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Surviving COVID-19 – Why Companies Turn To Digital Marketing

Surviving COVID-19 – Why Companies Turn To Digital Marketing

In the coming months, businesses are going to become more reliant than ever on their digital strategy. Without wanting to sound too alarmist, in many cases it will be the deciding factor in whether they make it through the tough times ahead.

The unprecedented, almost-total disappearance of all channels related to live events and conferences, and the increasing barriers on face-to-face business, pose an enormous challenge. Key to resilience is the development of ongoing contingencies to mitigate against this loss.

B2B companies, in particular, rely on the annual circuit of trade shows and exhibitions to network and build customer relations. In industries that are not digital-native, they may also be less sophisticated in their digital growth and customer relations strategies. For smaller businesses especially, used to getting new customers through word-of-mouth referrals or on the strength of a hard-won reputation, their loss is coming as a shock. 

Larger companies are also now finding themselves in the position of having potentially lost millions through cancelled events. They won’t claw back the hours of time and expense spent on preparations for this year, but insurance and flexible cancellation policies will leave them with marketing budget to reassign. Digital is likely to be the clear winner here, and companies – including ones that may not so much as had a Facebook page before – will need to move into social marketing, content marketing, SEO and influencer-led campaigns.

Of course, this means there’s opportunities out there for the taking, if you are a B2B supplier in an industry that has been slow to adapt to digital marketing. A key factor in resilience is adaptability. If it’s standard in your industry to go out and meet new customers face-to-face before you do business, adapting may mean opening new channels over web or social media platforms where introductions can be made and relationships fostered. In the coming months, your prospective clients are going to be less open to the idea of letting you walk through the door and shake their hand – and no-one really has any idea how long this will last and whether this will lead to longer-term change.

As Scott Jones, CEO of 123 Internet Group, is quoted saying, “We are in uncertain times, but with the increase of remote working and a collaborative approach, companies are turning to digital channels and embracing the transformation. We have seen a real spike during the last few weeks from companies wishing to create or update websites, launch new e-commerce channels and create social media campaigns focused on home-workers and a real focus on using influencers and SEO to reach new audiences.”

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Being confined to the office – or even the home – rather than on the road on sales visits or at events, means marketers have more time to develop digital strategies. This means researching where your customers can be found online, and how different approaches and tactics might impact your success. If your organization previously put token efforts into digital channels – because like a lot of other businesses, you had built your networks offline and that had always seemed to work – now is the time to revisit them. That could be as simple as giving your website and social pages a refresh, or a more innovative approach.

Ratnesh Singh, head of global business at events technology agency Buzznation said that he found out quickly that clients did not want to lose the networking opportunities provided by the conference circuit. On top of this, they are looking for new ways to spend their remaining marketing budgets. He said, “With our corporate clients, events often consume 50 to 60 per cent of their marketing budgets. They still want to spend that money and they are open to trying something new.

“There’s a window of opportunity here – when things are back to normal budgets will be going back into live events and that’s what they will be spending their time on.

“But if they see the benefits and opportunities that digital channels can offer, this will become part of their long-term marketing contingency plans.”

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As well as offering immersive 3D virtual events, Buzznation has also found that businesses want to become more sophisticated in their use of live social platforms. Singh said “Clients are turning to Facebook or LinkedIn Live. Often these are platforms they have dabbled with in the past but never fully integrated into their marketing strategy. Now they see value in partnering with companies like us that know how to help them make the most of these channels, to achieve better production values and more targeted campaigns.”

It’s certainly true that the coming weeks, or months – or however long this situation lasts – will be a challenging time for any company that isn’t ready to think about how they will replace the opportunities that have been lost.

As long as businesses approach the shift to digital marketing strategically, there’s no reason why it should just serve as an emergency fill-in, but could carry on providing long-term value when the world eventually gets back to normal. And of course, it would make companies more resilient to deal with any future pandemics.

Source: Forbes.com 

 

How to Make the Movement Control Order Work for Your Business

How to Make the Movement Control Order Work for Your Business

Amid the rapid increase in Covid-19 cases coupled with the nationwide Movement Control Order (MCO) which takes effect on the 18th of March 2020 in Malaysia, online retailers are seeing a spike in sales. The spike in sales is partially due to panic buying by a significant number of Malaysians to secure essentials, such as hand sanitizer and surgical face mask, that are otherwise out of stock in physical stores.

In an original news report by The Malaysian Reserve (TMR), Lazada Malaysia’s spokesman said there was a jump in orders over the weekend and demands on the website are currently increasing following the government’s announcement of the order on Monday. Shoppers are purchasing more food staples, personal care and household cleaning supplies.

“We also see increased demands for teleconferencing and computer accessories as Malaysians hunt for necessities to create a more conducive and productive home working environment,” he said.

Meanwhile, although there is a sharp increase in orders and deliveries since mid-January, Tesco Online could not determine if the increase is related to the recent Covid-19 outbreak.

“There is also an increase in sales in personal hygiene items like soap, disinfectant wipes and hand sanitisers both in our physical and online stores,” Tesco’s spokesman told TMR.

How to Make the Movement Control Order Work for Your Business

In a statement, Tesco Stores (M) Sdn Bhd (Tesco Malaysia) CEO Paul Ritchie said all 60 Tesco stores nationwide and Tesco Online will remain open for business during the Movement Control Order while assuring that Tesco has enough stocks in its stores to meet customers’ demand.

“Although customers may find a few items are unavailable due to high demand, I would like to reassure that new stock is arriving all the time and we are working around the clock to fill the shelves quickly,” he said.

On the other hand, online seafood store My Seafood Mart saw up to 40% jumps in sales as of yesterday as compared to the previous months. 

As of Thursday, Malaysia now has the fourth highest number of Covid-19 cases in Asia behind China, Iran and South Korea. This follows the latest jump in the number of new cases in Malaysia, with 110 new cases reported on Thursday (March 19) bringing the total number of confirmed cases to 900.

This led to Prime Minister Tan Sri Muhyiddin Yassin announcing a 14-day Movement Control Order in a bid to contain the Covid-19 spread. 

While many other industries are struggling to cope with the rapid onslaught of the Covid-19 pandemic, this may be an opportune time for online retailers to strategise their sales plan.

 

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