Startups 101: How Digital Marketing can Grow Your Business During the Corona Virus Pandemic

The coronavirus pandemic has paralyzed many industries across the globe, rendering millions of people unemployed. As many economies continue to decline (almost hitting recession), businesses are losing billions of dollars in revenues. The pandemic also presents a steep learning curve for many businesses. In particular, the COVID-19 crisis underlines the importance of learning and implementing digital marketing strategies in overcoming marketing uncertainties and dynamics and anticipating customer needs.

Image by Gerd Altmann from Pixabay

Speaking of the advantages and the benefits of digital marketing, here are some ways digital marketing can support the growth of your business during this pandemic.

Relationship building

The success of any business is founded on the relationships with the stakeholders, including customers, employees, and shareholders. Digital marketing platforms, including social media platforms, offer a unique platform for building stronger relationships, particularly with customers. During this pandemic, customer loyalty is especially an invaluable asset that makes the difference between closing down your business and staying afloat. Therefore, it’s important to harness the power of digital marketing channels, including YouTube, Twitter, Instagram, and Facebook, to develop connections tailored for specific market segments and individual customers.

Data analysis

Today’s business landscape is dependent on data. Metadata is increasingly becoming an invaluable asset. Analyzing and interpreting metadata is critical in understanding market trends, customer behaviors, and making projections. A website company is strategically placed to deal with market uncertainties like this coronavirus pandemic. During this crisis, understanding customer buying habits and their geographical locations can help strategic positioning within the market and identifying potential niche markets to explore. Businesses can collect such valuable information from different platforms, including their websites.

Performance measurement

Digital marketing will provide your business with data for performance analysis. Digital tools such as Google Analytics will help your business gauge its performance in different markets. From lead generation on social media platforms to customer reviews and feedback, digital marketing channels offer a unique opportunity to fast-track strategy implementation and organizational performance. During this pandemic, informed re-strategizing is critical to establish a presence in new markets while also cementing your position in current niches. 

Improving market visibility

The coronavirus pandemic has disrupted normal business operations across the globe. Traditional media channels are increasingly curating their content to help in the fight against the highly infectious disease. Digital platforms offer a disruptive and customizable marketing option for greater visibility. Facebook, Twitter, YouTube, and business websites are great ways to improve your visibility. These innovative digital marketing channels allow your business to create highly customized content to generate traffic.

Cost-effective market reach expansion

One of the advantages of using digital marketing is the freedom to curate messages; high-quality and interesting content that is tailored to specific markets. With digital technologies such as Facebook and YouTube, you get a cost-effective marketing strategy with a global reach. Marketing content and communication can be customized to appeal to specific jurisdictions you plan on establishing your business operations.

Surviving during this coronavirus pandemic requires well thought of business strategies. Settling on a cost-effective marketing strategy and decisiveness are essential entrepreneurship skills needed to navigate these hard times. Digital marketing offers a unique opportunity to expand business operations while creating curated content for communication and marketing purposes.

Hope these help! Share your thoughts using the comment section below.

Sustaining a Business in Times of Crisis

With the world slowly shutting down, it’s hard to see that there could be a light at the end of the lockdown tunnel. With COVID-19 making its way across the globe, people are suffering, and businesses are dropping like flies. The rate of small business closures in their first year is usually 50%, but with this virus, small companies cannot sustain themselves.

Before you panic that your business may fail, let’s take a breath and remember that you are not working from home: you are at your house trying to maintain your business during a massive crisis. You may be in the middle of a time of uncertainty, but that doesn’t mean that you’re going to flop.

If you stay informed and you stay busy, there is a good chance you can come out of the other side of this crisis relatively unscathed. So, let’s take a look at a few of the ways that you can keep your business steady through quarantine.

Photo by Christopher Gower on Unsplash

Accept It

It’s not easy to accept that the future you have so carefully mapped out for your business is at risk. You can’t deny what’s going on, though. If you bury your head in the sand and try to continue with business as usual, you’re going to struggle. You need to accept what’s happening and get organized so that you can react appropriately to what’s going on around you. Choosing to accept it isn’t weak; it’s how you organize yourself better. Use Templafy and get a document out to clients and employees about how life will be in your business going forward. People need to be in the know, and that’s up to you!

Read The Information

The more you know, the better off you will be. Check with the government as to what initiatives are being put in place for your business. Several grants are being offered to small businesses right now (from different entities). I saw one from Facebook the other day. You could be in line for a cash injection to keep your business moving forward. Unless you stay up to date with the information out there, you’re not going to know.

Speak To Your Landlord

A big blow to sustaining a business in times of crisis is paying off the rent for an office space. Your commercial premises may be closed right now, and all your staff is working from home. So, if you are paying rent to a commercial landlord, speak to them about the situation. There are policies in place to have payments deferred until later, and businesses are protected from eviction in these circumstances. Again, though, check with your government!

Plan Ahead

You know that this situation isn’t going to go away immediately, so speak to your finance team and your Co-Founders about what to do going forward. You should have a plan in place for furloughing employees so that they can feed their families. You also need to work out your immediate contingency plan for lost business. Plans will keep you in control and prevent heavy business losses.

Sustaining a business in times of crisis can be tough. Quarantine has positives, though; you can still work on your automation and productivity strategies. Make the most of working and stay safe!

Sincerely,

Check out Taxumo’s #ATimeForHope campaign. Visit http://taxumo.com and talk to us about it!