as one of the worst economic disasters in the world. Adding to history's recorded economic catastrophes is the COVID-19 pandemic.

The International Monetary Fund reported a global economic decline of 2.6 percent during the GFC. However, their most recent World Economic Outlook Update expects the global economy to fall by 3.2 percent because of the pandemic. This figure is the largest decline they have recorded.

Quarantine measures such as travel restrictions and physical distancing have limited various establishments' operations while others were prompted to halt activities until further notice.

Most companies that provide essential products and services remain active as these commodities are deemed necessary for daily living.

However, tourism, entertainment, amusement parks, and other sectors that heavily rely on consumers' live participation are among the primarily impacted industries by the current crisis. Since they are not considered highly essential commodities, they need to cease operations indefinitely.

This ongoing global problem has challenged firms and their capacity to respond in emergencies. While some companies are prepared with emergency funds and corresponding protocols for their survival and their employees' security, others struggle to find ways on how they can sustain their businesses.

Because of the lack of funds to keep firms afloat, some had already resorted to mass layoffs and furloughs of employees while others have filed bankruptcy as they can no longer maintain operations.

In the U.S. alone, over 200 companies have already declared bankruptcy, citing the pandemic for their demise, while the country's unemployment rate shot up to 13% in May 2020. Experts deem this figure similar to the statistics from the Great Depression of the 1930s.

The world has been fighting the dreaded COVID-19 for the majority of 2020. Some countries have seen significant improvement and have eased lockdown restrictions.

Months after quarantine measures were first implemented, businesses are slowly starting to regain their footing as they adapt to the "new normal" setting that stemmed from the pandemic. However, economic activities still cannot resume full normal operations as the world is still being cautious not to send another ripple and start a second wave.

It remains indefinite when the pandemic will end. However, even if the world recovers from the COVID-19 in terms of health, the global health crisis's economic effects will still linger in the years to come. Likewise, it will take some time before affected industries can fully recover their losses.

The world populace can only move forward while complying with current lockdown protocols. With health concerns still in consideration, firms are implementing new strategies that leverage technology as their solution to the economic pause brought by the pandemic.

Consumers and firms have migrated online to continue commerce.

The digital world has given businesses an avenue to maximize marketing campaigns that can deliver a promising outcome. Companies can hire an internet outsourcing company to help increase their online presence.

When businesses outsource digital marketing services, they can employ the necessary strategies to help them take advantage of online benefits.

For more information on marketing in the Age of Pandemic, below is an infographic from Digital Marketing Philippines.