Want to avoid one of the biggest mistakes made by businesses when an economic recession hits? Then, don’t slash your marketing budget. It’s well documented that slashing marketing budgets in a downturn will only help protect short term profits. Unfortunately, for those businesses who do, they are very likely to emerge from the downturn less competitive and much less profitable.
This is a unique downturn. It is generally agreed that the COVID-19 economic downturn will last for as long as the contagion is not contained. Once our medical experts get a handle on the virus with treatment and vaccines, the economy is expect to come roaring back. Pre-virus economic conditions in the US were very strong. The expectation is that we can expect a recession period of 12 – 18 months. After that the expectation is for a strong bounce back recovery.
Despite lockdowns, closures and quarantines around the world, businesses are leveraging TrueView360s affordable immersive 360° technology to weather the storm. As many businesses shed costs in fear of contagion of the novel coronavirus (COVID-19), our 360° immersive virtual tours help smart businesses maintain a market advant
age by increasing revenue through improved Google Search results. Also, better preparing them for better performance as the economy turns around.
With health concerns over the virus, consumers will be much more selective in determining which businesses they will visit. Using new 360° site visit technology to perform digital walk-throughs, allows potential customers to better understand what a business has to offer, and studies have shown that they will be twice as likely to pay an in-person visit. Which is good for business during the downturn and even better in the long run.
Avoid making the mistake of cutting your marketing budget now to protect short term profits. With the use of true-to-life virtual technology, our rapidly deployed digital marketing technology will soften the blow to the bottom line and then pay long lasting dividends over the months to come.