The COVID-19 crisis has spread worldwide and will have serious ramifications for businesses of all sizes. That said, the crisis does not need to mean the demise of your business. Could it get very difficult? Absolutely. But, if you continue to make smart marketing decisions and remain agile, your business will be better able to respond to this and future crises and come out stronger.
During any crisis, consumers set stricter priorities to reduce their spending. As sales start to drop, businesses cut costs, reduce prices and postpone new investments. Marketing expenditures are often slashed or efforts suspended across the board — but such indiscriminate cost-cutting is a mistake.