Updated: Mar 29, 2020
The coronavirus outbreak has disrupted the entire world and has made major impacts on economies around the globe.
One of the deeply hit industries has been the online marketing industry. In this post, we are going to discuss how Covid-19 is affecting online marketing and how the situation can be made the most of by small business owners.
How Coronavirus has Affected Online Marketing?
The changing consumer behavior and the lack of certainty in the market has left advertisers with very little options. Let’s discuss how the current crisis is hitting the digital marketing industry in 2020.
Top five ways coronavirus is affecting the digital marketing industry
Event Cancelling and Postponing
SXSW, Mobile World Congress, Adobe Summit, and many other popular marketing events have been shut or postponed. Even Facebook is no longer conducting the F8 conference anymore. Event managers are now considering conducting virtual conferences. Apple virtually launched their new IPad pro series last week in spite of the outbreak. Covid-19 is definitely not stopping the digital industry.
Panic Buying Results in Price Hikes
The hand sanitizers. Yup, ecommerce companies have witnessed a 5000% RRP online for these products as panic buying makes people stock up or invest in bulk buying. Online sellers are making a fortune in the outbreak as they have hiked their prices.
Strong Shift towards ECommerce
Panic buying has resulted in supermarkets and local shops getting crowded with people and also leaving them out of stock. Consumers are understanding how the virus spreads and are looking for ways to buy their essentials that do not involve stepping outside. The shift towards ECommerce has burdened the delivery networks around the world.
More Online Software Purchase for Remote Work
As companies switch gears and implement work from home for all their employees, there has been a spike in online communication software purchases. There has been a 500% increase in team meetings done using Microsoft Teams. Zoom Video Communication software’s stock price has soared as well.
No Clue About Ad Spend
The uncertainty around the coronavirus outbreak and its effects on the economy has left online advertisers with little to no clue about how much money they need to spend to get the desired traction. This situation will only get worse if the outbreak doesn’t stop at some point of time.
How Covid-19 is a Great Opportunity for Small Businesses?
For many people, the Covid-19 situation has given a number of opportunities to think and grow their businesses regardless of the current crisis. The very obvious of these opportunities is time. You no longer have weeks stacked with birthday celebrations, social gatherings, or entertainment, at least for the next one month. This is a great time to reflect and come up with ideas to make your business grow. A complete shift to work from home and online work has shown that with a strong stimulus, positive changes can happen as well. Not just that, it is a great opportunity for small businesses to save a lot of time spent on commuting and pointless meetings. All this time can now be used to work strategically towards the revised business goals.
Wondering how you can make the most of this current crisis? Our experts at Agenda Marketing have just the right strategy for you to grow your business in spite of Covid-19. Hit us up at firstname.lastname@example.org or connect with us on our social media profiles!