Before starting off with the negative impacts of the global pandemic, we presume you know all about the deadly Coronavirus and how rampantly it is spreading around for a while. Not only has it claimed the lives of millions, but it has also caused the stock market to crash. Yes, it’s not good news, neither for businesses nor for marketers and this is what the blog aims to cover in detail. But before diving into the ways it has invited plight to them, let’s check out what one should steer clear of, regardless of the intensity of the situation.
Do Not Cash In On the Situation!
Yes, I repeat DO NOT try to take advantage of the plight of others by making a quick buck out of it. Why do you think makes us say so? Well, that’s because many marketers are purchasing supplies like masks and hand sanitizers at a price and selling them in 10x the market cost on eBay.
We believe such a practice is not just unsustainable but also loses out the true meaning of entrepreneurship. So, it’s our recommendation to think of a long-term solution, which will promise you a slow but steady flow of profits.
Negative Impacts of Covid-19 on Marketers
Let’s not waste more time and beat around the bush, rather go straight into the impacts of Coronavirus on businesses.
To contain the spread of the virus, many businesses have momentarily shut down their outlets and are, therefore, suffering from a loss of revenue. Though a few of them are still managing to pay their staff, many have asked their workers to take unpaid leaves for more than 6 weeks. Naturally, not all of them have the bank balance to support their employees. Experts forecast this will go on for a while and cost the economy approximately $2.7 trillion. So, even if the numbers of infected people drop, it will certainly take some time for the businesses to offset the loss.
Apart from Finance, Food, Healthcare, and a few other industries like Media and Pharmaceutical, most of the sectors have witnessed a drop in organic traffic. From what we can make out, it’s evident that only e-commerce sites selling necessities have survived but those doing business on luxury items have been a victim to traffic decline.
You will be surprised to discover that even the Finance sector, which is enjoying organic traffic to some extent, has witnessed drops in conversions. Though the reason is not clear, it’s certainly evident from the figures that Media continued to bask in glory because people did not wish to miss out on news, both political and financial. On the contrary, despite the plunge in traffic, the Travel sector could offset much of the conversion loss by declaring huge discounts. However, revenue-wise, it’s still lagging.
Unless it’s some necessity like toilet paper, baby diaper, or groceries, the CPC is fast ascending. That indicates, most of the marketers are now paying the same amount per click but the conversion of potential customers to loyal ones is growing sluggishly. Recommendation to Marketers it’s no secret that we are on the verge of hitting an economic recession. But the only way you can come out of this adverse situation is if you double down. Why? It’s because the competition will be little and if you are fortunate enough to have some cash in hand, you can buy out other companies, especially those on Media. The idea is to strike when there’s an opportunity and this is only possible when your business rivals are slowing down. If you do so, you can quickly grab the market share and recover from the loss.
Postscript:
The secret lies in double down for a marketer to curb the negative impacts of the pandemic on their revenue, conversion, and organic traffic. So, keep this in mind and always plan for a long-term solution for sustainability.
COVID 19 forced many businesses to close temporarily, leading to reduced revenue, unpaid staff leave and ongoing financial pressure for marketers as market activity slowed.
Taking advantage of the crisis to make quick profits such as reselling essential supplies at inflated prices is unsustainable and goes against ethical business practices.
Yes. Organic traffic has declined for most industries, especially those selling non essential or luxury items, while only certain necessities have maintained stable traffic.
Yes. In many sectors, conversions have dropped even if traffic remains, as customer priorities and demand have shifted since the pandemic began.
Cost per conversion is rising, meaning marketers are paying more without seeing proportional increases in customer conversions.
Industries like finance, food, healthcare and media have been more resilient in terms of organic traffic compared with luxury and non essential sectors.
Experts predict the adverse effects such as revenue loss and reduced market activity will continue for some time even after infection rates drop.
Instead of short term tactics, marketers are advised to plan long term, focus on sustainable strategies and look for opportunities to gain market share as competitors slow down.
Many marketers increased investment in digital channels, online presence and customer centric approaches to adapt to pandemic driven behaviour shifts.
Yes. Adopting digital tools and focusing on online engagement and digital marketing has become even more crucial to keep businesses relevant and resilient in the post pandemic landscape.
