Currently, the global market has been adversely hit by the Coronavirus and the global economy is at a downfall. COVID 19 started from china and now is spreading globally. To hinder the mass spread further various countries are taking measures to stop the outspread the most important and common preventive adopted by almost every country including Belgium is a total lockdown.
The lockdown has somewhat controlled the spread of the virus but has also led to a fall in the economy of every country including ours as all the market is not able to function properly.
The major impact we can see on startups which have begun in 2020. Every country is facing a recession at the time. Still not every business is facing losses, there are still some industries which are even getting good profit despite countries are on complete lockdown. Industries which are suffering most are Hotel & Restaurant, Travel & Tourism because most of the countries have blocked their borders which is affecting these businesses a lot.
Global share markets have hit as big shifts have been witnessed stock markets, and the shares of various companies are bought and sold which effect many investments with respect to pensions or individual savings account. Airlines have almost collapsed after coronavirus outspread. Just because of the pandemic disease and recession going on the automotive sector is almost down as the consumer’s demand is less.
Chances are high of countries entering into recession and chances of companies going bankrupt has high. Malls, food courts, apparel stores, luxuries are almost closed and the reason behind is social distancing. Ecommerce, healthcare, digital companies, online business are still running very well. Groceries stores, milk booths are open as they are the necessity for everyone even in lockdown too, so this is the time they can get profit.
Coronavirus is impacting the pace of construction at property projects due to the ongoing lockdown will mean delays and also affect sales. Small business running work remote policies are earning at the same pace as they do not need to go to market for meetings. Gyms, the fitness industry is almost lockdown due to COVID-19.
The current business functionality has forced almost every company to rework on its strategy and come up with a strategy which will help the business fight such a tough situation. The B2B business has turned its path towards digital marketing as in the current scenario it is one of the best ways to deal with the crisis. One of the most important advantages of digital marketing is that it can be measured. It is easy to obtain a fair picture of their spending, return on investment (ROI) and what activities lead to good leads with their expenses.
Currently, it is the best time to rework on the marketing campaigns and do in-depth study in the performance in the past seasons. A review will for sure highlight the new efforts required to boost the business.
The following features of digital marketing would be helpful in making the best use of digital marketing.
- The website with the right content
- A good SEO to promote the content
- Content Writing with help of Press Releases, Marketing Materials, Social media posts and videos.
Focusing to strengthen digital marketing will enable one to maintain normality in terms of business and will give a competitive edge when it comes to competitors who might be slow to cope up.
Hopefully, the current crisis will come end soon but these precautionary measures will help to fight to the current situation. Who knows adopting such measures will bring your business to a new level and emerge you as a business leader.