Public health and the economy have always shared a vital relationship. A healthy population is a more productive population. This means healthier people can work better, and when they work better, they earn more. As a result, healthy people help boost their workplaces, which then help boost the economy. This forms a cycle that proves that health is, indeed, wealth.
This is why the 2019 novel coronavirus outbreak has a significant impact on the economy. The world is bracing for the real possibility of a full blown global economic crisis because not only has the fast spread of the virus put a strain to healthcare systems, but most businesses have also temporarily closed, halting economic growth.
In Australia, advisory firm KPMG warns in a report that the economic fallout could take the country almost a decade to recover from. “The economic damage will continue for some time and in all likelihood will escalate in intensity,” the report said.
While the future looks grim and businesses cannot emerge on the other side unscathed, there may be a way to survive the economic impact of the coronavirus. This is through pivoting their business strategies.
What Does Pivoting Mean?
In business, a pivot occurs when one business model isn’t working or when the company’s product isn’t meeting the needs of their market. These events prompt businesses to shift—or pivot—to a new strategy, resulting in a significant change in how they operate.
With all efforts now focused on addressing the ever-growing social and economic impact of coronavirus, there’s no other way for enterprises to survive other than by pivoting their business strategies. And while strategies differ from one business to another, some pivot moves apply to every type of business. We listed a few below.
1. Add e-Commerce to Your Website
According to a study conducted by YouGov Galaxy, 59 per cent of small businesses in Australia still don’t have a website. Entrepreneurs surveyed believe that their businesses were too small to have a website and that it’s expensive to maintain one, anyway.
While their concern is not unfounded, having a website, and one with e-commerce capabilities, is more valuable than ever. A lot of people conduct an online search before buying anything at a physical store. Since the latter isn’t possible right now, shifting to e-commerce, if possible, is the best course to take. This way, you will still be able to fulfil your customers’ needs and keep earning a revenue.
2. Grow Your Business’ Social Platforms
Social media has long been a powerful tool for businesses, especially in marketing. Now that people are practising social distancing, social media is where you can best reach your audience. As long as you carefully consider the message you’re sending through your social media content, using these online platforms is a great way to connect to your market during this time.
Locally, brands like McDonald’s Australia and BONDS are doing great on social media, particularly on Instagram. McDonald’s uses its page to share announcements about their operations, such as implementing a no-contact delivery and giving healthcare workers free McCafe drinks.
Meanwhile, Australian underwear brand BONDS has recently been sharing pictures of its customers comfortably working from home while wearing their products. These are a great way to market while also remaining conscious about what people are going through.
3. Rank for Relevant Keywords Using SEO
People practising social distancing means billboards and other forms of advertisement usually seen outside have become practically useless. Now, only a fraction of their audience gets to see them. But while people are staying indoors, they’re also staying online. So, much like social media, you may focus your marketing efforts online through search engine optimisation or SEO.
With a professional SEO service, you have the opportunity to drive traffic and conversions to your website right now. In addition, keeping your SEO efforts going builds your brand up for relevant keywords and is a smart investment for the future of your company.
4. Keep Clients Informed Through Valuable Content
What you do with your business to weather the effects of the coronavirus pandemic directly affects your clients. Whether you’re permanently closing, operating on limited times or fully moving to online retail, your clients need to know. This is why updates about your brand is one of the most relevant pieces of content right now. Your audience will want to know how you’re being affected by the pandemic, how you’re handling it and how this will affect them. By being transparent through the content you’re producing, their trust in you is less likely to waver.
Apart from updates, most audiences also value content that will help them with the problems or challenges they’re facing in the midst of a crisis. So, make use of your industry expertise and find aspects of it that are relevant to the current situation. For example, a hotel owner may share how they disinfect every room, which their customers at home will find useful. A furniture store can share tips on rearranging the furniture at home so the space looks fresh every few weeks. A coffee shop can share barista tips on how to make the perfect cold brew at home. In these little ways, you’re providing relevant content for your audience, which will help them remember you and trust you.
The ultimate show of pivoting is innovation—finding ways to do things in a newer, better way. This is needed now more than ever, especially with so many restrictions that make it difficult to operate as you normally would.
Do you and your team get together for breakfast every Monday to talk shop? Continue doing so virtually through video messaging applications and software. Offer roadside pickup if you’re a retailer or a restaurant. Sew face masks if you own a tailoring shop. Offer tutorials using your social platforms. With enough creativity, there are endless ways you can innovate how you do business. Who knows? Maybe some of these innovative ideas will remain valuable and applicable even when the health crisis is over.
We’re all living in unprecedented times. And while the sentiment “we’re all in this together” is true, businesses that can pivot their strategies and effectively adapt to the situation at hand are more likely to successfully emerge from this pandemic.
Let Media Crew be your digital marketing partner. As one of Australia’s leading advertising companies, we will help you navigate the current situation and see your business through the crisis. Give us a call so we can start discussing your game plan.