“First and foremost, a human tragedy.” That is what McKinsey calls the Coronavirus outbreak. The human impacts of this global pandemic are straight out of a dystopian nightmare. As if that is not bad enough, the Coronavirus is also impacting the world’s economies. This article will discuss the impact of covid-19 on digital marketing and economics and some ways to mitigate any negative impacts and capitalize on positive ones.
How COVID-19 has Changed the World
The Coronavirus outbreak has changed the world and our way of life in shocking and possibly irreparable ways.
More than one hundred thousand people have died while hundreds of thousands of people are fighting to survive the disease. Healthcare systems are overwhelmed; and governments are being tested like they never have before.
Today, at least a third of the world’s population are under stay at home orders. Businesses have been shutdown and so have schools. Economies are tanking, people are losing their jobs and their minds after being indoors for more than a month. Economists estimate that the shutdowns will cost the global economy 2.7 trillion dollars. There are a lot of fears for the future. No one knows if normalcy as we know it is ever going to happen again.
On the other hand, modern technology has allowed everyone to stay connected even if they are apart. This increased connectivity has also allowed certain types of businesses to stay open and continue providing products and services.
However, the future is still uncertain, even for online businesses. Digital marketers and SEO agencies in Sydney and other cities are reporting lower traffic and conversions right now.
Impact of COVID-19 on Digital Marketing and Economics: What’s Going On?
Many industries are struggling right now, some more than others. Here is an outline of the current business situation all over the world.
- Traditional businesses are in trouble.
Unsurprisingly, brick-and-mortar only businesses are struggling to stay afloat, with many already letting go of their employees.
- Not all ecommerce businesses are created equal.
The economic viability of ecommerce businesses largely depends on what products and services they offer. Pandemic essentials like alcohol, face masks, diapers, and the like are in demand; while clothes and other luxury items are not.
- News consumption is at an all-time high.
Media sites are getting all the traffic these last several weeks. People want to be informed and updated and they are hungry for content; even if the news site charged money for it.
- Travel and transport are at an all-time low.
The travel industry has taken a major hit. People are staying at home as governments impose travel bans. Gas prices are down and non-essential travel is not permitted. This has resulted in the travel and transport industries’ huge drop in revenues.
What Does the Future Hold for Digital Marketing?
While many industries are facing only challenges during this outbreak; digital marketing is one of the few ones that have both challenges and opportunities. Experts say that in the foreseeable future,
- Industry events will go virtual.
Many businesses have minimized face-to-face interactions because a large gathering of people is not advisable. Therefore, they are shifting their businesses towards the digital realm. Meetings, business transactions, and other industry events will now be done online.
- Money will pour in.
Businesses will start allocating most of their marketing budgets to digital marketing strategies. Experts say that digital marketing would see massive growth.
- New solutions will emerge.
This unique opportunity will give digital marketers a lot more opportunities to experiment and encourage them to try out new and innovative solutions.
Responding to the Impacts of COVID-19 on Digital Marketing and Economics
Now that we understand the current situation and have some idea about what the future will bring, let us talk about how to respond to the impacts of the Coronavirus. Digital marketers must rethink their strategies and adjust to this new situation which may very well be the new normal. Digital marketing has become indispensable for businesses, so the promotion solutions and strategies must keep evolving to suit the evolving needs of businesses.
Here are some suggestions:
- Create content with an effective call to action.
- Focus on search engine optimization strategies (I.e. SEO Friendly Articles, etc.) to boost traffic.
- Invest in attracting new potential customers with value-laden content.
- Use interactive presentations on new and interesting topics to educate your clients.
- Be present on social media platforms.
- Find new ways to tell the world about you.
Trends You Should Be Capitalizing On
To maximize your business’ response and performance, even during the COVID-19 outbreak; a strong digital marketing strategy is necessary. Focusing on SEO, content marketing, PPC, and social media strategies will make your site come alive. Here are the top 5 trends you can use to boost traffic and conversion.
- Interactive Content – Attention spans in the digital age are short and they are getting shorter as people on lockdown get bored. Offering interactive content including but not limited to 360-degree video, shoppable posts, quizzes and polls, AR and VR, and other content that users can interact with will keep users longer.
- Updated SEO Strategies – In terms of conversion, SEO performance is around 14% while other traditional digital marketing methods perform at about 2%. SEO is one of the best digital marketing strategies businesses can utilize. However, search engine optimization is dynamic. Search algorithms change fast. What worked last year may not work anymore today. If your SEO strategy is outdated, it will hurt your ranking on search engines and that can jeopardize your business.
- AR and VR – Many companies have been investing in immersive technologies such as AR and VR. This is because these new technologies boost the impact of otherwise stationery content, giving the users a much more realistic virtual experience.
- Social Commerce – Social commerce is all the rage nowadays. Social network has become one of the most effective sources of information for choosing products and services. Businesses are now selling their products on social media platforms. This trend is looking to persist way into the future.
- Google Ads Smart Bidding – Very basically, Google will review historical search behavior and other data to predict the if a conversion is more likely to happen for you. They then increase your bids when a conversion is more likely. Not only does it save time because it lets you “set and forget” your campaigns; you also get the opportunity to use Google’s vast data which is a real plus.
COVID-19 has changed the world and our lives in ways we never could have imagined. Hopefully, this forces everyone to rethink, adapt, overcome the impact of COVID-19 on digital marketing and economics.