Covid-19 is dominating every discussion and speculation in the world right now. As the outbreak continues to escalate, every country, leaders, organisations and authorities are focusing on how to keep people safe.
While Carney Technologies Services is emphasizing and supporting the global health concerns, it is equally important that you do not follow anything but the accurate information from authorised sources.
Amidst all these, the global economy and financial market are in roils while the global uptick in GDP can go as low as 1%.
Rabobank, in one of its statements, said that the global recession is now all but certain.
Following the spate of the virus that started in China in late 2019, colossal economies faced overwhelming challenges. Starting from flight cancellations, hoarding and panic buying and ultimately with strict quarantine steps, companies are almost forced to advise its employees to work remotely.
Impediment in search, digital ad budgets
Expert analysis show there is a chance that ad revenue of will plummet for Google and Facebook as like many other industries that have been affected by the spread of corona virus. In fact, media buyers and marketers have already started re-strategising the plans for advertising.
Loop Capital Markets analysed Google will see a 15% year-over-year decline in travel ad revenue in the first quarter of 2020 that might drop by 20% in the next quarter owing to the pandemic. Studies by Needham analysts found evidences of reduced travel expenses, consumer packaged goods, retail as well as entertainment – all of which constitutes about 30% to 45% of Facebook’s total revenue.
There’s no denying that uncertainty is on all types of business. Although the responses are diverse on how the digital marketing spend will differ or whether the e-commerce may benefit – here’s a list of what the digital marketing veterans across various verticals believe can possibly be the affect-
- Tony Verre, The Integer Group
Tony believes there will be a short-to-mid range impact (1 – 4 months) for e-commerce specifically; and, the global marketplaces such as Amazon are already witnessing a massive growth in the demand for online orders to avoid person-to-person contact. With a gigantic demand in the rise of online orders for long-term might cause a stressful situation for the logistics system that will impact both DTCs and marketplaces.
- Jonathan Kagan, MARC USA
According to Jonathan, international travel will plummet causing trip cancellations and revenue declines. Advertisers for brick and mortar locations is likely see a downfall, but there will be an uptick in CPG efforts, food ordering, grocery delivery, and likewise.
- Amy Barone, Splash
Amy noticed event marketers are still investing in repeatable, local events despite the panic of corona virus because these local events are faster and easier to scale up.
Online marketing to benefit
The major advantage of digital marketing in today’s scenario is that it does not need face-to-face interaction. Marketers with a vision can actually measure their expenses for return on investment (ROI). Assuming that many marketers, specially the ones with home isolation, can have some more time than their regular chores, it is possibly the best opportunity to review the online marketing strategy.
Fine-tune the following attributes of your company’s visibility and promotion campaigns –
- Content – Check if it has the right marketing information with the appropriate call for action messages
- SEO – Evaluate the website organic search rankings at the moment and look out for properly optimizing in improving the quality and quantity of the web traffic
- Content marketing – Create new ideas for blog posts and articles along with the press releases that can go into the next newsletter for your customers
- Promotional materials – Preparing business presentations, brochures and other furtherance
- Social media marketing – Laying a proper plan how to improve social media engagement and get organic leads
- Video marketing– Drafting the storyline for video content
While there is no comparison of the garrotting agony humans are going through in the wake of COVID-19 pandemic, it would be completely wrong to assess it with any amount of monetary loss. That being said, it has evidently shaken business and investor confidence and dented the financial system globally; adding to it is the soaring level of corona virus anxiety. The final impact of the pandemic on the world economy is still vague, prevention in every form is imperative now.