Some Business Industries Are Faced with Financial Losses
With the restrictions on large gatherings and traveling, local businesses suffer the most, especially those in the hospitality industry. Malls, movie theaters, museums, and other public entertainment venues are temporarily closed, making it practically impossible to generate income.
Restaurants are forced to rethink their strategy of attracting customers now that eating out is prohibited.
Marketing Teams Experience Cost-Cutting Measures
With every economic downturn and the financial troubles, the first casualty is always the marketing team. Budgets might be reduced, or whole teams can get slashed. Some would not shell out money for promotions when the market is still on uneven ground. Real estate and property developments are put on hold.
Businesses will do everything they can to cut their losses and save money where they can. This is such an unfortunate development for many marketers who can possibly lose their jobs and face employment uncertainty for months.
Nobody knows how long this pandemic will last. It could be 10 months from now, or it could go on for three months or more. This uncertainty is a great concern to many consumers who might be wary of spending their hard-earned money, especially when unemployment is rising. Most will hold on to their money and buy only the basic necessities.
Since customers are more cautious about what they spend on, pricey items are now out of the question. This includes houses, cars, and luxury goods. No more preparations for trips and vacations either, sending the travel and airline industry reeling.
Consumable products are the new demand. Consumers are, after all, more focused on survival and sanity. They would rather stock up on food than think about their next destination.
Another change is the way consumers buy their products. As fears of crowding and social contact grow, shopping is mostly done online. Local grocery stores also feel the changes, as more and more consumers abandon wholesale and big-box stores.
As the crisis unfolds, it is imperative for country leaders to keep a close eye on the changing psychology of customers, and the markets. Doing this will ensure they can promote the right questions and answers and communicate psychological messages into each market that do not only help them stay afloat but also enable them to evolve and grow.
All the industries needs help.
Is time the leaders to understand that their decisions for the time being is not policy!
It needs psychology support and positive thinking.
Question: Can they financial support the industries? NO!!! THEN, SUPPORT US WITH POSITIVE VIBES!!!
If their consultants (of politicians) they don’t understand how big is the problem, all of us as marketing people we are here to help