Coronavirus and Social Media

There’s a lot of panic about the coronavirus (COVD-19) and while I won’t dig into health concerns here — and whether or not the level of fear is warranted — this is a crucial time to think about marketing your business on social media and how the coronavirus will affect that. I’m not a medical expert, but when it comes to running a healthy business, I’ve got tips and tricks that just may save your bottom line.

Social media and the coronavirus

It’s always challenging to know what tone is appropriate on social media during troubling global events.

With that said, a crucial step in getting through challenges such as this is to keep the economy, and that means you and your business, chugging along.

The good news is that we live in a digital era, so even if face-to-face events are canceled and businesses suffer temporary shutdowns, etc., we can stay connected to consumers and continue growing our businesses using social media and other digital tools. 

That’s because social media provides an unparalleled + unprecedented medium to stay connected and continue driving business, especially during challenging times. 

How will coronavirus affect the economy?

If you’re looking for a pessimistic outlook on the coronavirus’ affect on the economy, you’ll find plenty in media headlines. However, if you’re looking for a more balanced analysis of the virus’ potential affect on the economy, you’ll need to dig past the frightening headlines. (It’s called click bait for a reason!) 

“Most forecasters predict the threat will recede later in the year and that the global economy will quickly recover most of the lost ground — what is known as a “V” -shaped recovery,” via MarketWatch.

The reality is this: it’s impossible to predict the economic effects, but, let’s assume that, in the US, some businesses may experience a temporary down trend in sales. What steps do businesses take to minimize the effects of coronavirus on their bottom line?

Proactive social media marketing 

One of the biggest benefits of effective social media marketing is that it ensures businesses stay relevant and top of mind with consumers.

Consistency in social posting and cadence gives consumers confidence in the reliability of your brand. Now more than ever, it’s imperative to stay on top of your social media presence. 

Social media is an ideal way to continue to capture revenue when brick and mortar complications arise. 

“One thing to keep in mind, Biegel said, is how the particulars of today's unprecedented digital connection impact marketing, especially if consumers decide to stay inside en masse. We've never been through this type of GDP slowdown or crisis environment in this type of e-commerce market, with so much direct-to-consumer and so much focus on ordering and shipping" Biegel said. "What happens if, all of a sudden, your commercial audience is going to be at home more? It doesn't mean they don't want to buy those things … they're going to turn online,” via MarketingDive.com. 

For example, companies who experience declines in of-the-moment revenue can use social media to book future revenue using special advanced purchase pricing and promotions. 

Face to face workshops and events can be turned into virtual workshops and experiences.

McDonald’s recently announced the cancellation of its Worldwide Convention in Orlando, proposing to, instead, convene managing directors and franchisees online, via Business Insider.

"While I wish our system can come together in person this year, I can promise you this — we can do something truly special. We will look to change the format to a digital experience and host the most inclusive Worldwide Convention in our history,” said McDonald’s CEO Chris Kempczinski in a video announcement. 

Yum China has the exclusive rights to run KFC, Taco Bell, and Pizza Hut restaurants in China. They are handling business in the heart of the coronavirus epicenter by adapting -- not retreating. 

"Now to better serve our customer and protect our employees, we rolled out contactless delivery, which is very well received by our customers," said Yum China’s CFO, Ka Wai Yeung. "In addition, we also rolled out order online, pick up in store, contactless services and saw some encouraging early results as well.”

So how do smart business owners navigate the coronavirus and its impact on business? The P word. Nope, it’s not panic. It’s proactivity. 

What steps will you take to ensure your business stays relevant on social media no matter the challenges?