COVID-19 and Marketing – What has changed?
This blog post focuses on the following points:
- The impact of COVID-19 on marketing
- How COVID-19 has affected employment
- How Wolfluxe can help your business grow during these difficult times
Plus so not miss your chance to receive a personalised FREE MARKETING AUDIT.
The Initial Response to COVID-19
It is now common knowledge that companies and businesses have been significantly affected by the COVID-19 pandemic. We are now approaching our 8th week of lockdown, and although people are slowly returning to work, normal life remains to be a distant memory.
During the first several weeks of the pandemic, many companies exploited the situation and began to profit from the fear of the public. For example, products that were high in demand (e.g. face masks, hand sanitiser and even toilet roll) were being resold at significantly higher prices. Bigger companies were also criticised for monopolising stocks to increase their profits and avoid competition. This method of marketing is short-sighted and is by no means entrepreneurship.
Impact on Employment
Although stock market monopolisation is no longer our primary concern, it has been documented that more than 6.6 million Americans lost their job last week, and 16 million jobs have been lost in the past 3 weeks. Furthermore, Italy’s employment rate is predicted to reach 11.2 percent in 2020. As the UK is only just in its advent of relaxing lockdown measures, it is worrying that we will also be hit by large rates of unemployment and recession. Overall, the COVID-19 pandemic is estimated to cost the global economy $2.7 trillion.
Despite the pressures of COVID-19, many business have flourished, and companies continue to expand their online marketing strategies to help overcome these difficult times. Drum published that 61% of small businesses have altered their short term marketing strategy, and only 9% have made long term changes. This evidence highlights the importance of a fast paced marketing strategy to keep up with the constantly changing marketing climate.
Wolfluxe additionally believes that retaining an online audience is imperative for growth during this current situation. Presently, the change from offline to online marketing has been astonishing, with online sales and marketing rising exponentially. Online presence, social media traffic ad conversation rates have more than doubled. This demonstrates the wealth of focusing on social media exposure, creating digital Ads and improving search engine optimisation; all of which are Wolfluxe’s forte.
It is also clear that larger businesses have shifted their offline marketing budget into their digital marketing budget in order to take advantage of the sheer number of people online. This has been proven to not only engage with loyal customers, but also attract an entirely fresh audience.
How Wolfluxe Can Help
Wolfluxe is committed to helping businesses cope during these unusual times and is therefore offering a FREE MARKETING AUDIT to all their customers. Simply email us (email@example.com) or follow us on Instagram (@wolfluxe_agency) to claim your freebie.