Are you wondering what COVID-19 means for you as a business? Or even as a marketing professional? You're not alone.
The novel corona virus is leaving our world in a flurry of panic, disaster and anxiety as individuals and businesses alike are only beginning to see the effects of the infection on the economy, friends and loved ones.
Today, we're going to explore what COVID-19 really means for businesses around the globe, and more specifically, how it might affect marketing professionals. After all, the stock market has fallen, there are thousands, (perhaps millions) out of work already, and the number will only grow as we work our way through the latest outbreaks.
Let's get started.
This (Sadly) Won't End When COVID-19 Has Gone
Unfortunately, the virus is now only the beginning. A year from now, businesses will still be struggling to make up what they lost in sales and commissions during the massive worldwide pandemic.
The unemployment rate has skyrocketed to 6.2% as of February and retails sales were down in China by 20.6%. This is not a month or two event that will fade away without repercussion, unfortunately. Businesses will have a lot of ground to make up. And as marketers, we'll have to work doubly hard. Because this isn't only affecting stores, this is hurting engagement, traffic, ROi, conversions and more. It's already been estimated that COVID-19 is going to cost our global economy 2.7 trillion dollars before it's over and done with. Scary, right?
Take Advantage of the Fear
There's a quote by the well known Warren Buffet that we should "be fearful when others are greedy, and be greedy when others are fearful." which is an excellent opening for our next point.
Right now, business investors, business owners, even other marketing professionals are fearful of what is to come. However, you can play on this fear by taking advantage of the break in competition. NOW is the time to play the field, invest in your business and market to earn others trust. Whether you're helping spread guidelines, (NOT corona!) or staying connected with your customers, now is the time to start laying a good groundwork of trust and connection with your audience.
As other businesses withdraw in fear of spending, get your name out there! Do what you can to help keep the masses informed about best practices and safety precautions. This is your time to shine!
How Social Media Can Help Your Business During COVID-19
Now isn't the time to be selling door to door. (For your safety, as well as others!) It's also not the best idea to start cold-calling random businesses selling your products.
Nope. The real secret is being there for your audience and meeting them where they are.
Right now, that medium is through your website, through live-streaming and through social media.
You can check out our guide to managing your social media through the storm HERE.
There are several ways you can help your audience to stay calm, stay safe and stay well through such a rocky time, while also maintaining your own businesses integrity.
- You can share the guidelines the CDC and WHO are asking people to follow;
- You can keep your audience updated on economic shifts around the globe;
- You can help your audience stay inspired with short, creative videos of songs, jokes, dances and more;
- You can share how your business is coping;
- You can share about how COVID-19 is affecting your industry;
- ...and more!
Remember: when people are stressed, they want to go where they can find peace. This is going to have a major impact on your business. Take the opportunity to open new doors for your business and for your marketing efforts and your audience. And don't hide behind fear.
Above All, Stay SAFE!
It's going to be a rocky next couple of weeks, so the important this is going to be to closely follow the situation and make adjustments as needed, as well as staying well and safe.
Do you have any insight about how COVID-19 is affecting marketing professionals and businesses around the globe? We want to hear all about it, as well as how you're combating the situation!