By now you would have heard about the Coronavirus. The reality is that it is spreading quickly and will continue to do so for a while. No one really knows how many people will be infected, but it has caused the global stock markets to crash, which means as a business, you will be affected.
So what does this mean for you? Let me be clear about what businesses should NOT do.
Don't Exploit The Situation
The first thing we are seeing is people trying to exploit fear. What I mean by this is suppliers are running low around the world. From masks and toilet paper and hand sanitizer and other basic necessities. Businesses are buying them and then reselling them or running ads and selling them to 10-50x the price.
This isn't entrepreneurship and this isn't marketing. It is recommended that you avoid exploiting the Coronavirus situation to make a quick buck. Not only is it wrong but it is also very short-sighted. You will be able to make a quick buck, but it will not last. You are better off spending your time on anything that is long term.
Businesses Are Going To Struggle For A While
Even if the virus slows down fast, businesses are going to struggle for well over a year because they will have to make up for their losses. It is estimated that the total COVID-19 will cost the global economy $2.7 trillion. And not only are people losing money but they are losing traffic and conversions.
Be Fearful When Others Are Greedy, And Greedy When Others Are Fearful
You will see people cutting back because the economy is predicted to be hit hard and experts are saying that we are going to go into a recession. During an economic downturn, you'll find that you will have less competition which means it is easier and faster to get results, and in some cases, you'll be able to get deals, such as a potential reduction in pay-per-click advertising.
Hopefully, the Coronavirus passes soon and it has minimal impact on lives. For the time being, try not to socialize with others too much and go into crowded places.