Covid 19, Business Impact and Survival Strategies
Businesses are facing operational and financial challenges. Changing needs of the people, customers and suppliers. Businesses are making rapid changes in their business strategy, whether it is offline or online strategy. Many of the startups are brutally affected in this pandemic. They are trapped in managing their funds, revenue and supply chain. In this article we will discuss about the impact of coronavirus and survival strategies for businesses in covid-19.
Impact of Covid-19 on Business
- Finance
- Customer Behaviour
- Manpower Challenges
- Technology
- Marketing Strategy
Managing Finance
Due to covid19 businesses are facing difficulty in maintaining harmony between business and finance. It has affected consumer behaviour, supply chains and revenue. Being prompt is the only option to maintain liquidity of business in this scenario. Also there is a need to find new opportunities for generating investment in your business for sustainability.
Many of the business need to adapt about the current situation like:
1) How long the pandemic will last accordingly develop business strategy
2) Manage Finance
3) Try to reduce unnecessary costs
4) Managing company in between government regulations and safety.
Change in Customer Behaviour
Customer behaviour has drastically changed, It’s very important to analyze customer behaviour with your business website or app. Digital acceptance is the need for survival in this pandemic, this is a noticeable change i.e Digital transformation is being accepted.
- Stay connected with your existing users and new users with digital platforms.
- Analyze Buying cycle
- Usage of internet, you can remarkable change in internet consumption during this pandemic. People are always searching for new ideas of entertainment and learning in this difficult time.
- Content consuming on internet you can see remarkable change in digital content also.
Manpower Challenges
Workforce management is very challenging in this pandemic. Management need to follow government norms and take proper safety measures for the employees. For this management should understand the need of workforce and accordingly plan office shifts or work from home.
Use this time to encourage your employees to learn new skills that will help your company in coming years.
Adopt New Technology
Due to this covid-19 crisis many of the businesses had adopted technology like cloud computing, data, architecture, applications, infrastructure and network to avoid disruption in business and operational processes.
Many of the companies are using apps like Zoom, Skype, Teams etc for their daily meetings, calls and keeping track for their work. This has saved time and help to streamlined work.
New Marketing Strategy
People are considering to buy online rather than going go offline shops. The current Covid-19 scenario seems to be blessing and disguise for online businesses like eCommerce, tutorials & online classes, online consultation and many more!
Here are some of the crucial points to discuss about small business survival during this pandemic.
Digital Marketing Strategies for Business Survival
During this pandemic it is very important to stay at home and maintain social distancing. Because of this reason many of the users are using online services to fulfill their day to day needs. So many businesses whether it is retail, services or ecommerce, the demand of users has increased.
The main crucial point is consumer behaviour, the consumer behaviour is totally changed due to pandemic. This is very challenging for marketers to understand the user behaviour. For this you can use Google Trends, Google Ads keyword planner to identify and analyze what exactly target users are searching for and how can you help them.
Google Trends for Trending Topics
Through Google Trends Analysis few important changes are emerging like:
- People are looking for purchases related to daily and basic needs
- Consumers are very conscious about online shopping
- People are using the internet to learn new things i.e. online courses, cooking recipes, play and connect online with their near and dear ones.
From above points you will come to know that consumers are looking for basic essentials needs online, secondly they are trying to learn new things and they are also constrained about money spending. This makes clear we need to keep our users engaged with our services/products throughout this pandemic, will try to connect with them emotionally, logically and financially. Google Trends can help us to adjust and plan our marketing strategy to meet audience expectations.
Google Ads for Fast Results
During this pandemic you can see evolving changes in users needs and interests. PPC is actually making an impact on many of the businesses growth. Mostly this shift can be seen in many of the eCommerce businesses, they have shown substantial growth in their user base, revenue and branding during this pandemic. This remarkable change is due to lockdown, social distancing and to avoid infection of covid-19.
Here are few tips:
- Analyze consumer behaviour with your app and website.
- Increase budgets on products/services which people certainly need.
- Expand your reach to new audiences, markets and customers.
- Understand your business goal, budgets and targets.
- Try to adopt recommendations given by Google Ads.
SEO for Organic Traffic
Know why SEO (Search Engine Optimization) is one of the important digital marketing strategy for any businesses:
- It helps to builds credibility & trust of the website and can help to build new user base
- Improves user buying cycle
- People are always excited to read new content on internet
- Long term digital marketing strategy.
- Cost effective and reliable
Know why SEO is necessary for any small and large businesses. Here we can understand how SEO trends have been changed and what strategy to implement during this pandemic.
What are the changes in SEO strategy during this pandemic:
- Keyword Research Related to Your Business and Covid-19
Use Google Trends or paid Keyword research tool to find searches for Covi-19 and try to narrow down searches related to your business niche and covid-19. Try to jot down keywords related to your business and also target the keywords our target audience can search. - Optimize Local Business
During pandemic people are looking for local business searches, this change is because they can fulfill their needs, so that they get their fast delivery services or can opt for pick up to products/services. Businesses should focus on optimizing Google My Business account. Focus on local keywords related to location, near me etc. - Post New Relevant Content
Remember that long term idea behind SEO, analyze the recent searches related to your business and covid-19. Writing trending topics will get more traffic on your website.
Social Media Marketing Strategy
During this pandemic most of the audience are spending their time on social media platforms. So its the right time to interact and educate your target audience and show relevant content they are looking for or will be interested. For this thorough analysis of the target market and this will help you to build social media marketing strategy to connect with them. For this strategy we will not invest money instead invest time in creating convincing content and attract existing and new users to your business.
- Try to talk about your product/services
- How your business will help your target audience
- Live sessions of experts which will help our business
- Ask business tycoons to do encourage your small businesses by sharing their business products/services, offer and events,
- Arrange Webinar on Zoom, Skype, etc
It is very easy to lose hope in this difficult times, but we need to be positive and also raise your helping hand to the people who actually need your help & support. Being hopeful is the only option we have for better tomorrow. Stay home stay safe!
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