Are you looking for ways to steer your iGaming business through the ongoing coronavirus chaos? Want to take advantage of the increase in internet use due to the lockdowns and quarantines happening worldwide?
Impact of the Coronavirus on Business
Decline in Traffic & Conversions
Industries across the board are sent reeling by the global pandemic and the ongoing effort to limit its spread. Traffic has been on the decline across many major industries as their operations are disrupted while everyone scrambles to adapt to the new paradigm of social isolation.
Following a similar trend, conversions rates are also falling for most industries. Even the financial sector, despite its boom in traffic, experienced a drop in conversions. The current climate is simply not conducive to consumption as the public turns to a survival mindset.
People are cutting back — the economy is predicted to suffer a hit of USD 2.7 trillion and experts are saying that a recession is inevitable. Even billionaire investors like Carl Icahn have stated that the market has more room to fall and that we should expect the sell-off to go on for much longer.
On the surface, the situation does seem rather bleak.
What can I do?
“Be fearful when others are greedy, and greedy when others are fearful.”Warren Buffett
These words ring true now more than ever.
What we’ve learned after going through two crashes — the dot-com crash in 2000 and the real estate crash in 2008 — is that the best time to double down is when others are paralysed by inaction.
Leverage the fall in competition
You will find that you have less competition during an economic downturn. It will be easier and faster to get results. In some cases, you will even find that you are able to nab some great deals, such as a potential reduction in pay-per-click advertising.
Think of it this way: If the market continues to fall, many publicly traded companies in the United States will struggle to pay off their debt — which has exploded to USD75 trillion. Some companies will go bankrupt, some will get bought out, and some — if they are lucky — will get bailed out by the government. Some may be able to cut costs enough to survive. But for many, it will be too late.
This just means less competition for you.
Where should I invest?
If you are lucky enough to be sitting on some cash during the coming recession, this is the best time to buy out other companies. Ideally, you will want to set your sights on media companies.
The more eyeballs you control, the more power you wield. Making a smart grab at this time will pay off in spades — the power and influence gained through these eyeballs will translate to the ability to sell when the economy eventually recovers.
What type of content should I make?
Media and content creation is without a doubt the way of the future for online businesses, and the effects of the coronavirus has only made its importance even more profound. High-quality content is more in demand than ever before, and we can expect this trend to continue.
Content is certainly king — but what is effective is constantly evolving. Knowing what kind of content to create, as well as the channel and medium to maximise their effects, can be a huge challenge on its own.
To help guide you through this challenge, we have compiled 5 Impactful Content Marketing Tips to get through the Coronavirus.