Question

. What role can marketing play in turning the economy around during the coronavirus?

How can small businesses utilize this time to better market their business

Answer 1

Since most of the world's population is under lockdown and are within their houses, they are less likely to purchase most commoditiess unless they are essential. This is particularly true in the wake of uncertainty of jobs and livelihood. It is therefore, a time for the companies to establish faith, goodwill and rapport among the customers by releasing positive messages of empathy and   expressing trust and solidarity towards the nation to fight the pandemic and come out winning. SInce all the target groups are indoors, television / internet are the right mode of communication to reach them in most effective manner with highest possible exposure to the messages. It must be remembered that the return on investment will not be instant, but the slow process of building positive brand image and establishing faith among the customers while making them recall gently everytime they see the ad, will go a long way in strengthening the bond with customers which will pay in the long run. Positive sentiments can play a strong role in making the economy bounce back from a dire position.Small businesses can take advantage of cost effecient opportunities available during lean time such as this, and try to engage with local communities in greater way by helping them as much as possible, not necessarily through monetary means, but also in other ways, to make the bonds with communities stronger, and make themselves visible to the potential and current customers on regular basis, something which can helps them in long run.