After officially being announced as a global health pandemic, by the World Health Organisation, the coronavirus is now taking a troll on the world’s economy two. According to the latest reports of the UN around 250 million jobs would be lost if the same situation continues or if the situation worsens. Until now people were taking it very lightly but according to the industry experts, it is believed to have a disruptive impact on the economy and the companies. In the digital marketing ecosystem, there are many ways it could affect. We are here to make you understand the various effects it could cause and how you need to be ready for it beforehand. If you know the situation that would arise then you will obviously prepare a backup plan for it. We all know that the travel industry has been affected in a very bad manner and there are millions of dollars that have been lost due to the vacuum created between the demand and supply. Not just the demand and supply have been affected but also the purchasing power of the consumers has lowered down which has made the industry suffer huge losses. That has taken us at least 8 to 13 years back when there was a financial crisis in most of the back countries.
Well, the main issues that will arise in the digital marketing industry according to the experts are:
More strict policies
The biggest joints in the field of digital marketing that is Google and Facebook have responded very strictly to the spread of news in this regard. Earlier it was easy for the marketers to fake promote their brands or products by saying that they have a cure to this virus. Also, there were many ads running on social media that claim to cure, prevent or even treat the coronavirus. However, these policies will not work anymore as Facebook and Google have changed their algorithm which will remove any content even from YouTube or any of the ads which claim the aforementioned things. Not just that but it will also block all apps which will be related to Coronavirus. Both the giants have decided to not let anyone take advantage of this situation and to fake promote their brand or products. Because of this update, many grams have to recheck their Strategies and the amounts spent on the ads would be gone into losses.
Account reviews
Since there is a surge in the marketing business, the amount of budget you were spending on paid searches and paid social accounts will obviously change. In today’s scenario, the only thing people are interested in reading and listening is a coronavirus. Hence if your brand is no way related to it you are shortly going to see a dip in the search result of the topics and keywords related to your brand. Not just that the clicks and Impressions that is the traffic of a business is obviously going to decrease too. You need to go under serious account management if your brand doesn’t promote or sell any product which could help in combating this.
Decline in Sales
Your brand is obviously going to see a decline in sales. Most of the cities are under a lockdown period of 2 to 3 weeks. This would mean that you won’t be able to serve your clients for customers during this tenure. Since there has been a great difference between the commodities of sale and purchase you need to plan out your profits accordingly. You should understand that there is no need to spend a hefty amount as of now on your advertisements if your brand is related to sales or services. People nowadays are more focused on the basic commodities of their day-to-day life and only those are being sold not just offline but online too. If you have any E-commerce website then you must plan out your profits in a manner that the users purchasing power must be met full stop there are many big brands who are selling the products by increasing their amount and this has created a vacuum between the purchasing power of the people and the selling power of the seller. There are also people who are buying the commodities on a large scale and this has created a scarcity of the product in the market. If the lockdown period continues then your sales will obviously go down and there will be no use of spending so much on your advertisement because people will not be able to buy it or another scenario they will already be having a backup for it.
Working from home
We need to agree that it is something that can not be done from remote areas. Due to the white bread of this virus, many IT sectors have advised their company’s employees to stay back at home, the same thing goes for the digital marketing sector too. If your entire team is on the lockdown period and is working from your home then you might have to face many miscommunications or decline in the conversion. Working from home is quite a task because sometimes the person is not sufficient to have all the Technologies required for the task. Hence, this has affected many sectors too.
Marketing Strategy
You need to change your digital marketing strategy too. Currently, the only posts that are being demanded and being surfaced are the ones who are related to the coronavirus for updates regarding it. The only Industry that has seen a boom is the news industry. Hence if you could promote more of the preventive measures of this virus or include foreigners in any way to your product or services you can surely take benefit from it. You need to rework on your different strategies so that you provide the end-users with some informative things
As of now, we all need to be a little more careful and serious regarding our work and industries. This virus is not just taking on your life but is also taking your sustainability too.