by Nick Brown, Guest Contributor, Business
Let’s get one thing straight – this virus is no joke. It affects every single element of our lives, including how we interact in our day to day lives, getting groceries, and of course, our health. It stands to reason that all of these effects would be reflected upon the way we work and the way we do business.
The impact Covid-19 has on every facet of the business is staggering. In this article we will go into detail on what the repercussions have been, and how your business might just navigate itself out of trouble.
eCommerce (and creativity) is growing
Let’s start with a positive point. Namely, physical stores have felt the brunt of the damage done by the virus. Basically, every business deemed nonessential got shot down. People have bills to pay, kids to feed, and they basically resorted to either shutting down their life’s work or going digital.
eCommerce stores are still going strong, and improving your marketing with online shopping in mind can help you stay afloat. This can mean both sticking to websites, but also being creative.
For example, the auto industry did some interesting changes in order to continue moving on. You need physical, personal contact to sell a car, something that is obviously out of the question now. Dealerships are testing websites that allow specific, virtual test drives and detailed videos and images to give you a feel of what the car you are interested in is really like.
You might get some help from the government
Small businesses will, of course, need some support. The best place to get support is from Google and of course your federal government. For example, in the US there is roughly three hundred and seventy billion dollars reserved for small business loans. Efforts such as being there to keep you in business, they can help you make the most out of the situation, and push through the (potential) recession).
Now, as far as Google is concerned, they are here with three hundred and fifty million in ad credits, allowing many businesses to use these credits. They can also provide stability for small and medium-sized businesses which need some extra push and boost to make it out.
Brick and mortar stores are in trouble
While eCommerce stores are stable, brick and mortar stores are in trouble, for obvious reasons. People can’t really go into a store, shop, browse, and see what they can get. Anything that requires face to face interaction is going to get in trouble.
You can circumvent this in two ways. One is to invest greatly into your website and give as much detail about your products as possible. This way you can ship them to customers, or have them show up at your store and pick the products up. The other option is offering online consultations if your products are a bit more specialized. Use professional podcast production systems or some type of video call software to communicate with your consumers. In this manner, you can communicate directly and offer advice and guidance. You can also assess their needs and wants properly in this manner.
Higher download speeds are a must
People want faster download speeds. In fact, demand increased by 75% since this all started. Furthermore, 5G means that our standards are increasing. Consumers will not abide by anything less than excellent. VPNs are up by 34%, bandwidth is up by 12%, and voice usage is higher by 25%. This all tells you directly what you need to invest in, when, and how.
Furthermore, all of these also support the faster and easier development and usage of in-house apps. Streaming and TV series are also going high, with 21% of consumers claiming that the number one reason they actually signed up for many streaming services is exactly because of the virus.
Bigger projects need to wait
Bigger projects, experimentation, penetrating new markets – all of these are vital for your success. You need these to grow, both in terms of finances and a stronger market share. However, no matter what industry you are in, you need to put your bigger projects on pause.
Budget constraints, the uncertainty the future holds, and just general logistics mean most businesses have put their exciting and ground-breaking projects on a slow-down. This includes breaking into a new market, and any large, high-level investments.
There are exceptions of course. These are all focused on improving your marketing, getting multiple types of visual content, and, as we’ve already mentioned, going digital.
Brands and empathy
Brands are actually showing they care, or at least making an effort. The pandemic has actually brought out the best in some brands and companies. They are donating money to healthcare, and to essential workspaces. For example, Crocs are donating 10 thousand pairs of shoes every day. Some brands are donating food, accommodating workers, or helping students.
While many would argue that they are doing this because of marketing. While this is most likely true for many brands, the end result is clear – they are making some kind of difference.
Coronavirus has ravaged the world, its halted economies and stopped some industries in their tracks. The impact is evident when it comes to every field of life, and business is no different. People are advertising differently, they are approaching tech in another way, they stand by specific marketing strategies, and are learning from this pandemic.