The 2020 Coronavirus Effect and your Marketing Strategy: Is your business ready for what comes next?

 

Bizprospex | Mar 26, 2020 | Data, marketing 

 

From sensitization to sanitization: Let us all buckle up!

 

Coronavirus is not how we wanted to walk into 2020. A virus has brought the supposedly the most evolved and entitled species to its knees. And the world has just crumbled like a cookie, and the economy has never been more vulnerable. Though the governments all over the world are trying to slash rates and buy treasuries, this global pandemic has put us all in a financial crisis, which seems impossible to be braved. 

 

The worst part is pandemic now aren’t limited to a country. Covid-19 has engulfed us all and the dystopian reality of deserted roads, closed signs on businesses, and empty trains have started to look more real than ever. 

 

Businesses are hit all over. Companies are letting their staff go, and productivity is at an all-time low. China, of course, has been the worst hit as the lockdowns have resulted in a plunge of retail sales, industrial output and the fixed asset investment. 

 

 

 

Europe and the United States aren’t far left behind in this doom. Italy, which is the worst hit and mostly now the epicentre of COVID-19, is on a complete shutdown for businesses, travellers and residents. The U.S. had its ratings shot down, suggesting to cut back on spending and the need for some rigorous measures to the supply chains. 

 

While the exact coronavirus effect is mostly unknown, a survey conducted by Econsultancy and Marketing Week has indicated that businesses are already feeling the heat. The pandemic has off tracked marketing activities for almost all the companies. The launches have been delayed or under review for more than fifty-five per cent of the UK-based and North American companies.

 

According to Kevin Hassett, the former top economist in the Trump Administration, “The odds of a global recession are close to 100 per cent right now.”

 

 

 

Source

 

 This shit is real, man. 

 

However, when you hit rock bottom, the only way left is to go up. As businesses brace themselves against the financial crisis and #coronavirus effects, we tell you how to ramp up and make use of the time.

 

Slow down

 

 

 

 

We all are feeling it. Mother Nature wants us to stop, halt in our tracks, take a breath and figure out what the hell we have done. There must have been several events like Mobile World Congress (MWC) 2020 that you were looking to participate in stand cancelled. In a business, attending a trade show or participating in it, everything has a cost attached to it. As for now, it looks like money down the tube. 

 

If you are a tour and travel agency, you must be dealing with cancellations and reschedules.  The hospitality industry is anyway, went for a toss. 

 

So, what do you do? 

 

Cribbing can’t do much. Remember, there is no crying in baseball. 

 

Instead, it is time to retrospect. You may have wanted to give your business a new perspective, or a new product line? It is your time to make a difference in the overall way of doing business. Find out how to be eco-friendlier and look for a sustainable approach to doing business. 

 

Remember, slow is the keyword here. 

 

So, take a deep breath and look at your business the way you come across a customer’s.  What are the significant obstacles to your company?

 

Has logistics become a pain point and challenge? Do the delays and shoddy packaging put off your customers? Is the company’s email marketing in shambles and not letting you reach out to the intended customers? 

 

Whatever it is, take a step back and slow down to figure out where you are heading and where would you like to see it in the years to come?

 

Realign

 

 

 

 

It isn’t 2008 where the B2B companies just started laying off people and played safe as they cut the marketing budget. 

 

It is 2020 where most of us already shop online. 

 

It is time that B2B marketers begin to shift their focus on digital marketing and move on from exhibitions and industry shows. Even a small fraction spent on B2B lead generation companies can beget massive growth in your business.

 

Fix

 

 

 

 

Take this clampdown as an opportunity to fix what’s wrong with the system and pave out the way to a brighter future. Be optimistic, because while it is a terrible, terrible thing to happen to humanity, it isn’t going to stay forever. So, take this moment to work on yourself and business. Are your business processes not aligned? Does your data need sanitization along with your hands? The good thing is most data appending companies, and digital advertising companies work online. You don’t need to visit their offices and can work via emails or Skype. So, what are you waiting for?

 

Get ready for the next battle that is staring right in your face. Take the onus and shine away! 

 

Respect

 

 

 

 

As a business, it is time to learn humility. As small businesses and traders have emerged as the worst hit, you as big business can work to add value to them through collaboration or maybe merger that respects individuality. Besides, it is also the right moment to think about your employees and their families. 

 

If your business isn’t already working on a remote model, maybe it is time that you start investing in one. The ‘work from home’ system is already a hit with data solutions and digital marketing companies, so, you might as well start thinking about the same. 

 

Even now, when non-essential brick-and-mortar shops are shut down, startups and online businesses are running as efficiently. The services and supply chain are disrupted, but they have not gone out of business entirely. 

 

One thing that coronavirus has taught us all that nothing is permanent. So, this too shall pass. We have to find out solutions to come out of it and use these dark moments to prepare for the brighter times ahead. 

 

While you can’t do much about your business taking a plunge right now, but you can use the self-isolation period and the clampdown to make your business one of the better ones out there.  

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