The onset of the year 2020 is really frightening for everyone across the globe. All the events that took place within the first three months are raising an alarm for mankind. Just within three months, we had to experience war-like situations, then Australia’s forest fires, major stock market crash, and Coronavirus. All these events have been impacting each and every person, industrial sectors, commercial markets, tourism and what not. It is disrupting the global economy and business operations.
But during a crisis, the first and foremost thing is not to panic and learn to combat the situation and find alternative solutions.
All over the world, the news cycle has been streaming with the discussion and speculation of the coronavirus or COVID-19. The industry events are been canceled and huge companies like Apple, Facebook and Uber have stated that there is a stark decline in the revenue. This will hit the supply chain issues and witness a decline in consumer demand. There is a lot of uncertainty and anxiety about the virus that is impacting the conversion cycles. Different companies are reacting differently to fight coronavirus and it depends on a variety of factors. The factors can be, consumer demographic, company’s locations and type.
While stock markets and global economies are already feeling the hit, the ability to work remotely is, luckily, more commonplace now than ever before. This factor alone may eventually allow some companies and organizations to reduce some of the knock-on effects that are already being felt.
“ The Revenues Of The Major Companies will see a downfall of about 10% in the first quarter of the Year 2020”
The Coronavirus is creating a huge impact on the business operations across the globe, but let’s see how exactly it is impacting the Digital Marketing Ecosystem.
Multinational Companies Providing Work-From-Home:
Many companies like Microsoft, Apple, Facebook, Amazon in the US have advised the employees to work from home for few weeks as one of the employees was tested positive for the virus in the Seattle-area.
In a message obtained by The Guardian, Amazon explained:
“Every team is different and not all work may be conducive to working from home, so please talk with your manager and your team to establish expectations on working remotely.”
Cancellation Of Marketing Events, Summits, & Conferences:
In the digital marketing economy, the summits and conferences of Google, Adobe have been scrapped or they have been moved online. This is done to combat the spreading of coronavirus and avoid huge public gatherings. The Adobe Summit And Google Cloud Next’s organizations smartly opted to move the summits online. Here we can see that technology is allowing people to continue the work at great levels.
Reevaluation Of Marketing Strategies And Financial Plans:
The crisis of the current situation is forcing many companies to reevaluate and strategize marketing and financial plans. As the revenue of the companies has been hit hard, there is a need to look into the financial requirements and act according to the situation. These plans will help the entrepreneurs for the foreseeable future. It is important for those who are operating in the B2B space. It will require them to reassess all the digital marketing strategies and also opt for paid marketing.
Digital Marketing Plans - Crisis management:
For all small and big business houses, it is time to adjust the marketing strategy. This means they have to limit the budgets by pausing certain ads campaign. Your clients might get worries about the decline in leads or foot traffic. Marketers need to focus more on essential products and services and spend only on branded terms because it will get high-quality traffic. For those SMBs that have tight annual budgets, the reallocation of ad spend toward more effective marketing periods could be essential to their success.
Affect On The Trends Of E-Commerce And Tourism Marketing:
It is complicated and quite uncertain of how the coronavirus is creating an impact on the e-commerce and tourism industry. Restrictions on international borders and put a stop on the travel and tourism industry. People have to cancel the plans and booking made. People are scared to go out and get into the contact of the people infected with the coronavirus. Whereas the online shopping sites or e-commerce sites may benefit from the short term goals. But there will be issues with the supply chain and uncertain consumer demand. It will ultimately dampen the e-commerce outlook.