The coronavirus epidemic
The coronavirus epidemic is a raging pandemic that has affected the whole world. While the level of effects varies from high rate and rapidly increasing infection and death statistics to moderate and low numbers, the effects are disruptive. The most affected countries all over the world have effected total lockdowns where no movements are allowed. As a result, businesses have also been closed, and even where they are allowed to operate, the inflow of clients is reduced. However, it is critical to identify that people are still consuming. Therefore, it is crucial to note that the situation has unlocked a new level of business opportunities, but that only a few innovative firms will be able to access it.
The epidemic has occurred in an interesting time where online business operations have grown. Importantly, for companies involved in the sale of goods and services, there are multiple e-platforms that they can use to engage the suppliers for the materials and the customers for the finished products. The systems allow the business to order and to process sale transactions as well as ship them for the client. The company can operate on a customized retail website mainly for the local market, or it can list its products with renowned online retail platforms like eBay and Amazon to reach wider and cross border clients. The epidemic has increased the demand for items like hand sanitizers and medical supplies like face masks, gloves, protective goggles, aprons, and other products that people need to protect themselves. Therefore, the company should consider diversifying. The business does not have to abandon its original idea; it only needs to adjust it to the new environment.
The coronavirus has slowed business, which offers a golden ‘pivot’ opportunity for the start-up to re-evaluate its business model for the current and post-corona business environment. The company should use the period to review its business model, operations, and structures. The goal should be to identify what has been working to enhance it going forward, as well as to highlight the weaknesses and strategize to improve or change them. It should then restructure during this slow period when there will be minimal interruptions and more time.
The period presents a high impact marketing period because a lot of people are confined at home with little to do. As a result, most of the target customers are likely watching television, listening to the radio, or browsing the Internet. As a result, the start-up should utilize the three channels to promote its products for maximum impact. Radio and television should be used for popularization and appealing messages, as well as for promotions, gifts, and discounts. Print media like magazines and newspapers have been disrupted due to the movement restrictions, and therefore, they should not be considered. Equally, support media are also not prospective because most people are indoors. On the other hand, the focus should be on social media, particularly the main one, including Facebook, Instagram, YouTube, and Tik Tok that have the broadest reach and better impact. Direct marketing using direct messages and calls should also be used to reach out to customers during this trying time, where the message should show sympathy. Positive messaging, particularly the remaking of the business logo and the corporate tagline should be used for the double effect of demonstrating corporate social responsibility, appealing to the customers, and at the same time marketing the brand