Over the past few weeks, the global stock market has taken a massive hit with share prices plummeting. And things aren’t looking like they’re going to bounce back anytime soon.
This decline is primarily a consequence of the increasing prevalence of the Coronavirus disease (COVID-19), which is currently affecting 80 countries around the globe, with over 92,000 confirmed cases. On the 3rd of March, the Australian stock market experienced another unfortunate tumble with a total loss of $15 billion dollars.
Now, as you can expect, this rapid decline currently being experienced by the market is far from good. It is expected to reap serious ramifications for multiple facets of an organization’s operation, with one of those being its marketing department.
Due to the current state that is being experienced by the world, it is considered essential for organizations to possess a certain degree of agility regarding their marketing efforts. In this context, organizational agility refers to the ability of a company to quickly alter and adapt their efforts to compliment the changing conditions experienced in their external environment.
Within the world’s current state, it appears that there are an increasing number of individuals who are shifting away from in-store purchases (possibly to reduce the chances of contracting coronavirus) and are instead opting for online and e-commerce platforms.
Therefore, this suggests that it would be more beneficial for companies to direct a significant proportion of their marketing efforts towards establishing and securing a strong digital presence to ensure that consumers are driven to their online store where it is anticipated that customers will make a transaction.
Furthermore, due to the severity of the coronavirus and the caution it has elicited within many organizations, such as Facebook who has cancelled their Annual Global Marketing Summit, it has caused fear of the cancellation of multiple other events that provide an advertising platform.
The most recent example of this is the upcoming 2020 Tokyo Olympics which has the potential to advertise products to a global audience. As of December, it has been stated that $1 billion in advertising commitments have been made ahead of the games. If it were to now be cancelled, companies would not only lose their money, but they’d also risk their chance of exposure amongst an extremely large audience.
Therefore, it is beneficial for companies to develop a contingency plan to avoid their media strategy or campaigns being completely upended by the coronavirus.
Bruce Biegel, Winterberry Group’s senior managing partner, said that “[Companies] don’t need to change what [they’re] doing, but [they] need to make sure that [they’re] doing the right scenario modelling”.
In order to keep up with the changes occurring in the external environment, some organizations may require assistance with their marketing efforts or marketing strategy. If you find yourself in this situation, Robotic Marketer possesses the knowledge, expertise and technology to ensure your organizations success in its respective market.
In New York for a few days selling my wares and it becomes increasingly apparent that being a tech entrepreneur is much harder than first thought.