The Covid-19 virus has been declared a national disaster, resulting in strict quarantines and safety precautions being implemented locally and around the world. This has put a strain on many businesses, of all sizes, and many believe that the worst is yet to come.
SMEs worried about the impact on their customer base are desperately looking for ways to stay afloat in these uncertain times. The founder and CEO of ShiftONE digital, Dylan Kohlstadt, explores how to future-proof your business by taking it online and why the lockdown is the time to do it.
Neil Patel, in his recent article on the topic, shares the following:
• In China, the virus caused retail sales to drop by 20.5% and the unemployment rate jumped to 6.2 in February.
• The virus is expected to lose the travel industry 820 billion dollars. Virgin Atlantic just asked their staff to take an 8-week unpaid leave.
• It’s estimated that in total COVID-19 will cost the global economy $2.7 trillion.
And not only are people losing money, but they are losing traffic and conversions.
What should you as a business owner or Marketing Manager do during such tough times?
OPPORTUNITY TO CUT MARKETING SPEND?
When economic times are tough, the first step businesses usually take is to cut their marketing budgets in an attempt to reduce costs and minimise business losses. Marketing is usually seen as a luxury, and as not having a direct benefit to the bottom line.
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