The Biggest Business Impacts of the Coronavirus Pandemic

Article by admin (15 hours ago) CategoryBusiness

The new corona navel virus, also known as COVID-19 has already tuned world upside down in a flash that do not allow enough time to make plans for the vast majority of peoples and governments, how to handle and face against the pandemic. It creates all of us a great challenge and uncertainty of the future and it has been distracting all the ruling systems and lifestyle without having appropriate resistances.

Per the present situation, there have not any vaccine or any other successful method to stop it even the scientists around the world have been working since it has emerged. Even if any suitable vaccine develops, it will take al least another eight more months to available in the market for public use. But there is a positive factor that would be a chance to naturally deteriorate the power of the virus and become minimized the effect towards to human. But even the second situation has happened in first before developing the vaccine, still it has an ability to make us sick for another few more months or may be years if we do not maintain the appropriate social distance and other precautions what stipulated by the health officials.

Anyhow, we are having to accept that the corona virus locked down situation has changed the people’s thinking pattern, behavior and desires. The newly added customs might continue up to some more time may be centuries. As sales personals or marketers, it must clearly recognize folk’s thinking pattern, behavior, desires and newly emerged challenges due to the present situation we have been experiencing.

The prominent scope of this article is to reveal most likely challenges what will have to face for marketers.

During the locked down situation, the people have almost completely turned to online stores and digital platforms to full fill their day to day requirements, United States to the poorest nation in Asia or Africa. As a result of a new trend, the world largest digital platforms such as, Facebook, Netflix have gained their stock values by a significant amount since March 26. Due to the present unexpected situation the local organizations representing relevant countries, or the local areas have increased their online presences as well as added many grocery products to their product basket in order to continue their operations and acquire new clients. Because of the new trend, the other organizations also on the processing of considering to taking steps towards online sales or check the possibilities how their products and services can sale and offer the after sales services by using digital platforms. By the organization’s point of view, it is very cost-effective method as they can reduce or eliminate the wages, commissions and other expenses for the sales & marketing departments which represent a significant amount.

Every single increase of online sale means, reduce an opportunity for the marketer. By soaring the online sales, it slashes the opportunities for the marketers. Even though the opportunities are shrinking, the number of marketers is in almost the same amount when before the COVID. In other worlds, the effort and the competition to convert a sale will become harder & challenging.

As mentioned in ahead, yet to pending a permanent solution for COVID to overcome and if any vaccine finds, it will take more than eight months to commercial production to available in the hospitals people to buy. Till we have a vaccine or virus completely deteriorate by the nature, the lifestyle must adopt to the instructions given by the health officials. What they have mainly stipulated is maintain social distances and do not to gathering and minimize or avoid the interactions.

Due to the stipulated guidance, marketers interaction are limited to voice calls & e mail conversations. The appointments are subject to eliminated or minimized. The live presentation (appointments) plays a very vital role to build trust & relationship between marketer & the buyer. Without engaging appointments for live presentations, it turns more difficulties to marketer to build strong relationship with clients as well as in some sectors marketing is not easy to without be conducting a presentation pursue client to select your product & service to purchase. For a such, a marketer might have to redirect their way of make presentation by using online flat forms such as Skype, Viber & Whatsapp. But it may not feel more comfortable experience either client or marketer to build trust & business relationship.

January 1st, 2020, the commence day of year 2020 was as same way of previous years. The world was welcome to the new year lighting with fresh hopes, targets & goals to achieve during the 2020. But without knowing majority even the Chines, the virus has emerged, and it was processing of infecting peoples rapidly. By beginning of February, everyone became known the virus and within another less than a month, it has spread all over the world. By mid of March many nations started to took measurements to slowdown the spreading speed by closing boards and locked down target areas or country. From the knowing point to locked down point, it was less than three months. Just within in three months world has turned up died down.

Most of the folks locked down without having enough foods and saving money. As this is a world pandemic, the governments aid the people by enacting new bills to assure food & other requirements. In same time all other financial institutions and banks temporally stop recovery loans and mortgages. Even the majority of people who still enjoying their day to day meal, the people who are without adequate savings, automatically divert to felt, it would better if they had sufficient money as there is a possibility, they & their family could temporarily meet hard time in any moment. But in a such an event the government or banks or financial institutions will not come to help them as it just only a private event. So, they must keep ready with enough saving. The suddenly locked down without having much works to done, allow people to think such incidents, obtain a self inventory and correct their errors towards to greater financial freedom.

In other hand the world may in blink of another financial crisis due to the environment what crated by COVID-2019. The unemployment & wage reduction have soared, and many organizations have short to achieve their first quarter goals. The possible condition what about to happen in the second quarter 2020 is more challenging & worse than the first as most of the businesses have been closing since end of March. Even when those are start, it takes some time to reach their performance to normal as still interrupt their supplies and shortage the manpower for full output due to regulations of social distances. Due to those circumstances, the world is reopening with inferior buying power.

There for in future there would be a higher possibility people to think multiple times before decide to purchase something whether

  • Is that essential to them or not
  • Is that worth for the money, invest and is there any alternatives for cheaper price
  • Is this the right time to acquire it

Even for the essential items, tend to focus on the cost reduction in order to increase the saving for financial freedom or avoid to running out of cash. If the majority divert to cost reductions and cost saving methods, the new sales conversion rate and existing sales volume will experience a decline and ultimately it will affect to marketers & their organization’s sales.

Due to the present situation which was created by a corona virus has brought crucial challenges for the marketers. It has increased the effort what to convert a new sale as well as they have to offer greater value than the cost before, client to make the purchasing decision.
The marketer’s follow up process is also be a longer one than earlier and a more complicated than today as increased competition due to the less sales opportunities with large number of marketers. Before going to close a sale, marketers must have to be a not only well educated about the product or service, but knew about the full picture about the competitors same kind of products & services also as a client may already be contacted by multiple competitors.

An event all the points towards to create a more challenging future environment for the marketers, it helps to enhance the qualities of the marketing profession to reach the next level. But the marketers who are willing to aggregate great value, fashion, pride and knowledge, will no experience lack of sales.

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