Many nations throughout the world have been affected by the coronavirus, and it has put the world on alert. The virus originated from Wuhan, China, and has significantly affected the lives of people around the globe.
Obvious health problems and concerns arise as the virus spreads around the country, but it also has the potential to create problems for small businesses. Business owners have to be able to adapt and stay relevant in order to stay in front of potential customers.
As most people have seen, the virus has the potential to influence consumer’s buying habits. As advertising is equated to GDP growth, a contraction in GDP growth will negatively affect advertisement.
Let’s understand how a global health crisis can affect marketing activities.
The impact of the coronavirus spreads the globe as investors are nervous about the volatility caused by large shifts in stock markets around the world. The New York Stock Exchange (NYSE) has seen some of the worst one-day performance in decades as well as one of the worst week-long slides in history.
Everything Goes Online
A large number of gaming and streaming applications are growing throughout the country as people race to download more and more content. Universities across the US are closing down campuses temporarily or for the rest of the semester and are moving all classes online. Many conferences will be held through online mediums in an attempt to create social distance to help keep the spread of the coronavirus in check.
Events are Being Modified or Cancelled
We are now seeing the scenario of event cancellation taking place. Some significant marketing events such as Mobile World Congress(MWC) and Global Marketing Summit of Facebook have been dropped because of coronavirus concerns.
The cancellation of sports leagues like the NBA, MLB, MLS, XFL, and more is a nightmare come to life for marketers. Advertisers who rely on these organizations to market to their ideal customers will be forced to reassess how to reach their audience with the cancellation of televised and online streamed sporting events.
One of the largest concerns for marketers is the potential cancellation of the Olympics in Tokyo this Summer. Because of the spread of the coronavirus, marketers have to improve their digital marketing strategies and campaigns.
Trends Towards Online
As supply channels are affected by the spread of the coronavirus, and panic shopping ensues, we will find more and more consumers turning to online shopping to find the necessities like toilet paper and hand sanitizer. Because of the encouragement of social distancing during the coronavirus epidemic, we will see shoppers turn toward e-commerce more for their leisure purchases as well.
Because of this new explosion of online shopping, business owners and digital marketers will have to modify their strategies to reach these customers to ensure they don’t lose out on potential sales that would have traditionally been made in-store.
Surprising Effects on Search Data
According to search engines like Google, search terms related to the coronavirus outbreak have dominated search queries in recent days and weeks. This should force digital marketers to research the relevant keywords or phrases and work to analyze the impact of COVID-19 on search results.
For example, through the last few days, a massive number of people have searched “Where I can buy face masks?” or “Buy hand sanitizer online.”
The dilemma requires businesses to revise several aspects for today and the future, especially in reassessing their digital marketing campaigns such as pay per click, paid advertisements, etc.
Digital marketing agencies are largely interested in engaging with the customers in an online marketplace, whether they’ve been affected by the coronavirus or not. However, when an event such as COVID-19 hits the global marketplace, it is important that small businesses are able to adapt business and marketing strategies in order to survive and thrive.
Working with a digital marketing agency that is able to adapt marketing strategies and campaigns is key. You must be able to reach your customers and build brand awareness during times like this in order to be successful.
YellowFin Digital has a team of marketing experts who are flexible and are able to make changes when needed to ensure your business is reaching as many potential customers for the lowest cost possible. We don’t have a “one size fits all” marketing approach, and instead, we create unique digital marketing campaign strategies for every client that is based on your company goals and your company’s audience. Our unique strategies and flexibility are what make YellowFin Digital an ideal digital marketing partner in times like these. To see how we can help your business, contact us now!