Given the devastating economic impact of coronavirus, it is crucial to focus on what businesses still have leverage on – their digital presence.
Digital transformation has never been so central to business survival and growth. As the chaos ensues, businesses need to plan and implement digital solutions for restoration, recovery and growth.
How can businesses adapt?
The most important actions for businesses in times of crisis are to adapt quickly and keep marketing. Some businesses might place digital transformation plans on hold and cut back on marketing spend, but that approach is counterintuitive.
Business analysts and coaches around the world are advising that those who exhibit bravery and focus on investing in their business futures will benefit from faster recovery.
Those which react and adapt to the rapidly changing economic landscape – in which digital transformation has become more important than ever before – will not only survive but once again thrive when we come out the other end of this pandemic.
The crisis has brought the need for digital transformation across business operations and marketing processes into sharp focus as the world becomes increasingly dependent on internet communication.
From entire populations turning to online ordering for basic foodstuffs, to children wishing their mums a happy Mother’s Day on social media and world leaders engaging in game-changing conversations in video conference calls – the internet really is making the world go around amid this terrible crisis.
People are adapting quickly to normalise the situation as best they can while adhering to ever-changing guidelines issued by authorities. In business, we are all preparing for what looks like an extended period of slow activity, but it’s vitally important that we equally prepare for recovery by investing for the future. The faster you react, the faster you prepare.
Strengthening your focus on online marketing will enable you to maintain a semblance of normality in business and gain a competitive edge over competitors who are slow to react.
Many traditional marketing activities have been shelved. Networking events are cancelled while face-to-face sales have been drastically reduced. Figures show that in February alone, concerns about the coronavirus led to a 500% surge in postponements and cancellations of significant events – that’s before the dramatic escalation we have experienced in March.
A study revealed B2B marketers who participate in industry events allocated nearly 40% of their budgets to exhibitions and industry shows – almost five times more than the 8% spent on online marketing. It stands to reason that there is a need for a profound shift of this budget towards online marketing.
The unprecedented measures introduced should accelerate online operations significantly for businesses. Business and consumer behaviour is being altered on a massive scale and that will have long-term effects.
Whether or not those effects on your business are positive or negative depends on what you do next. Invest in the future or stand still while all about you moves – the choice is yours.
If you would like further advice on how to improve your online presence or digitise your processes for restoration, recovery and growth, contact Grofuse today: NI/GB +44 2871 228820 ROI: +353 1247 5294.