According to Forbes earlier this April, COVID-19 ramifications for start-ups have already begun to hit globally. Investments in startups have plummeted, and it’s predicted that this year alone, 28 billion dollars worth of start-up investments will disappear. Unfortunately it doesn’t end there, as many companies weren’t prepared for working from home. Companies like ZipRecruiter have been forced to cut 40% of their staff, and OneWeb filed for bankruptcy amid the crisis.
Not all companies are made equally in this disaster, some are thriving. Companies focusing on webinar and cloud-based tools have quickly seen a spike in users as companies are forced to move remotely. Refocusing your time onto new marketing tactics, especially ones which drive direct conversions, can set you up for success now and build assets for long-term growth into the future.
Video marketing
This strategy can be through online streaming, webinars, LIVEs, and creating videos for your company. The numbers support this, as 70% of consumers say they’ve shared videos put out by a brand, and 52% say that watching videos on the product makes them more confident in online purchasing decisions. Live videos can be used to show product demos, and behind-the-scene moments of the brand to build your brand’s community.
Try your hand at webinar tools like On24 or Zoom conferencing. If budget allows, these tools will provide additional features and help engage your online community in new and unique ways! Facebook and Instagram stories are also a great way to not only attract attention but also repurpose video content you may already have.
Instand messaging apps
These apps have grown in popularity exponentially, and an estimated 10 billion messages are sent on Facebook Messenger monthly. For start-up tech companies, this can be a vital way to communicate with your consumers, deliver information, and encourage contact between your brand and your consumers. WhatsApp, Facebook Messenger, and WeChat are extremely popular and can be an incredible tool when looking to keep and regain customers.
In 2020, chatbots will power 80% of customer service, so set them up now. Incorporate both bots and live chat with a human element. This will allow your customer service team or sales team to only speak with high quality leads, while letting the bot take care of repetitive or FAQ style queries.
Focusing internally
During the downtime there are many ways to keep busy and upskill yourself while we wait out the global pandemic. There is always room to improve, and there is no better time to learn than when things have become so uncertain. Additionally, cleaning up email databases, building an automated digital infrastructure for seamless data entry that is up to date on all systems, and creating a content strategy are all ways you can benefit your company during downtime.
Tech start-ups are not immune to the impact that COVID-19 is going to have on businesses globally. The stock market is taking a hit, and companies are being forced to lay off employees by the hundreds. For now, this situation is all about survival. Setting yourself up for success will be hard, but not impossible.
If you want to re-live the SiGMA Digital experience go to our Youtube channels – SiGMA – World’s iGaming Festival and AIBC Summit!