Doom and Bloom – Finding The Positives Within Covid-19

 

Covid-19 has rocked people and our businesses the world over. But  it isn’t the end of the world. This may be a short term inconvenience but companies will be wise to focus on not just getting through the crisis but blooming on the other side.

Here’s some of our ideas on how you can find some positives in these challenging times:

1 – Advertising online is better value now than ever

When people can’t work normally or meet friends and head out for entertainment what do they do? They’re socially engaging on Facebook, they’re chatting and video calling family and friends on Messenger and Zalo, they’re binge watching video content on Youtube.

More people are more active online. Similar or even lower levels of advertising activity is being run.

Typically lower costs can be achieved for online brand awareness or performance campaigns right now!

Our team can analyze current potential for you as we’re running 100s of campaigns every month and have benchmark comparisions to previous years.

This Google supplied information shows that Youtube ad investment has returned to near pre-tet levels already.

2 – Most customer needs remain – some new ones are emerging

As Nielsen have tracked via their Modern Trade Scan research demand for many brands is booming. With online advertising more efficient than ever you can build your brand awareness and take advantage of extra consumption.

On top of this some of the hardest hit industries like hospitality and tourism could be about to face unprecedented new opportunities. Home delivery is the clear example in hospitality whilst it’s not hard to imagine domestic travel blooming in the coming months.

Being alert and considering new opportunities, products and services and ways of delivering them to take advantage of some of the changes that are emerging in these uncertain times.

3 – Competitors are hungry and will take advantage if you don’t

As mentioned above Covid-19 is a challenge but brings opportunities. Chances are your competitors are taking the chance to develop new areas of their business, building stronger customer relationships or offering special promotions to clients at this time. If you’re just waiting for this to all pass they’re going to likely come out the other side in a stronger position than you.

Have a think, what type of offer could appeal to your customers in these testing times?  What type of communication on social channels, in store or via other methods could demonstrate your unique brand value?

4 – To minimize interruption brands must maintain market positioning

We’re still heading into peak times for many industries. Also, it’s likely people will  change their behaviors after this abnormal period. They will be more likely to seek new experiences. They could be motivated to undertake study they have put off previously. They may feel like undertaking a domestic travel escape while uncertaintities exist overseas. To simply shut up shop due to uncertainty will set you behind your proactive competitors when things change for the better.

Building your reputation now, while people are considering many future plans will be essential to success in the coming months and years!

Slide from Google, Source: Nielsen Quarterly Market Pulse Report 2017, Average sales are calculated on 3-year data from Retail Measurement Services. Tet is from Jan to Feb (except Tet’15 = Feb-Mar); Summer is from May to Aug; And other months is the remaining 6 months of year

5 – Vietnam will hopefully come out of Covid-19 relatively early and fast

The Vietnamese government is earning international respect for their handling of this crisis. If they can truly minimize the damage it will continue the growth the country has enjoyed over the last decade. Also, many companies are now looking to diversify their supply chains away from China. Vietnam remains a very attractive business destination.

Now’s the time to prepare your staff and marketing plans to fully bloom and take advantage of all the opportunities in the better times when they arrive!

We are helping many clients grow their business through these difficult times. You can talk to our team any time and help to plan your way through these challenging times.



Leave a Reply

Your email address will not be published.