The world around us feels as advanced as it’s ever been and, in some ways, this is true. Technological advancements have made it easier than ever for us to remain in touch with one another; global interconnectivity has allowed cultures to intersect and live harmoniously in a simpler way than human history has ever known; medical advancements have seemingly made us, as biological organisms, feel impervious to the world around us—there are medical cures for the common ailments that get us down.
But developments burgeoning since the beginning of 2020 have caused that latter notion to be questioned: The spread of the novel Coronavirus/COVID-19 may have started in China, but, due to human travel, it has spread around the globe, seriously affecting countries like Italy and Spain. Recently, the United States has been hit hardest by the potentially fatal virus. Now deemed a global pandemic, the effects of COVID-19 are spreading to the U.S. economy and appearing to potentially lead to a recession far different from the Great Recession of 2008.
As the economic ramifications of this global pandemic become clearer, it’s worth taking a closer look at how these economic effects will extend to your marketing business, whether you’re running traditional advertising campaigns or remotely managing an enterprise affiliate marketing network.
The immediate effects caused by the pandemic are widespread, from people becoming sick to many citizens being asked to take shelter within their home to reduce the rate of viral transmission—but what is it that brings about these economic effects to begin with?
While the problem is multifaceted, making for a horrible snowball effect, it can be mapped out due to a few simple issues: a lack of healthcare resources; the inability for businesses to operate as they once did, either needing to lay off workers or allow workers to work from home; and many citizens having to reduce their number of monthly purchases due to rationing in the event of an oncoming economic recession or depression.
For businesses across the country, it raises concerns as to how to best handle this crisis, managing it through all of the effects and changes it will cause. Across the marketing spectrum, there are some expectations that can be mapped out so you and your marketing team can get ahead of the tide before it crashes.
Digital Media Marketing
A pandemic caused by a virus such as Coronavirus/COVID-19 is expected to have serious effects that will reshape the way in which digital media marketing works. Some of these effects include the following:
- Media advertising budgets are expected to drop and shift to meet the changes in the marketplace.
- Out-of-house advertising and ads placed through third-party suppliers are expected to decrease due to effects within the supply chain—a lack of communication, production, and worker availability.
- The amount of digital media that people consume is expected to grow due to people being kept in their homes due to quarantine.
- Advertising across social media apps is believed to increase greatly as people begin spending more time communicating with others through digital platforms to remain in contact with family and friends while in self-isolation.
In the telecommunication industry there are going to be changes similar to what’s taking place in the digital space. Some of the expected effects include:
- There will be significant changes to the way companies communicate between one another, and produce and share products, due to the effect on the supply chain.
- Important tech conferences, ones that bring many smaller and larger corporations together, are bound to be canceled out of fear of transmitting the virus to others.
- While conferences are set to be canceled, these gatherings can be transferred to the digital space.
- The movement to an all-digital platform will require innovation, which can hopefully lead to the growth of businesses.
- While the in-person aspect will be lost, these conferences can be streamed to allow more people and businesses to become involved.
- Businesses based on the telecommunication industry are expected to grow since people will rely on technological-communication services more than ever, due to being quarantined.
- 5G technology and telehealth options are expected to expand greatly to meet the needs of the hundreds of millions of people kept in their homes due to quarantine.
As the situation continues to progress, there are going to be ways marketing businesses will have to adjust. For people within the affiliate marketing world, there will be notable changes that should be considered, and met, to keep your business afloat:
- Affiliate marketing strategies that worked in the past will not work as they once did.
- Decisions once made, such as platforms sought out and language used, will have to be fine-tuned to ensure that you are still improving engagement and converting customers.
- More attention—and support—should be given to your affiliate network.
- Your affiliates are the people presenting your business to others; they deserve your attention and should be supported at every corner, letting them know that their work is greatly appreciated in such a difficult time.
- Provide assistance if asking influencers to seek out separate digital platforms to ensure that they can successfully garner a similar audience and continue representing your brand.
- Consider providing more support to fellow businesses within your professional network.
- During economically disenfranchising times, it’s in your best interest to create cooperative relationships that will benefit all involved parties, helping to foster fruitful relationships whose customer-base can be shared.
It’s hard knowing what’s to come from the foreseeable future as governmental officials, healthcare professionals, and scientists attempt to get a handle on the situation at hand. But as a marketer, there are steps that can be immediately taken to ensure that your business can continue forward through this crisis, continuing to provide all services as needed.