Today, it is all about uncertainty, suspicion, doubt, and fear. Clearly, this atmosphere is hardly helpful or comforting. The ongoing imbalance affects not only our daily lives and routine but also the global economy. The immense number of event cancellations and severe movement restrictions result in unprecedented complications businesses have to face.While it is essential to fight boredom from the comfort of your homes and figure out what future holds, businesses have to become even more flexible to keep up with the situation and remain both resourceful and profitable.
Alteration of the Global Economy:
As public concern grows and the situation is exacerbated by the virus outbreak, previously unaffected areas impose strict restrictions, and the world economy faces disastrous consequences. Bloomberg states that the virus outbreak might cost the world economy $2.7 trillion.
The pandemic affects every existing industry, and economic forecasts are far from being optimistic.
Apart from canceled international flights, festivals, movie premiers, trade shows and expos, the behavioral patterns along with focus, and customer interests shift very fast. For instance, there has been a major increase in the usage of streaming services worldwide.
With social distancing becoming a fundamental need, in-home media consumption amounts to around 50% worldwide and growing. Therefore, a drastic surge in streaming subscriptions is expected to take place in the nearest future.
When it comes to travel and tourism, the industry is at the greatest risk. Due to the spread of COVID-19, global tourism revenue is expected to decrease by around 20% in 2020. Since all the industries are interconnected, such giants as Facebook and Google will probably suffer further implications related to the drop in the travel industry worldwide.
Clearly, stopping all the ad campaigns for good during the outbreak is not the best choice. Adjusting and reevaluating, however, will prove to be useful and beneficial for most of the businesses.Under pandemic conditions, the essential goods and services matter the most. As a case in point, online delivery services see unprecedented numbers of app downloads and placed orders. In the US, supplies and grocery delivery apps receive a further boost in downloads and sales due to non-contact delivery. Apptopia reports that the Target app showed a 98% increase in daily downloads. However, the local delivery market is slowly cooling down since such services are still expensive and cannot guarantee the highest level of safety.
The buying patterns transform daily, shifting remarkably towards essential products and services. Despite coronavirus-related fears, the demand for household and pet care products remains unaffected. Therefore, ensuring safety, entertainment, and distraction are the main goals at the moment. This trend is not likely to disappear or cool down unless the outbreak situation significantly deteriorates.
Is Digital Marketing Immune to Coronavirus?
The recent coronavirus outbreak has strongly affected all life spheres and brought significant changes in people’s lifestyles. As one might expect, this has had a very powerful impact on the global economy as well. While a lot of businesses are closing down and losing their clients and profits due to the current situation, there are those business owners who are willing to use the COVID crisis opportunity and make an effort to adapt to this new situation.The focus has been completely switched to the online aspect of doing business, and a proper digital marketing strategy has become immensely important and vital for gaining profits, attracting new clients and retaining old ones.So, how is coronavirus affecting digital marketing and what can we do to stay at the top of our industry? Here is a possible answer.
Immediate adaptation to the current situation is a must
The COVID -19 pandemic has suddenly made a great majority of people stay at home. They work from home, shop online, read online news, and so on. The new situation calls for immediate actionin the form of a proper organization that suits these new circumstances. As a wide range of ordinary everyday activities is now happening online, appropriate marketing campaigns should be conducted there as well.Those who have been focused on offline marketing for years, now have to change the means of reaching their clients. While creating a campaign that guarantees satisfying results and an increase in sales requires time, you have to be quick if you want to beat out the competition. Hence, get an insight into the basic concepts of effective digital marketing and start applying your findings.Those who have already been using digital marketing to reach their target audience have to intensify their campaign. Promotional emails can be appealing to some prospects, but what is certainly effective now is using social media platforms and the potential of a proper SEO strategy.
Low CPM and CPC prices offer new opportunities
We have already stated that a great number of businesses are closing down. This situation further results in a steady decline in competition and eventually in low CPM and CPC prices. These low prices are an excellent chance for companies to gain some new clients for considerably less money than before.While they are enjoying reading or watching the news online in their comfortable homes, the new potential clients should able to see a company’s ads advertised on these websites. Most importantly, this type of investment aimed at improving business will not harm the budget at all.
Sharing expertise should be a part of a digital marketing strategy
The situation with the COVID-19 pandemic has resulted in raised anxiety levels in many people. Now more than ever, expert advice is sought after. Consequently, sharing expertise during a digital marketing campaign is eagerly accepted.While creating blogs on your website, make sure you share relevant experiences and opinions that will make your prospects trust you and choose your company amid severe competition.
Digital marketing has to become more personalized
One of the ways in which coronavirus is affecting digital marketing is that it is making it become much more personalized. A good, effective digital strategy now requires paying attention to customers much more closely.What makes up their everyday routine at his point? How are they handling isolation and social distancing? What do they need to hear? How should you communicate with them? These are only some of the most important questions digital marketers need to answer at this point. Only by using this approach will they be able to reach their clients and convince them their products and services are exactly what they need.
After market recovery when people return to the new normal, there is a sense of renewed cautiousness, which will most likely keep overall consumption lower for a longer period of time. This is expected to pave the way for a new recession. And given the timeline of how the virus has spread across the world, we can assume Asia to be the first to recover.During such uncertain times, you should remain open to seize the opportunities and especially the online trends that come your way. And to stay ahead of competition, you can start to prepare your affiliate marketing strategy already for the post-COVID-19. But most importantly, be safe and stay home for now.
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