The world has experienced many pandemics throughout history, but none like the one in 2020. This epidemic resulted in the closures of businesses worldwide and an overall loss of economic productivity that sent the world into a tailspin it has yet to recover from. Today, we look back at what businesses did to survive this pandemic closure and how we as individuals can learn from their examples.
In some nations, the COVID-19 epidemic is beginning to show signs of improvement, and most businesses have gradually begun to resume their regular activities. This is not the case for all enterprises, though, as the pandemic’s crisis led to the irreversible closure of many companies all around the world. Read on to see how businesses, small and large, help up during this time.
How much Economic damage are we facing due to the Pandemic?
The pandemic has caused immense economic damage globally. In the United States, the pandemic caused the shutdown of businesses and the loss of jobs. The federal government provided financial assistance to businesses and individuals through programs like the Paycheck Protection Program. Some businesses were able to adapt and survive by pivoting their business model or offering new services. Others were not so lucky and had to close their doors for good. Financial assistance helped many workers find temporary work while they waited out the pandemic.
The US Government has also been providing financial assistance to small businesses that are unable to get loans from banks due to regulations on banks limiting lending during a time of financial crisis. With this help, some small businesses have been able to re-open and continue serving customers who need their products or services.
Social Media Marketing
The pandemic of 2020 forced many businesses to change the way they operate. Some had to close their doors for good, while others had to get creative in order to keep their doors open. One way businesses were able to survive was through social media marketing. Businesses found that because there was no funding available from banks or investors due to the shutdowns, they needed an alternative means of generating revenue. Social media advertising allowed them to reach potential customers without having to pay upfront and without needing a physical location. Social media also allowed them to establish themselves as an established business even if their physical location was closed down by the authorities, and it gave new businesses a chance to gain financial help when there weren’t any other options available.
Paid Promotions and Targeted Ads
To stay afloat during the 2020 pandemic, many businesses had to get creative with their funding. For some established businesses, this meant reaching out for financial help from the government or banks. Others turned to paid promotions and targeted ads to bring in customers while their doors were closed. Some new businesses even started up during the pandemic, using it as an opportunity to fill a need in the market. Paid advertisements allowed some companies to advertise when they could not provide a physical service themselves and helped make up lost revenue.
Mobile App Marketing
In 2020, many businesses turned to mobile app marketing to survive the pandemic closures. Mobile apps offer a way for businesses to reach their customers directly, without paid advertisement. In addition, apps allow businesses to track customer data and preferences, which can be used to create targeted marketing campaigns. Overall, mobile app marketing was a key strategy that helped businesses survive the pandemic closures of 2020. Apps provide a valuable marketing opportunity for businesses that want to continue communicating with customers in order to stay afloat during the 2020 pandemic closures.
Email Marketing & Automation
As the pandemic forced businesses across the globe to shutter their doors, many looked for ways to stay afloat financially. For some businesses, this meant rent or lease forgiveness from their landlords. Others turned to government financial assistance programs. Still, others found new and innovative ways to keep their customers engaged, such as email marketing and automation. With more than 10 billion emails sent each day in 2019, it was a logical solution for staying in touch with customers when they couldn’t be reached any other way. And with subscribers at 75% open rates on average, it was a cost-effective option too!
As soon as business owners realized that the closures would last longer than anticipated and knew there was no telling when things would get back to normal again, they implemented an automated customer engagement campaign using email marketing. From sending emails about upcoming events in lieu of actual showroom visits to sharing links to relevant articles via email newsletter campaigns, these tactics helped increase customer loyalty by keeping them informed during a time when nothing else could.
While online advertising is important, don’t forget about offline advertising. This can include things like print ads, billboards, or even TV commercials. Offline advertising can be beneficial because it allows you to reach a different audience than online. Plus, people are more likely to remember your brand if they see it in multiple places. During the pandemic, many businesses relied on offline advertising to stay afloat. Financial assistance from the government also helped businesses during this difficult time. They offered loans for small businesses that might not have been able to survive without them. Even with financial assistance, some businesses were forced to close their doors forever due to a lack of funds.
Local & Product-Based Content Marketing
When the pandemic hit and businesses were forced to close their doors, many turned to content marketing to stay afloat. Local businesses especially benefitted from this type of marketing, as it allowed them to connect with their community in a time of need. Product-based businesses also did well, as they were able to show their customers that they were still open for business and provide them with valuable information. In some cases, companies like Sunflower Market provided financial assistance to those who had lost their jobs due to the pandemic. They offered credit for groceries as well as other services during difficult times.
In conclusion, even though not all businesses could stay afloat during the pandemic closures of 2020, those who took part in local or product-based content marketing found success amidst everything else.
Offering at-home services
Many businesses had to get creative in order to survive the shutdowns of 2020. Some started offering at-home services, such as grocery delivery, beauty and spa services, and health and fitness classes. Others pivoted their business model to focus on online sales. And still, others found ways to serve their community in a safe and socially-distant way. Whatever businesses did, they had to be nimble and adaptable to survive one of the most challenging years in recent memory. In an increasingly digital world, many people were left without much contact with other humans during this time. But those who survived were grateful for the support from those who reached out during these tough times.
Partner with United Funding Group
Nobody is exempt from the effects of the pandemic, particularly small businesses. In these uncertain times, it is more important than ever to have a reliable funding partner you can count on. For years, United Funding Group has helped small businesses navigate through tough times. We provide a variety of funding options that can be tailored to fit your particular needs. So if you’re worried about how the pandemic and inflation will impact your business, give us a call. We are ready to help.
Contact UFG, Today!
Regardless of the industry, United Funding Group offers financing for all different kinds of businesses. In reality, we offer merchant cash advances for a variety of sectors, including real estate investment, service, and retail. We can help you be funded quickly and easily whether you’re starting a new business or growing an existing one. For more information about United Funding Group’s merchant cash advances, get in touch with us right away..