The Australian Market, COVID19 & How YOUR Business Can Survive
Are past downturns indicative of how your business will fare with Coronavirus?
COVID-19 has undoubtedly evolved into a global pandemic, impacting public health as well as economic markets.
You may be feeling the immediate impact of this through sharp declines in sales, campaign performance or conversions.
However, before we all point the finger and jump on the ‘blame COVID-19’ bandwagon, it’s important to understand the other contributing factors.
Yes these are unprecedented times, and admittedly we don’t have all the answers, but what we can tell you is that the COVID-19 outbreak is NOT the same as the 2007-2008 Global Financial Crisis.
In the space of three months, Australia has been hit with bushfires, floods and THEN the coronavirus pandemic.
The Reserve Bank of Australia has emphasised that the combination of these significant national events are the reason for such a sharp loss.
But wait! Don’t hit the panic button just yet!
The joint forces of both the Commonwealth Government’s deregulation agenda as well as the stimulus packages provided by financial institutions are both proving to be very effective, indicating that the market will settle more quickly than in other times of recession.
Small businesses CAN survive.
People and businesses ARE adapting.
Financial assistance IS available.
So What Can You Do to Sustain Your Business?
In previous times of economic hardship, MANY everyday businesses that had the odds stacked against them have not only SURVIVED these crises but even THRIVED.
We’ve compiled a list of key factors on how to survive through the existing crisis:
Keep Your Cool & Understand Your Financial Position
Though easier said than done, it’s imperative to not let the panic of the world lead you to making impulsive and irrational business decisions.
By evaluating and understanding your current financial position, you will be better equipped to make effective and informed decisions.
Contact your financial institute or accountant to discuss what assistance is available. The Australian Government has introduced an array of schemes and stimulus packages to minimise the monetary impact of the current economic climate on your business.
As the COVID19 pandemic continues to evolve, it’s important to stay informed of changes by seeking out trusted sources of information.
Innovate & Adapt
In these times of uncertainty, courage and strong leadership are the hallmarks of surviving a crisis. This gives you as a business owner the opportunity to step up to these new challenges and adapt to the situation.
This is the time to get creative, challenge the status quo, evaluate what your competitors are doing and how you can do it better.
Evaluate your target audience and look at recent changes in their wants and needs given the global context. How can you adapt your offering to meet these changes? How can you make purchasing from your business easier and more convenient? Are there other businesses you can collaborate with to join offerings?
Don’t be afraid to make big changes, it’s those that rise to the challenge who will reap the rewards.
Market, Market, Market
Unfortunately, when cash flow declines marketing is typically one of the first costs to be scrapped. This is a huge mistake.
We can’t stress to you enough the importance of marketing.
There are many different avenues of marketing that you can do with minimal to no cost, all from the comfort of your home.
Make sure you’re online. Does your business have a website? Are you on social media? Are you actually engaging with your audience?
It’s abundantly clear that overall foot traffic has significantly decreased due to restrictions currently in place. This means more people are staying at home and more people are looking to purchase online.
Therefore, to capture this expanding audience, you need to be SEEN.
This is where having a strategic and effective online sales funnel in place will GREATLY benefit you.
Wanting to know more about how to build a sales funnel? Read our simple yet highly effective guide on ‘How to Turn Your Website Into a High Conversion Sales Funnel’
Having a strong online presence is a sure way to significantly BOOST your online sales.
Need more convincing?
Englander Davis has culminated our data across all our clients and we’re proud to say they’ve experienced SIGNIFICANT INCREASES across website statistics for February/March compared to December/January.
And the data speaks for itself.
We’ve measured the average percentage increase for all our clients across website traffic, web page views and conversions. See the results for yourself.
Furthermore, across ALL of our e-commerce clients, we measured the average % increase for order value, ad campaign transactions, ad campaign revenue and ad campaign conversions. All of which we experienced EXCELLENT growth.
The Key Message? Businesses WILL Bounce Back!
The uncertainty surrounding COVID-19 is understandably causing panic and distress for business owners.
The point is though, we’ve been through worse. And we’ve never been better positioned to persevere, prevail and prosper.
As small businesses, employers, economic agents and leaders, we have a sharp but short-term challenge ahead of us.
But if we innovate, adapt and don’t give up, there is no doubt that we’ll come out the other side stronger than ever.
Englander Davis specialises in developing digital marketing strategies that are TRIED and TESTED from years of experience. We are well equipped to assist you in navigating through these difficult times through innovation and adaptability.
See how we can help grow your online sales by signing up to our FREE 30 MINUTE STRATEGY SESSION.