We have a serious situation in our hands that can quickly grow into something that will break the spine of our economy.
Businesses are facing financial crisis due to the COVID-19 pandemic and have no other option than cutting loose their employees. People are getting jobless and the entire supply-demand equation is in shock due to unusual variables.
The United States of America, like every other nation at the moment, is in deep waters and in a desperate need for out-of-the-box solutions to kick start the economy. Let’s discuss the state of unemployment rate at present.
Unprecedented Statistics on Increasing Unemployment Rate
22 million unemployed and counting.
There are a total of 22 million people who have filed for unemployment claims during this nation-wide emergency. The unemployment rate at present lingers around 13% which is a record high in itself.
The U.S. has not seen this steep increase in unemployment rate since the Great Depression. It’s quite evident that the government is struggling to save the economy while fighting the deadly coronavirus.
As a result, the unemployment rate is expected to reach 20% by the time COVID-19 is done and over with creating havoc. Businesses, mostly in the MSME sector, are hugely struck with a financial crisis and laying off employees is the only way for them to survive the heat.
Businesses, however, are doing their best to kick start their operations by coming up with revolutionary marketing ideas. These businesses are trying their hard to fix the supply and demand chain and bring things back on track.
How Businesses Are Using Marketing to Cope the COVID-19 Crisis?
Here are some of the ways businesses are maneuvering their marketing to come out of the financial slump and meet their quarterly business goals.
- Using Paid Ads
Paid ads are selling quite cheap at the moment because there are less competitors in the market and also the online traffic has reduced as well. With more than 80,000 cases of coronavirus being found daily, you are bound to get less traffic for your online business. This is the best time to invest in paid ads and boost the traffic from search.
- Introducing Payment Plans
Due to mass layoffs, people are finding it difficult to make purchases. They are living off monthly relief payment checks provided by the government. It is therefore important for businesses to figure out a way to keep the conversions high. The best way to achieve normal conversion rates is by providing payment plans i.e. distributing the payment for the products into multiple installments.
- Selling Educational Based Courses
Businesses are trying to make up for the financial losses with the help of educational courses that are known to sell like crazy. These courses are designed to make the customer’s lives easy and at this moment, businesses can come up with courses that can help the audience tackle the pandemic better.
Final Thoughts
These are testing times. The challenges are quite monumental and require everyone of us to work together and fight the pandemic. Experts have claimed that the virus is not going to go at least for the next 18 to 20 months. Therefore, there’s no other way out than prepping your business for the long haul. We highly recommend consulting marketing professionals to get your business through the COVID-19 pandemic without losing much revenue. Contact our experts at Dervan Solutions for a quick chat. We’d love to help you get started.