To say the covid pandemic crisis is causing economic pandemonium might be the greatest understatement of the past two decades. Yet, if there is one thing history teaches us about such outbreaks, it is that human beings are stunningly resilient and – we will recover.
Still, it’s important to stay current on what is going on with business as chaos and confusion spread. According to SEO and marketing expert Neil Patel, multiple industries have been slammed due to the economic upheaval that has resulted from the lock downs and stay-at-home orders that have been put in place.
Responding to Economic Upheaval
It goes without saying – almost – that limiting physical interaction among the population has had far reaching and, in some cases, devastating effects on businesses. While it’s too soon to know for sure what the long-term effects will be, current estimates are that Coronavirus Could Cost the Global Economy $2.7 Trillion in lost economic output.
To be clear, this is not a lack of estimated growth in the world economy but an actual loss of business. Because recovering losses takes longer than replacing growth, that means coming back will be more challenging and time consuming than it might otherwise.
Your response then, will require a well-considered, strategic approach to reinvigorating your business.
Lessons Are Being Learned
What have we learned so far?
- Fear is not an effective sales tool – Exploitation of the fear that has become pervasive is not a good approach for marketing your business. For example, buying and reselling consumer goods that are in short supply, or promoting conspiracy theories and offering “expert tips” and “coaching” to stay safe from them, is exploitation at its worst.
On the other hand, helping people cope with the fear and uncertainty they are feeling will not only endear them to you – it will also help your community recover more quickly.
- Organic visits slowing down – While internet traffic is soaring and bandwidth in many areas is suffering because of it, website traffic is on a downward slide for most industries. And, of course, if organic traffic is down then conversions will be too.
A few moments thought will help you realize that this should have been expected. Right now, people are going online for purposes other than shopping for essentials; like finding information to help them survive, and connecting virtually with family and friends.
- Be responsive but be smart – To a very large extent, business owners are going to be at the mercy of state and national governments for some time to come (Wall Street Journal). Ongoing lock downs and demands for social distancing may evolve into long-term testing and tracing programs which will limit individuals’ ability to work, unless “cleared” to do so by government officials.
While limiting your own social interactions may keep you safe from infection, it makes no sense to sacrifice your business and financial future to this situation. People are still doing business, both virtually and face-to-face where possible. Figure out what is possible for you and do whatever it takes to keep your business alive.
In short, a rational response is your best bet.
Stay Smart and Stay Safe
Staying reasonable and clear headed in the face of such a crazy situation is not easy. Ultimately though, your own reasoned judgement, based on the best information you can find, is your best tool for coming through the covid pandemic crisis with your business intact.
As always, the YOMT Team are here to support you in any way we can, whether you are struggling with social isolation and social distancing or putting together a marketing strategy to implement following the pandemic. Whatever you need, feel free to… Get in touch with the YOMT Team today