Understanding the economical shock caused by COVID-19 and Digital Marketing
There is a lot of writing about COVID-19 in terms of the number of cases.
Very little is written about what companies should do in order not to go out of the market?
This is a critical question for our economy, but also for us individually. Therefore, it is worth starting with the adopted assumptions regarding the new socio-economic situation.
Information that reaches us in the company – a marketing agency:
- Since the announcement of the pandemic, we receive at least a few phone calls a day from entrepreneurs who tell us their situation and expect an honest conversation and presentation of possible solutions. In these stories, we carefully analyze the tactics they adopt, share our best practices that we have identified, and often reconnect to see “what works”? We conduct dozens of experiments during the week.
- We are currently working closely with companies from Poland, Ireland and the USA, in which we are responsible for overall marketing. We are up to date – managing their advertising budget. As a result, we observe economic, social and business changes faster than others. We work with companies mainly from the IT and technology industries.
- Despite the fact that we will not share detailed information about our actions here, we want to be general enough to answer the question of what can be done to win on the current market. And what we do, for ourselves and for our clients, to survive and win.
- Additionally, in our team, we devoted a lot of time to the analysis of historical data, and we tried to observe business trends during such large social transformations (wars, previous plagues).
Together with the team, we accept the thesis:
The current time of the COVID-19 pandemic is a time of great changes, during which some companies will earn a fortune and some will go bankrupt.
- We accept the conclusions: either you will find yourself on a growing trend, or you will be lost in the depths. There will be no middle ground in business. Some industries will die out like the dinosaurs (e.g. paper newspapers). We anticipate very strong consolidation processes in the markets. Those who best adjust to the changes will buy the weaker ones.
- It will not be possible to position yourself – in the middle, on a straight line. We observe that maybe some percentage of companies will manage to maintain the status quo. The vast majority of businesses will go up sharply, or down sharply, with their profits.