The coronavirus recession has wreaked havoc in India. The global economy and the world business seems to be seeing the worse every upcoming day. Looking back months ago, everything seemed to be done and dusted for China and was thought of being manageable by the rest of the world. But the scenario today has left the nation and the world in an upside down titanic that may sink at any given time still unpredicted.
Did You Think That the Indian Economy and Market Isn’t Going to Suffer from Coronavirus Recession? Break Your Myths Now!
- According to Barclays’ estimates, India’s aggressive 21-day lockdown is going to bring the country’s growth down to 2.5% from the 4.5% which was earlier estimated.
- The Indian Economy is in a sharp slowdown as companies and services are likely to operate virtually for weeks or even months with a great revenue loss.
- The Finance Ministry Reports say that India kicks off its fiscal year with revenues under strain and the worse is about to happen you have no idea of!
- Latest official data show that as India conducts the world’s biggest lockdown, the Indian economy will witness depressed tax collections and a major slowdown that could be quite prolonged.
- According to forecasts, India’s GDP was expected to grow at 5.2% which has been now said to be growing at 3.5% and will keep the growth poor in tremendously in the mid and end of 2020.
What’s more, adding to the worsening conditions of coronavirus recession?
- The Indian stock markets continue to dump stocks, conserve cash and are at an all-time fall.
- Analysts believe that trade and business are at a virtual standstill and nobody knows what worse is coming ahead.
- China’s GDP growth witnessed the largest downfall of all times. The Asian economic giant was expected to grow by 5.7%, but is going to grow at 4.9% affected by the Covid-19 pandemic. Meanwhile, the world economy will grow at a 2.4% as against the expected 2.9%.
- The food industry is starving, the grocery stores are empty shelved, the travel industry is at a pause, the malls and complexes are ghost hosting, the corporates are on WFH, the education is remote, the Government is struggling at a standstill, the economy is declining and everything seems panicstricken by the COVID-19 after-effects. (sources: india today, economic times and cnbc)
So, in the time of this downturn crisis, staying calm and optimistic is not easy. But for business leaders and entrepreneurs, this is a part of their daily chores. And ofcourse our biggest concern is, ‘How to market in the times of coronavirus recession or market downturn?’
Top 15 Strategies to Follow to Adapt Through the Coronavirus Recession and Come Back Better After This Crisis:
1) Stay positive and believe that the market is slowing but will survive.
No two downturns are the same. But at the end of the day, putting proactive measures into actions, you can get up firm and stronger once this crisis subsides. And fortunately, there’s good news too that China, where this all started, is now showing signs of economic recovery. Then why won’t we! Be optimistic that the entire market will get better soon.
2) Inform your customers of what is happening
Remember opening up the online delivery portals and reading- “Our deliveries are shut down due to the Government mandate on covid-19 pandemic. We’ll be back soon.” Yes! This is a time to connect to your customers like never before. So let them know what the outside situation is, what you are offering, your delivery practices and schedules from time to time. Also reinforce that you are using the best sanitary measures.
3) Ensure that your business is found online.
People aren’t walking around the streets and stores. All they have is the internet and online media. Staying isolated is leading them to curb their needs by finding it online. Bring your offline customers online. This is a great avenue to jumpstart your online channels. Anything can be converted online more in this corona crisis. Go ahead and get more eyeballs for your business!
4) Grab new sales channels in the coronavirus recession
If you cannot sell via physical channels, go for eCommerce. Grocery channels like big basket and food deliveries like swiggy and zomato are reviving back to cater to their audience after a major shutdown they all went into. Similarly try to convert more on social media marketing, facebook, linkedin against your personal channels. Nomatter what, your business has to go on!
5) Create a critical and sensitive connect with your users
Everyone is locked down indoors. No one is allowed to travel, dine, work and chill in their favourite zones. In this sensitive time, you can show empathy to them and you should reach to help them. Let them know you are there for them amidst this coronavirus recession and slowdown.
6) Don’t promote in a ‘too pushy’ or ‘too salesy’ manner
For instance, watch this ad of Lifebuoy soap/ hand wash airing on TV and Internet. The ad commercial says- ‘ Wash your hands with LIfebuoy or any soap that’s nearest to you. And together let’s help prevent the spread of coronavirus in India”.
As we said, this is an extremely sensitive time, you need to make ads or client reaches to deliver your concern and help to them in the most familiar way and Lifebuoy just showed us how. So, don’t really push sales limits and create difficulties in the mindsets of your customers throughout their buying journey. Let them feel this new MadTech scenario ain’t commercial but support.
7) Focus on your long term investment business plans
If you are a B2B sales, make well-known identities of customers and put into long term investment is a done deal. Recognize and re-evaluate your processes and operations and pay attention to long term objectives, because this could possibly be a short term slowdown for you. So, ease out!
8) Stay at par with your competitors. How? Right like this!
Optimize your website and content regularly. Take care of SEO. You know everyone is right on their devices and this is the biggest form of marketing you can do too. So, take proper insights from your audience regarding their fluctuating needs and behaviours. Surpass your competitors with your content,seo strategies, audience insights and all that makes you ahead of them.
9) Necessity is the mother of innovation. Use it!
Let your customers know that you are there to help them spare some money for the huge economic crisis. In this time of adversity, as a marketing and advertising industry, identify your product base and put up special promos and discounts. In addition, make your users feel that you care for their money esp at this hour when earning and sustenance has become difficult.
10) Nail your online reviews amidst coronavirus recession.
It is a time of emergency. Nobody wants to take risks. Get your online reviews perfectly attended and be reliable support to thrive in safe waters amidst floods of recession. Undoubtedly a grocery store X with a 5-star review is where the user goes first than an equally good grocery store Y which doesn’t have a review or FAQs dealt for the users.
11) Don’t panic and don’t make your users/customers/clients panic
Marketers don’t have a choice to panic. Use reliable metrics and analyze everything before you devise your strategy and what you communicate outside. In this situation of widespread panic; think, analyse, strategize and don’t contribute to the panic move.
12) Utilize this slowdown time to kickstart what’s pending/ to-do
Like everyone’s cleaning their homes and spending time learning and doing things, this is the perfect time for businesses to self-improve. It’s a great time to analyze your current services and devise new models and approaches to move ahead.
13) Adapt your marketing strategy and plan tactical campaign
Among marketing plans, the biggest challenge is to plan and foresee business scenarios keeping in tune with data security and audience monetization games and that too at this critical time is a little panic. Check for the changes in sentiments your customers have gone through. In addition, consult with market planners, act well with your audience segments, target audiences effectively and devise in anticipation what needs to be your future marketing plan.
14) Dear marketers, prepare for the coming bounce-back growth post the coronavirus recession
China records show that the economy is recovering from the coronavirus recession faster than expected. I know you realize the difficult health conditions around, but as marketers you have to put up steps today to get repositioned better as this crisis goes over.
15) Evaluate Various Possibilities and Choose what’s relevant to you
That is to say that like every business has their own marketing plans and strategies, so goes with their contingency, fallout and recovery too. Modern businesses keeps coincidence with people-based marketing to reap superfluous revenues.
Although, whatever helps you sustain and lead better in this crisis is the preventive measure for you. If one thing doesn’t work, find alternatives to deliver yourself in the market.
To Conclude How Long Is the Coronavirus Recession Going to Stay?
Worried about all this. Right? You’re not alone. We all are. The nation and the entire world is plagued right now.
If you take history into account, the world economy may eventually recover from the Covid-19 pandemic, but yes it’s going to be a V-shaped recession in the first half of this year 2020 which will recover in the second half owing to the patterns of slowdowns in ancient times.
Everyone needs to take precautions to reduce the spread of the virus and the businesses and data markets need to put little good steps today to save for better tomorrows along with not disturbing the customer privacy. Challenges and crises keep affecting business but the show cannot stop.
However, this, of course, is a major slowdown but with every great strategy, we can adapt, embrace and get through this and bounce back stronger and better even from a major crisis than the coronavirus economic crisis.
Therefore, with positive minds and tight-strategies, let’s stand tall in good spirit until we go back to the good times. Because, after this coronavirus recession, everything’s going to get better. Of course!