During a global pandemic that is seriously impacting businesses throughout the world, cutting business costs is not only logical, but it is also unavoidable. Most companies have followed the latest COVID-19 updates, but that isn’t enough to curtail the economic anxiety that is resulting from it. Anxiety is a severe issue in America, with about 40 million adults suffering from some form of anxiety. Many argue that it is the duty of marketing agencies to cut costs for their SEO and digital marketing campaigns until things get better.
The Relationship Between Anxiety & Economy
According to reports, the non-treatment of anxiety and depression costs the world 1 trillion dollars annually. But the inverse causation is also something worth speculating on, especially now that the economy has taken a dramatic hit from COVID-19. These economic hardships could impact mental health, creating a cycle that further impacts people in need.
How This Could Impact Marketing in 2020
Every small business markets itself in some manner. Most utilize the internet because of the number of tools available, from Google My Business to Facebook, and Google search engine. With that said, SEO agencies are getting paid a pretty penny to perform marketing techniques that may not be worth the cost.
There’s some disagreement on whether affordable SEO is actually worth having. There are those that argue that affordable SEO techniques can provide identical value to the high-priced alternatives, while others argue that you simply won’t get what you need from “cheap” marketing agencies.
Finding a Middle Ground Amid Uncertain Times
We know many small businesses, like restaurants, are currently struggling to stay open. Other industries like plumbing and water restoration are actually thriving. The best way forward may be dynamic, depending on your business’s specific needs. Each business will have a different need based on location, industry, niche, and size. It is the job of agencies to facilitate common ground.
Why It’s Critical to Rely on Experts
When something as serious as global pandemic impacts businesses, it is critical to rely on experts for information. Too many websites, writers, YouTube personalities, and others are trying to exploit people’s fears and anxieties with misinformation, often in the form of sensationalism.
That’s not to say that healthy skepticism is a bad thing. But understanding your limitations as an arm-chair health expert is vital to acknowledging reality and how to move forward with your business. Ultimately, it is your duty to protect customers, staff members, and the general public from spreading the virus.
A Long-Term Shift?
Stay-at-home orders have changed how people work and also how businesses relate to their customers. The prices people are willing to pay for an online marketing campaign may also differ based on this new “normal.” Since there was already some concern about the pitfalls of paid advertising and how certain agencies might be wasting money on behalf of their clients, a more moderate pricing structure could be in the cards.
Nobody knows for sure how COVID-19 will impact small businesses across the world, but we do know what it has done so far. Thinking too far ahead can also be a mistake since the situation is rapidly evolving as scientists learn more about the virus and businesses learn more about how it’s going to affect their day-to-day operations. Some form of patience is likely going to be necessary while we wait for more information.
Final Thoughts
As the world adapts to a new normal, there are businesses throughout multiple industries that are going to have to adjust, not just for their own benefit but for the benefit of consumers. Economic uncertainty is anxiety-provoking and it is important that thought leaders understand and empathize with the struggles of small business owners, and individuals moving forward.