Marketing during Corona (How to Grow and Not just Survive)| Hindi |

If you want to dig deep into Digital Marketing, be sure to check out my book, published by McGraw Hills: https://www.profseema.com/books/

Follow us on Facebook: https://www.facebook.com/ProfSeemaGupta/
Follow us on Twitter: https://twitter.com/seemaIIMB
Follow us on Linkedin: https://www.linkedin.com/in/seemaiimb/
Follow us on Instagram: https://www.instagram.com/profseemagupta/

The Effect
It has put millions out of jobs and billions in losses and trillions in potential damage. Companies are laying off left and right, and there is a growing fear this could be "the great depression of the 21st century". Questions arise whether the world will be the same ever again.
The foremost thought should be, to take care of yourselves and your loved ones, by staying inside. You are not only saving your life but also the people who are around you. With no medicine in the near future social distancing might be all that we have.

The Impact
It's necessary to understand the fact that, at this point in time, no statistic can truly capture the actual effect of the pandemic. As, there are too many unknown variables associated, like the exact virus trajectory, availability of medical equipment, the effectiveness of decontamination efforts etc..

While this has been a terrible time for the economy new innovations are coming up in every possible domain.
A. The crisis can boost the adoption of the latest technologies and business models. For example, the 2003 SARS Outbreak was the primary reason, for the surge of E-Commerce in China, which led to the rise of the Alibaba Group.
B. EdTech: Amidst most of the educational institutions closed around the world, education is moving online. Services like Byjus, Udemy and edx have already witnessed 25.12% growth in daily active users and 82.73% in time spent.
C. Health: Traditionally, India has never invested much in healthcare. With 0.8 beds per thousand, India has one of the weakest health infrastructures. But, this could all change with the pandemic.
The first signs of growth are apparent from the introduction of the Aarogya Sethu App. Due to this, the public can now trace positively tested patients and access their risk of contamination.

D. Hospitality: The hospitality and travel sector have taken a massive hit. Many hotels and airlines have started downsizing considerably with millions getting affected. Gradually, this shock would spread across the other sectors as well, with manufacturing and agriculture already exhibiting early numbers. Forecasts have shown 0 % growth as a very real possibility.

How should leaders react?
One cannot control the virus, the slowdown. But one can control their reactions to these situations, their moods and decisions.
Every crisis is a test of character and leadership, an opportunity to discover, learn and show distinct traits.
1. Find Core Strength: One's business might generally offer so many products or services. But during the crisis, one should find his business's main revenue stream and focus on keeping it alive.
2. Focus on Liquidity: The health of one's enterprise should be the utmost concern. Only when an enterprise is running, can it take care of its people.
3. Reduce Liabilities: When the tides are rising, it's wise to hold the ground, rather than swim to a better place. Cutdown on all unnessary expenditure which could include downsizing to protect the health of the company.
4. Strategise: It is easy to get carried away and make rash decisions. A clear plan and targets will help you stay ahead of the curve.
5. Follow Instincts: In the current situation, there are too many forecasts and expert opinions.
But one shouldn't blindly follow any advice; instead, they must trust their instincts and focus on consumer confidence signals.
6. Do Not Please: Challenging times require challenging decisions. Take that tough call and grab the bull by its horns.
7. Communicate: Relentlessly communicate with employees, board members and partners. Make them feel safe. After all, only an enthusiastic and unified team can weather this storm.
8. Give Back: A business isn't an appendix to the society, but an integral part. Thus, give back to society. Help as many people as possible.

An organisation can make use of the following marketing strategies:
Focus on Consumer Needs
For example, despite all the theatres currently closed, BookMyShow maintains a close connection with its customers through promotions of various films through their website.

Focus on Customer Experience
In stressful situations like now, companies should go beyond selling their brands and help customers by being empathetic. Show them your care.
For example, redBus sends immensely positive and enthralling content daily to its customers apart from conveying information and precautions related to covid19.

#ProfSeema #IIMB #DigitalMarketing #Marketing101 #HowToAdvertiseYourBusiness #MarketingStrategies #Coronavirus #StayHomeStaySafe #LatestNews #BusinessDuringCoronavirus