The entire world is fighting with an invisible enemy, the novel coronavirus (COVID-19), and we are all in this together. That is what makes the coronavirus pandemic so unusual.
As of date, more than three million cases have been reported worldwide, and sadly, the count is still going up. To flatten the curve of the pandemic, lockdowns have been imposed in several countries as people are forced to stay home and practice social distancing.
Furthermore, since most markets have shut down (except for some essential services), just about the entire planet is grappling with what may well be the biggest disruption in trade and commerce since the Great Depression. As a result, the world economy will confront a recession this year, with an expected loss of trillions of dollars of worldwide income due to the coronavirus pandemic. According to a BBC report of early March, the global economy will contract by 3% this year as countries around the world shrink at the fastest pace in decades, says the International Monetary Fund (IMF).
Sadly, no one has any idea about how many people will be infected by this deadly virus, but what we do know is that this pandemic is going to flip the global economy upside down!
Digital Marketing to the Rescue
As a business owner, you must be looking for new ways to survive your brand in this crisis. For most businesses, the best defence against this recession will be none other than – Digital Marketing. Here is why:
Enhance your brand presence
At a time when other brands will be cutting back on their visibility to save costs, you can step up your game by boosting your brand’s presence. Brand visibility is critical during an economic downturn when consumer spending drops, leading to a reduction in sales. Digital marketing enables you to accomplish this feat by generating sufficient brand level exposure to deliver sales-ready actions.
Investing in digital marketing to enhance your brand’s presence allows you to secure and maintain a significant lead over your competitors who may not be making the same moves. Businesses with little or no market presence during a recession are those that will be most affected by the recession.
Cut cost on marketing and advertising
An economic recession always puts both customers and businesses in panic mode. If you are a business owner, your primary focus will be on how to cut costs and reduce excess spending. Most times your marketing solutions typically suffer due to this budget costs. However, it does not need to be like this, as you still need to promote your products and services.
The smart move would be to switch to new marketing solutions that are most importantly effective, inexpensive, and guaranteed to yield high ROI. Digital marketing is one such cost-effective solution as they produce results regularly because of their cost-effective, engaging, and creative approach. It allows you to employ a cost-effective marketing campaign to accomplish your sales expectations for less than half the price.
Measure your marketing efforts
During an economic decline, you want to ensure that you are receiving substantial returns on all your investments, especially marketing. Very few aspects of your business can provide you with detailed metrics like digital marketing. It can help businesses figure out the right strategy at the right time for the right business and inform you of how to retain customers using the right marketing tactics like remarketing (using incentives and irresistible offers).
While performing an in-depth analysis of all your campaigns can be overwhelming, it provides you with valuable insights that can significantly strengthen your business’s ability to not only survive but thrive in an economic downturn and beyond.
Stay ahead of your competition
In the business world, it is either that you conquer or be conquered; there is no in-between. During an economic recession, this standard does not change in any way. If you do not outperform, outspend, or outmatch your competitors, you are at a serious risk of losing your market share. Hence, when everyone stops marketing due to a downturn, it is time for you to develop creative and innovative ways to get word of your product and services out there.
Employing a digital marketing approach is an effective way to accomplish this goal. Marketing via digital channels when others have halted their advertising efforts is critical as your message is more likely to be noticed due to fewer advertisements in the market and it is more likely to be remembered when other brands start advertising again.
The Internet will keep on growing
The internet is an ever-increasing sphere with no indications of slowing down anytime soon even in an economic downturn. It plays a crucial role in the daily lives of millions, who continually depend on it for the latest information, products, services, and everything in between. This makes it an incredible platform to spread information on a broad scale. However, to harness the enormous power of the internet you need an effective strategy to generate adequate brand exposure.
Digital marketing is a means through which you can increase your brand’s visibility in a sphere where the bulk of your potential customers reside.
The Bottom Line
There is no doubt that a recession always comes with challenges as an economic decline affects both individuals and businesses. However, you can minimize the impact by contacting our communications agency Turiya Communications and investing in digital marketing to make sales, generate revenue, and stimulate growth during the downturn and beyond.
Visit our website www.turiyacommunications,com to know more!