How Coronavirus is Affecting Small Businesses
Coronavirus is well and truly on everyone’s mind and everybody’s lips. Of course, our primary concern is our health and wellbeing, but all small business owners are also wondering just how this is going to affect their company and how they can best support the future of their business.
It’s still the (relatively) early days of the pandemic and already there are 1,347,235 known cases across the world; a count that’s rising by thousands upon thousands every day. We don’t know exactly how long this pandemic is going to last or how long it will take for us all to recover.
The big picture economic effects of coronavirus are already becoming starkly clear. Stock markets across the globe are crashing, unemployment is rising, businesses are closing, retail sales are falling, industrial output is decreasing, and the tourism/air travel industry in particular has been decimated… but it doesn’t stop there. Schools are closing and events for the foreseeable future are cancelled, as is sport and entertainment. Everyone is in one form or another of self-isolation, and the knock-on effect of this is reverberating across the world economy.
In fact, while many experts are warning us that we’re headed into a recession, some are even evoking the infamous depression from the 1920s! One thing is clear: everything is slowing down. Even the biggest companies in the world are shutting up shop, at least temporarily, and riding out the tsunami thanks to their cash and asset reserves. The companies that aren’t able to weather the storm are either going to need to be bailed out, bought out or go under.
It all sounds very doom and gloom to be honest. And it’s no wonder that many individuals and businesses are panicking; for every person stocking hurriedly up on toilet paper there’s a business scrolling down its list of expenses and looking for ways to cut costs. Website support and marketing services are some of the costs facing the chopping block in our industry.
But this approach is a knee-jerk reaction, and not focusing on the long term benefits. As tempting as it might be, the crisis we’re all experiencing offers businesses an opportunity to re-think their approach and take advantage of the slow down so that when everything ramps up again, they’re roaring and ready to go.
Those that don’t manage to adapt won’t survive. But if you can keep your eyes on the horizon and spot the needle of opportunity in the haystack of chaos, you’re going to find your business all the stronger for it.
So how exactly can you do this?
Well, the team at GO Creative have you covered. The answer: take the opportunity now, while your competition flounders, to double down and optimise your online content marketing and digital strategies.
Wait! Spend more? Are you serious?
Yes, we are.
Digital marketing guru Neil Patel breaks down the online landscape brilliantly in his blog. Here’s a quick summary for you:
- The global cost of coronavirus could be over $4-trillion according to recent estimates.
- Business travel alone is set to lose $820-billion.
- Forced unpaid leave, stand-downs and outright redundancies are becoming more and more common.
- Online search traffic across the board has dropped hugely, with a few noticeable exceptions: news, finance, food, healthcare, media and pharma.
- Online sales conversions dropped significantly with the exception of paid news outlets (everybody is desperate to keep abreast of the latest developments after all).
- The cost-per-click (CPC) for online advertising has not experienced a big drop and is much the same as pre-coronavirus levels.
- The cost per acquisition (meaning the conversion rate of getting customers to actually buy) has gone up big time.
What does this all mean for you, and if less people are searching online, why would you concentrate your efforts on digital marketing? Because many small businesses are thinking the exact same thing.
Which is precisely why now is the time for you to stand out with your business and make the smart move to gain market share. Because the cost per acquisition is going up, businesses are shying away from looking at the cost per click. They’re assuming that they’re throwing money away in a bad economic climate. But really, they’re throwing opportunity away in a climate ripe for growth.
“Always turn your wheel in the direction of the skid.”
Now’s the opportunity to keep customers in touch with your services and offerings. Stay front and centre in the minds of your target market while everyone else is off hiding in the shadows.
It’s time to think creatively. Whether you’re an ecommerce business, a service-based company or just have online presence to promote your brick-and-mortar store, it’s time to pivot your digital strategy to give yourself the best opportunity to rise up once again.
More and more people are spending time online shopping and browsing on social media, so now’s the perfect time to harness their attention.
So, what can you do? GO Creative has a number of business website support services readily available.
- A Working Website
First and most importantly, you need to make sure your website is running at its best. Slow or broken websites are going to turn away potential customers. So make sure to get in touch with our team to ensure your website is running at its best. Our urgent website support service is the perfect answer for a short-term problem, otherwise our Website Care plans are the best for the long-term maintenance and support of your website.
- New/Revamped Website
If you’ve neglected your online presence up until now, that’s okay! Relax. Our team will help you get up and running with a website that provides a strong return on your investment. Or, if you already have a business website but it needs a bit of a revamp to reflect your business’ change of focus, let us know and we’ll chat about the options.
- Search Engine Optimisation (SEO)
No matter how slick and impressive your website is, it’s no good if no one finds it. SEO is a service which ensures that anyone searching online for your industry will come across your business before the competition’s. Our SEO-audit service will help diagnose where your pain-points are so we can help you improve it. Plus, our SEO audit is FREE, so check it out now.
Conclusion
It’s a crazy time to be operating a small business, and coronavirus is sure to have a huge impact. But by teaming up with a professional, reputable company to support your business website through these difficult times, you can ensure that you’ll come out the other end all the stronger.
What are you waiting for? For small businesses, COVID-19 is one heck of a skid so ask yourself one simple question: “Where’s your wheel turned to?” and get in touch with us for an instant quote today to make sure you’re headed in the right direction.
