We all have heard of the announced pandemic Coronavirus and how steadily it is spreading.
This is something that we should call a sad reality that it is going to be this way for a few months from now. With more than 1000 new cases, it is spreading its roots every day.
Nobody can predict the number of people we are going to lose through the deadly virus, but we have seen the crushed markets so far.
So, is Coronavirus affecting your market?
Is corona affecting the local businesses?
Before understanding everything about how it is exploiting the businesses and the local industries, let us discuss the don’ts.
DO NOT benefit from Coronavirus
Well, let’s accept this; as marketers, somewhere we are trying to exploit the situation. Everyone reading this understands what we mean by this.
Masks and sanitizers are running short around the globe. Moving on to the basic necessities, they are being charged with extra prices. Marketers are buying them and reselling them at higher costs on various selling platforms. They are running ads to sell masks and sanitizers at higher prices.
This is not MARKETING!
Just to make a quick buck, it is not recommended to leverage the situation. Also, even if you succeed in making some money here, it surely won’t last. Research a little more and spend your time and strategies on a plan that would stay for a longer time.
By now, you’d want to know how coronavirus is affecting businesses.
Expect some STRUGGLE
Scientists are working hard on the antidote and it might come soon. There also have cured cases from the virus but the businesses must expect some struggle in the coming few months. Recovering from loss is much similar to bear it.
World’s renowned brands like Adidas, Puma, Apple, and others have seen a decline of around 10% in retail sales followed by a declined rate of unemployment by 6%.
When companies like Flipkart, Paytm, and Apple are shutting down their stores temporarily due to the coronavirus, it simply means, less profit and lesser income. They have surely offered paid leaves to their employees, but there are countless companies that have permanently shut down due to the virus or in the name of the virus (considering the shell companies who are not much interested to pay their employees).
If anyone has seen a nightmare every day, that is surely the TRAVEL industry with almost no profit and income due to the deadly spread.
Ports are empty and Virgin Atlantic has announced 8 weeks of unpaid leave for its employees.
What is the future after the spread of COVID-19?
Bloomberg reported that coronavirus could cost the global economy $2.7Trillion.
Income, profits, traffic, conversion, the market is losing on everything.
Decline in digital marketing
Organic traffic has been declining since the birth of corona. Researched thoroughly by one of the renowned marketing giants, Neil Patel, here’s what the stats speak of decline:
If you belong to any of the news or health department, you’d sure be high on traffic. Ecommerce stores are also benefitting from corona since people are even storing the extras (not necessities) to make sure they have enough.
Some major luxury items like televisions, washing machines, and others have seen a major drop in sales due to corona.
Strike and gain the market!
With the reports by Bloomberg that says the economy might hit $2.7Trillion, experts have predicted a recession that might follow. Billionaire investors have said that the market has a lot more to go down in order to see a total crash; so, let us not expect this to go for long.
Let’s get straight to the point.
This is the time when you should work harder because others are not. This means you are sure to see less competition and it is much easier to see the results faster. If the market continues to go down, people might not be able to pay their debt. You can easily expect bankruptcy, cut costs or maybe too high anyone could afford.
Simply put, you will see less competition and faster results.
This is the time when you should go out a little (digitally) and buy some market shares. Strike and gain!
While others are shutting down or slowing down, strike and gain the market shares. Do not expect quick returns but in the long term, it will be all worth it.
Whenever the market sees to go down by around 15-20%, it is expected to back up in 540 days. As the market recovers, you will see the revenue coming back to you with more than the expected ROI.
With 0.4% of mortality rate, coronavirus will surely pass soon without impacting many lives. But for now, practice social distancing as strictly recommended by our honorable PM and avoid going to any crowded place.
Keep yourself near the news channels as much as possible, understand the corona stats, study the signs & symptoms, take the necessary precautions, and DO NOT PANIC.
Considering from a marketing point of view, this is the time to double down but following the requisites and not doing the false. Everyone is afraid of this pandemic but always remember to strike and gain.
In the comments below, do share how coronavirus has affected your business.
P.S. Stay indoors and stay safe.