Coronavirus or COVID 19 is the talk of the town and making the headlines currently on all leading newspapers. The lack of a vaccine against the same and violation of preventive measures or government instruction is further making it spread like a forest fire. In the current scenario, it seems to spread more rapidly and the trend of increase in positive cases seems to continue for some more time. The moment we ON the TV for the News channel or get hold of the newspaper in the morning the graph of the number seems to grow speedily. No one has any idea about how long this Corona effect would last on earth. But, it has got the global stock market at the point to crash, which means if you are into a business or a marketer you would soon experience the impact of the same.
Before going into further with the topic let us first be clear on what ethical marketers or businessperson we should avoid in the current scenario.
A businessman is the one who takes the best use of time and opportunity to get the best deal. Nevertheless, there are few ethics attached to every business, which states that we should not take undue advantage or exploit anyone to earn the profit. But, currently, we are seeing all around us many marketers are exploiting the fear attached to the coronavirus and making money. Suddenly, the market saw cutting down in supplies of necessary commodities such as masks, hand sanitizers, toilet paper, and many others. Taking this situation as an opportunity few selfish marketers started selling these items at very hike prices nearly 10-50 times more than its original price. So please be helpful to mankind during this dreadful situation and set an example of good business. Instead, of getting your minds on such short time profits concentrate your efforts on future planning which would fetch you more profit that too for the long run.
Struggle Phase for Businesses
Even if in the coming days the virus slows down but its impact on the economy would keep the struggle for businesses for some more extended time to overcome the losses. Like, seen in the case of China where the retail sale is gone down to nearly 20% and the unemployment rate has also raised due to Covid-19 Pandemic. Moreover, the closure of markets to prevent the spread of the virus means no business or any profit. On the above, the responsibility of paying salaries to the employees or school fees, office rent is further taking the peace of their mind. In the current scenario, most of them who are getting low on their Bank balance is not in the situation pay their neither rent nor salaries. Many of them are at the urge of closing down their business. The travel industry is one of the most hit during this period. Most of the travel companies and Hotels are suffering a huge loss. Apart from losing money, there is a loss seen in conversion and traffic online.
A decline in Organic traffic, Conversion, and Pay-Per-Click data
Today most of the industries are experiencing a downfall in their organic traffic, Pay per Click data, and conversion ratio. Industries like advertising, agriculture, E-commerce, Construction, travel, and many others are mainly hit due to lockdown in most countries and the fear of the virus preventing the people from going out in the market. However, few industries who are into the business of necessary commodities are in positive trends like Media, Healthcare, Finance, and Food.
Role of Marketers
In a current economic situation where the doors to come back on the track for most of the businesses seems to be closed, positivity and best future planning would make them stand back from this economic struggle. First and foremost don’t get panic and keep your mind calm. Work on getting innovative ideas for your business. Skill yourself to be more productive and competent. If you have some good economic back up invest in companies who are doing well such as media or food who would fetch good results.
Keep an eye on Government and financial institutions
Government and financial institutions such are banks are currently doing all best efforts to support small businesses and helping them to cut costs. Therefore, keeps track of these developments for your future planning.
Today all those in businesses should get united and help each other. Keep yourself away from unethical business tricks and work as a team to fight against this economic battle against the coronavirus.