Coronavirus has been around for some time now, and the measures put in place by governments are becoming increasingly critical. The consequences of this pandemic are unfortunately being felt not only in human terms, but also economically. We still don’t know exactly how long the containment measures will last, but we already know that the overall economy and most sectors within it will be affected. However, companies can try to limit the effects of this crisis as much as possible by adopting certain practices. It is important to understand how to act in the face of this uncertainty and be responsive to avoid facing too many difficulties. In this article, our Montreal web agency shares some measures that you can take to limit losses in your business during the Covid-19 period.
What are the consequences of the coronavirus for businesses?
As you have no doubt observed, many sectors are affected by the pandemic. The most noticeable is the tourism industry, along with many recreational sectors. According to the CNBC, the travel industry is expected to lose nearly $820 billion, nearly half of which will be lost in China alone. Consumers are increasingly reluctant to travel out of fear and anticipation, and the containment measures introduced in several countries are not helping matters. This situation means a drop in purchasing power for the population and therefore a drop in activity for businesses. According to the latest estimates, the coronavirus is expected to cause an overall loss of $2.7 trillion, which is an astronomical sum.
The coronavirus also impacts SEO
Another consequence of this pandemic is a potential drop in the SEO performance of companies. Since the beginning of the crisis, large decreases in organic traffic have been observed for many companies. Some activities have experienced greater losses than others, particularly in the tourism industry. The World Tourism Organization forecasts a negative growth in tourism of between 1 and 3% for 2020 due to the pandemic. Conversely, some sectors have seen an improvement in their performance. This is the case, for example, of baby product companies or, of course, the pharmaceutical industry.
This drop in traffic can also have a significant impact on the conversion rate of your site. Some consumers are much more reluctant to use certain companies, mainly because of the containment measures introduced by several governments. However, some companies have been able to take advantage of the situation and limit their losses. This can be achieved by taking appropriate action and implementing an effective strategy.
How should companies respond to the pandemic?
Contrary to what one might believe, in spite of this complicated situation, all is not lost, and you can still find ways to limit the economic impact of the crisis. Depending on your business, some opportunities may even arise.
What practices should you avoid?
While adapting your strategy to the situation is important, there are some things you absolutely should not do. First, you shouldn’t exploit the situation and play on fear to make your business work. For example, due to the shortage of many products such as antibacterial gel or masks, some people have tried to take advantage of this by bulk buying these items to resell them online. Of course, the prices charged were far above average. Needless to say, this kind of practice is totally discouraged. Not only are these actions questionable from an ethical point of view, but you would only get results in the very short term. You would therefore be better off spending some time establishing a long-term strategy.
In addition, it is important for you to maintain a good presence on social media and not to neglect your company’s communication. You need to adapt your strategy to the crisis and implement appropriate marketing.
What strategies should you implement?
You are now probably wondering how to react to this crisis and what strategy you should adopt. First, adapt your content to the situation. Feel free to share other publications that deal with this subject, inform your consumers and above all show them that you are at their disposal. You need to maintain a good rate of interaction with your audience, not only to guarantee your visibility, but also to reach new potential prospects. This means rethinking your social media strategy. Don’t hesitate to keep an editorial calendar, because in this type of situation, your communication has to stand out from the crowd and break with your usual habits. You obviously won’t be able to offer exactly the same content, but always stay true to your company’s identity and values. Sharing information for the sole purpose of creating content is useless. You need to publish content that is relevant and consistent with your corporate tone.
Adapt your service to the situation
Next, if you can, adapt your services to continue to deliver an attractive service to your customers. You can take advantage of this situation to set up certain promotions, which will encourage users to continue using your services. For example, if you are a restaurateur, you can lower the price of your deliveries (or create a delivery system if you don’t have one in place). This will give you a good presence and visibility online. Not to mention that you will have a significant advantage over some of your competitors who may not follow this advice. This method is particularly well suited to the food or restaurant industry, but nothing is stopping you from being creative.
What opportunities does this crisis present?
Contrary to common belief, a crisis like the coronavirus can create certain opportunities for marketers.
The most clear-cut point is the fact that competition tends to dwindle during a crisis. Many companies tend to slow down on their own for fear of losing customers or too much money. As a result, investments are often halted or sharply reduced, leaving you more room for action. This means it may be simpler and faster to obtain conclusive results, and you may even find yourself facing a decrease in costs (especially advertising costs on Google Ads). If you notice a slowdown among your competitors, this is the best time to focus on your strengths and boost your performance. This will maximize your chances of gaining new market share or reducing certain costs, such as the cost per click of your online advertising campaigns.
Another point to consider is the presence of users online. In times of crisis, the population seeks to be informed and keep up to date with the latest news. So this is your opportunity to offer your audience what they are looking for.
In short, the Covid-19 crisis will have a major impact on the structure of the world economy and all sectors will be affected. Nevertheless, some opportunities may emerge during these tense and uncertain times, provided that we are responsive and know how to manage the situation. Naturally, you will have to adapt your strategy and your service to the news and government measures, but with a bit of foresight and common sense, you can limit your losses and keep your head above water. Above all, take care of yourself!
If you have any further questions on the topic, or if you need help with creating your ad campaigns, we invite you to contact us!