Why Companies Should Turn To Digital Strategies To Survive COVID19?
- April 6, 2020
- Posted by: IDMG
- Category: Digital Transformation, Strategy & Consulting
As the US Economy and businesses face major financial hardships during this coronavirus pandemic there is a silver lining. Online sales and media consumption have skyrocketed as the coronavirus has become a larger concern, so now is the time to capitalize on the upward trend!
In the upcoming months, businesses now more than ever are going to become more reliant on their digital strategy, and marketing efforts. In fact, it will be a necessity and quite frankly a deciding factor in whether or not you are able to weather the storm and make it through these tough times.
As we are well aware of the live events, conferences and all channels related to these, in addition to face to face business is being postponed which presents an enormous challenge. The key to mitigating this loss is to turn to develop a solid digital marketing strategy.
B2B and B2C companies tend to rely on the annual circulation of trade shows and exhibitions to network and build their relationships. Now, the same B2B and B2C companies who are not as digitally savvy may have a harder time and be less likely to grow their digital footprint and strategies.
Especially for those smaller businesses who rely mainly on foot traffic or word of mouth, in this case, COVID19 is coming as a real shock and losses are hitting very hard.
On the other hand, larger companies are also finding losses happening with the cancellation of scheduled events and conferences. However, on a positive note insurance and cancellation policies should grant them a marketing budget reimbursement to leverage and reassign.
The real winner in this current economy will be those diving into their digital marketing. On the flip side, those companies who might not have capitalized on this are in a situation where they are likely to focus primarily on this channel for growth and compensation of revenue losses.
Social media, and content marketing, in addition to lead generation and search engine optimization campaigns, will be the new norm for achieving success during this extraordinary time. Those individuals and companies who have been slow to adapt are now finding this to be the key factor, as resilience is adaptability.
Face to face is now a thing of the past as prospective clients are going to be less and less likely to want you to walk through the door. That is if the business location is even open since many have been shut down and deemed nonessential.
In this case, utilizing the internet, social channels, and online virtual meetings is the new norm and present situation for conducting business and most importantly keeping your company’s growth alive, and virtual doors open.
We are in very uncertain times, remote work is the key ingredient to embracing this new era and transforming your business during this pandemic.
Our consulting agency has seen a real spike during the last few weeks as companies are seeking consultation to upgrade their website, launch new e-commerce channels, create new social media campaigns and SEO outreach programs to reach new online audiences.
Utilizing this stay at home order can be a benefit to developing digital marketing strategies. You are now able to research where your customers are, can be found online, and determine how different strategies and tactics can impact your success levels.
Giving your website a refresh along with social media pages to develop a more innovative approach to building your online network, versus the way of the past which has been so reliant on building your networks offline.
Many companies we have spoken with are in agreement with not wanting to lose opportunities provided with the traditional conferences, and networking events so now more than ever they are open and looking for new ways to spend their remaining time and marketing budgets.
In fact, some clients spend an average of 50-60% of their budgets on events, now they want to spend that money on trying something new that will progress their business during this time.
There is a massive window of opportunity here even during these uncertain times, and it will provide and become part of a long term marketing plan that is proven to deliver many benefits.
It is also noted that many businesses are looking and seeking to become more hands-on and savvy with the use of live social media channels. Like Facebook, Instagram, or Linkedin live.
In the past, these platforms have been skimmed over or overlooked but now the value is becoming quite clear as the audiences these companies are seeking to engage with are on these platforms which enables them to create more opportunities and targeted campaigns.
The next step is to understand that although this is a very weird and unorthodox time for many companies it also provides a new way of working that yields many opportunities. However, those who are not open to this new way of thinking and conducting business will have a much harder time replacing the opportunities and revenues they have lost.
For those who approach this digital shift strategically you will be able to carry on providing long term value now and continue on this new path of long term success once the world eventually gets back to normal, which lays the foundation for a more resilient future in spite of any pandemic.
Currently, our consulting team is offering free strategy sessions to review what can be done to compensate for any loss in revenue that may have occurred within your organization.
Stay safe, and healthy!