THE ENTREPRENEUR PODCAST SERIES

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Turning Obstacles into Opportunities

Opportunities may not be the first thing on our minds at the moment, but that doesn’t mean they aren’t there. By now, we’ll have all felt the presence of COVID-19, be that in our personal lives, our professional lives or both. And with nobody in our lifetimes having experienced anything quite like this, there’s no handbook to tell us how to handle our businesses during these unprecedented times. 

 

As the world goes into isolation, now is the time to stand out above all others in our industries and show ourselves to be market leaders. In the quietness of isolation lay opportunities to make the most of.

 

Since the outbreak of the coronavirus, the global stock markets have crashed, making for challenging situations for many. As a global marketing company, here at Mantra Media, we’ve felt the effects of coronavirus upon our clients, our contacts and in the world around us, impacting the way we work every day. But our industry is used to change, and with creative thinking and positive outlooks, we strive to encourage each and every business and organisation we work with to see the opportunities in these uncertain times.

 

The first piece of advice to give any business during a crisis is to not exploit the situation. By taking advantage of users and manipulating their fear and panic, this quite clearly is unethical behaviour. But not only that, seeking custom in this way will make for a negative brand experience and whilst it may seem like a quick and easy way to make money, it will not see your business succeed in the long-term.

 

It’s in times like this that we need to work together, not take advantage of each other. Even in these sombre and uncertain times, the beauty is in the way people come together; be that through shopping for an elderly neighbour, singing from balconies, donating to food banks or even offering a helping hand to see businesses through.

 

Interestingly, whilst many industries have been struggling, others have seen huge surges in the traffic going to their websites.

 

  • The finance sector has seen traffic increase by almost 30%
  • The food sector has seen traffic increase by over 20%
  • The healthcare sector has seen traffic increase by around 15%
  • The media sector has seen traffic increase by over 30%
  • The pharma sector has seen traffic increase by almost 10%

 

This means that any business that falls into one of these categories already has an opportunity. With more users searching for your content, now is the time to give it to them. By providing a knowledgeable and accurate source for your users to turn to, this will paint your brand in a positive light, and will ultimately see traffic continuing to increase on your website, creating opportunities for your business now and in the long-term too.

 

In China, we are now seeing some glimmers of positivity, in that the number of confirmed cases of coronavirus have decreased dramatically, and whilst this is excellent news, there’s still a long way to go before the nation and the economy entirely recovers. Retail sales in China have dropped by 20.5%, and something similar is likely to happen to every country in the world. But this doesn’t mean we should give up. In fact, quite the opposite. 

 

Many retailers have seen increases in traffic, which in turn means more opportunity for sales. In terms of e-commerce, the amount of traffic has depended on what was being sold. Healthcare and baby products have received a lot more traffic, whereas luxury goods have plummeted, just proving to us all what’s important during these hard times. Food, healthcare, media and pharma companies have all seen increased conversions on their websites, on an industry-wide, global scale.

 

These traffic increases show a huge opportunity in SEO right now. As an increasing number of people in the UK and all over the world self-isolate, more and more people are turning to the Internet for a source of comfort, information and entertainment. If your business can provide relevant and interesting content, this is the time that your target users will find it. So simply by making sure your website is optimised for SEO, you’ll be putting your business in a better position than your competitors. Website content and social media are also so important right now, as people turn to their devices for something to do and a way to learn and develop. By making sure you continue producing useful content for your website and engaging content for your social media channels, your audience will remain engaged, putting your business at the forefront of your users’ minds now, and when the world finds its feet once again.

 

Every time the market goes down by 20% or more, it takes around 536 days to recover, meaning it could be over a year before we start to see improvement in our industries. However, it’s important that we don’t bury our heads in the sand. The positive to focus on is that during an economic crisis, there is naturally far less competition. This means it’s easier and faster to get the outcomes you’re striving for. When the competitors around you start slowing down and closing up, that’s the perfect opportunity for you to speed up and grow. Work for the long-term and not the short-term to get through to the other side stronger. As the saying goes; ‘you need to see the wood from the trees’. This crisis will pass, and if your business is ready for it, you’ll come through the other side performing more successfully than ever.

 

It’s estimated that the destruction of COVID-19 will set the global economy back $2.7 trillion. Businesses are inevitably going to struggle for an unknown length of time, but it’s so important as a company to remember that this too, will pass. And when it does, your business needs to be ready for the customers and clients that have been waiting to take action. Put yourself out there now, and your business can be the front runner throughout these strained times and beyond.

 

For now, we need to control all that we can so that we can stay on top of whatever is thrown at our businesses. Stay informed, stay relevant and stay engaged to keep up momentum. Stay safe, stay indoors where possible, and use the time as an opportunity to develop, expand and drive your business forward.

In light of supporting each other through these trying times, we want to give back. That’s why we’re offering a free one hour slot with our CEO, Johnny Pawlik over video chat in which you’ll be offered a free digital marketing audit as well as some key action points to make sure that whatever happens, your business can perform head and shoulders above the rest. Give us a call on +447498 969 390 or email us at hello@mantrahq.com to start turning obstacles into opportunities.