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<ul class="summary-list"><li>The National Federation of Independent Businesses' optimism index slid 5.5 points in December to 95.9, according to a Tuesday <a href="https://www.nfib.com/surveys/small-business-economic-trends/">release</a>.</li><li>The reading is the lowest in seven months and lands well below the 100.7 estimate from economists surveyed by Bloomberg.</li><li>Nine out of the optimism index's 10 components declined. Only the <keyword id="1509609" type="PERSON" weightage="60" keywordseo="NFIB">NFIB</keyword>'s measure of current inventory rose last month.</li><li><keyword id="390673" type="PERSON" weightage="60" keywordseo="small-businesses">Small businesses</keyword> were hit by the one-two punch of President Trump's loss and the worsening state of the coronavirus pandemic, Ian Shepherdson, chief economist at Pantheon Macroeconomics, said.</li></ul>A popular gauge of small-business confidence in the US sank to a seven-month low in December as stricter lockdown measures and climbing daily case counts cut into economic activity.The National Federation of Independent Businesses' index of small-business optimism fell 5.5 points last month to 95.9, according to a Tuesday <a href="https://www.nfib.com/surveys/small-business-economic-trends/">release</a>. The reading lands below the average index value since 1978 of 98 and marks the lowest level since May. Economists surveyed by Bloomberg expected the gauge to dip slightly to 100.2.Nine out of the optimism index's 10 components declined, with only the NFIB's gauge of current inventory ticking higher to close out the year.The association's uncertainty index fell eight points to 82, while its measure for general-business-condition outlook plunged 24 points to a net -16. The share of owners thinking it's a good time to expand fell 4 points to 8.Read more: <a href="https://www.businessinsider.com/spac-investing-strategy-etfs-picks-defiance-ipo-boom-paul-dellaquila-2021-1">An ETF provider whose specialty funds have smashed the market breaks down how to capitalize on the red-hot SPAC craze - and shares 4 to watch in 2021</a>"Small businesses are concerned about potential new economic policy in the new administration and the increased spread of COVID-19 that is causing renewed government-mandated business closures across the nation," Bill Dunkelberg, chief economist at NFIB, said in a statement.The backdrop for such businesses is set to improve in the near-term. Fiscal stimulus passed at the end of last month revives the Paycheck Protection Program, and direct payments included in the measure could lift spending at small businesses. Vaccine distribution and a more efficient reopening also serve to boost overall activity.Still, the Tuesday report's details "make for grim reading," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said. NFIB members were largely hopeful when President Donald Trump won the presidency in 2016, and his loss now seems to be weighing on the optimism index. Declines across other gauges of hiring, spending, and growth suggest the pandemic recession will likely get worse before stimulus and vaccination drives a full recovery, the economist added."This is not just the impact of his defeat in November; it's more likely to be a COVID hit," Shepherdson said. "The services <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> cannot recover until the pandemic is over."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-strongest-sales-growth-2021-goldman-sachs-2021-1">Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end</a>

US small-business optimism tumbles to 7-month low as COVID-19 restrictions curb activity

Thiruvananthapuram, Even though the Kerala government has issued a direction to all beauty parlours in the state that they can now start to clean up their outlets that have been closed for two months, but not many appear to be in good spirits. When downing their shutters on March 21, none imagined that their shops would be shut for two months. "We have lost a good amount of our beauty products as they have either gone hard or the expiry date is over. Since the COVID-19 lockdown came all of a sudden, many were not able to return to our parlours. This is going to be a huge loss," said Milsy Jaimy who owns a parlour in the commercial capital of the state - Kochi. A state of the art unisex beauty parlour in the state capital which opened in March after investing almost a crore, had to close in a week's time. "It was after a lot of planning that I decided to quit my job and open this. I have taken heavy loans for this and after two months, even though there is a moratorium for three months, the interest and penal interest is all going to take a hefty toll on me. I just do not know what the way forward is going to be, as parlours will not be crowded like before," said a worried owner. While the owners are keeping their fingers crossed on what's the future, equally worried are the thousands of people who work in these parlours. The only solace that came from the Kerala government was all those registered with the Welfare Fund got a Rs 1000 dole and that was it. "We are all waiting to get back to work but none is sure, whether we will be able to work like before, as social distancing norms have to be maintained, besides there is a reduction of 50 per cent staff. We are just waiting to get back," lamented a staff at a parlour. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/uber-ride-in-gurgaon-of-driver-seat-in-plastic-goes-viral-on-tiktok-and-instagram/articleshow/75771489.cms">Video of an Uber ride is all the rage on TikTok and Instagram ⁠— the driver got himself a cockpit covered in plastic</a> <a href="https://www.businessinsider.in/india/news/at-least-24-migrant-workers-killed-and-36-injured-on-their-way-home-from-rajasthan/articleshow/75770823.cms">At least 24 migrant workers killed and 36 injured on their way home from Rajasthan</a> <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $455 billion industry has to woo them with fair pay to start with</a>

Kerala salons uncertain of their fate as products expire and loans build up during the coronavirus lockdown

<ul><li>After the government in states like Maharashtra, Bihar, Tamil Nadu and Delhi instructed schools, colleges and malls to remain shut till March 31, <keyword id="1640900" type="PERSON" weightage="20" keywordseo="Online-grocery">online grocery</keyword> stores like <keyword id="2466939" type="PERSON" weightage="20" keywordseo="Grofers">Grofers</keyword>, <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> and Supr Daily have seen an upsurge in orders for essentials. </li><li>Online grocery delivery majors have seen an increasing demand for products such as sanitisers, masks, atta &amp; dal, fruits, and vegetables.</li><li>Platforms are also advising customers to avoid using cash, which can be a source of transmitting the virus between individuals. </li></ul>As the number of people infected by Covid-19 keeps increasing with each passing day, there has been an increase in the demand of orders from online grocery stores in the past few days. The government in states like Maharashtra, Bihar, Tamil Nadu and Delhi have instructed schools, colleges and malls to remain shut till March 31. The government is also advising social distancing, with a lot of organisations asking its employees to work from home. The closure of malls, and with it, a lot of supermarkets, has led to a direct increase in the order of staples online. Much like the US and UK, that witnessed a huge surge in online orders for essentials, in India too, a lot of online marketplaces like BigBasket, Future Group and Grofers are witnessing an increase in demand, with most people ordering for staples. Supr Daily, that delivers daily essentials like milk, bread, fruits and vegetables, told its customers that it will deliver till 9 a.m. instead of the usual 7 a.m. due to increased demand. In the past few days, BigBasket has witnessed a 2X increase in its traffic and its revenue. BigBasket said in a statement that they are witnessing a 15-20% increase in the basket value. Increased demand has been for essentials such as staples, atta &amp; dal, fruits, and vegetables. However, it said that it is in control of the supplies, given that a predominant share is from its private label products. The platform is currently not facing any shortage for FMCG branded products except in the case of sanitisers. In the last 30 days, as per Google Trends, there has been a rise in web search for sanitisers. 
 <div type="image" title="web search saniti" msid="74657409" hostid="261"></div>



 A spokesperson from the Future Group that owns Big Bazaar and Easyday reported a similar increase in their online orders. "We have seen an upswing in the demand for daily essentials from our customers in certain geographies. We are making sure that we are managing our stocks and supply chain in a way that meets all our customer needs. We are also following and complying with various government/local body directives related to store operations.” While there were a lot of instances of hoarding in the US and UK with a lot of essentials being sold out quickly, most of these platforms haven’t witnessed hoarding yet. BigBasket said, “We are not witnessing hoarding behavior thus far. To our customers, our stance will be not to panic and buy more than what they need. We will gear up for the increased demand and availability of products will not be an issue.” In a note on its website, Grofers asked its consumers to avoid hoarding. “Buy what you need and maybe add some cushioning on top as we will keep working hard to keep items in stock and reasonably priced for all our customers. Excessive buying or multiple orders to bypass inventory limit can lead to order cancellation,” its blog read. Grofers has disinfected its warehouses and is sanitising on a daily basis to keep the inventory virus free. Telling us more about the spike in their business and safety precautions, Albinder Dhindsa, Co-Founder &amp; CEO, Grofers, said, “Over the last couple of days, we have seen customers buying items on our platform in large quantities across cities as well as categories. Mumbai, Bangalore, Pune and Ahmedabad have seen a higher surge with nearly 80% growth followed by Delhi NCR and Hyderabad at a 60% spike in business. We have seen a rise in both the number of orders (45%) as well as order value (18%). Personal hygiene products, followed by floor cleaners have seen a surge in demand along with immunity-boosting products such as chyawanprash and honey. Essential items such as atta, dal and rice are also being bought in large quantities by our customers." Grofers has suspended travel between locations and offices, so each of its 20+ units across the country can stay isolated and clear of the virus. Its supplies are now passing through separate areas, manned by different personnel than those that work in crowds in store. The crates are also being washed and disinfected after every usage. However, a lot of delivery partners are hesitant to come to work. With higher demand and lack of resources, there is a delay in delivery. It is currently 3 days in Delhi and less than 2 days in most other cities. In such a scenario, it is advisable to plan your groceries in advance and avoid dealing in cash as it can be a possible source of transmitting the virus. A spokesperson from Big Basket said that they are working to expedite their product deliveries. “We will face some constraints for a few more days because it takes time to build capacity in terms of storage, delivery fleet and people. Our teams are working hard to streamline this and we will be back on track very soon.” Some platforms have been kind enough to provide essentials at a price lower than its usual market rate. For example, Grofers is selling N95 face masks at Rs 90, when the general market prices are in the range of Rs 450-500.

As malls shut down, online grocery stores in India see a surge in demand

New Delhi, Mar 12 () The National Restaurant Association of India (NRAI) on Thursday said there has been definite impact of the coronavirus outbreak on the overall food service business, with various segments being impacted in varying degrees. "Banquets is the worst-hit segment, largely due to the travel curbs and a general avoidance of people in getting into larger gathering," the NRAI said in a statement. In-restaurant dining is also seeing a big impact in the past few days, reporting an approximate business drop of 30-35 per cent, with the restaurants located within mall premises recording a sharper drop, it added. The delivery segment, so far, is seeing the least impact, the statement said. "The food service industry works on a fairly high proportion of fixed operating costs and, therefore, such sharp drop in revenues in going to cause severe losses for the businesses. If the situation doesn't improve immediately, we reckon that this will lead to business shutdown and job losses within the sector," it said. AKT HRS

Coronavirus has impacted food service business: NRAI

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>We speak to <keyword id="7539054" type="PERSON" weightage="20" keywordseo="Aalok-Bhan">Aalok Bhan</keyword>, Director &amp; Chief Marketing Officer, <keyword id="6374257" type="COMPANY" weightage="20" keywordseo="max-life-insurance">Max Life Insurance</keyword> about the impact of the <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> on the brand, and the <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in general and all that they have been doing to minimize <keyword id="7036687" type="UNKNOWN" weightage="20" keywordseo="business-impact">business impact</keyword> and ensure business continuity.</li></ul>The recent Covid-19 lockdown has impacted different sectors in different ways. Hospitality, travel, retail and aviation are perhaps the most impacted. With the lockdown now extended by another 2 weeks, its still some time till we understand what things look like in the post-Covid world. At the same time, there are a few sectors like FMCG, Telecom, Healthcare and Life insurance that haven’t been as severely affected. Brands have been trying their best to adapt to the new normal, not just in terms of how their businesses function but also in the way they communicate with their audiences. If one were to look at the positives, most brands have learnt how to become more agile and quickly adapt to changing needs at times of crisis. We recently caught up with Aalok Bhan, Director &amp; Chief Marketing Officer, Max Life Insurance to understand the impact on their brand, and the life insurance industry in general and all that they have been doing to minimize business impact and ensure business continuity. Edited excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a complete lockdown? Has this affected your business? Just like every other economic sector, the lockdown has had a significant impact on the life insurance industry over the past few weeks. However, insurers across the board are navigating the crisis with extreme resilience and ingenuity and we are already seeing a robust industry response. By enabling organizations for effective remote work, recalibrating ecosystems with digital technologies and maintaining business continuity with strategic communications plans, insurers are doing enough and more to serve to the best of their capacity. Strengthening our digital initiatives at Max Life, we initiated a Business Continuity Plan a week before the lockdown was implemented. Our investment in remote user technology over the years enabled us to quickly ensure that 80% of our employees could work from home effectively within 3-4 days of the announcement. To keep the ball rolling, we have effectively digitized our entire sales process, training more than 9,000 frontline sellers and over 25,000 specified persons of banks and agents digitally in just two weeks, who sold almost 24,000 policies in the last week of March alone. We have also digitized our claims management to ensure that all support documents are accepted online, and customers are able to submit claims in a timely manner, using self-service options available on the website, digital bots and AI driven Interactive Voice Response. Q) How have you been trying to continue building a connect with your audience? Has there been a change in your media mix? At Max Life Insurance, we are consistently practicing empathetic communication and staying connected with the customer to create value and reassure them in the midst of a life altering crisis. As new-age marketers, we are also staying on top of the latest trends, watching data for insights, and understanding new consumer behaviors that will be key in driving successful conversations moving forward. For instance, new consumption patterns during the period of lockdown reflected that urban India is spending an average of 3.5 hours on digital, consumption dominated by news, social media and video streaming. At Max Life Insurance, we quickly adapted to change by channelizing our resources onto social media and digital marketing. Recent efforts include accelerating campaigns and being creative on social media, where we drove engagement on the back of a 21-day quarantine challenge through which we hope to stay connected with our customers. Keeping our connect with customers during social distancing, through Super Customer Week, now becoming e-Super Customer Week, changing the nature of customer engagement by going the digital way. Q) What are a few key learnings for you as a brand in the last few weeks? The impact of COVID-19 will be felt by all, small and big businesses. The biggest learning has been that marketing leaders need to stay the course and adapt to the new normal that is evolving. It is crucial to constantly keep experimenting and modifying marketing plans to find what works best given the situation. Q) When it comes to communicating with your consumers, what has your primary motive been? Times like these are important for us to remain connected with our customers and build trust by providing them the right kind of reassurance. Firstly, we are constantly informing customers that death due to Covid-19 is covered in their policies including term plans through multiple media such as sms, e-mail. Secondly, a dedicated Covid-19 section on our website proactively takes care of customer queries related to the topic. Q) With so much negativity in the minds of people, the biggest challenge is to build and strengthen trust. How are you doing that in these adverse times? Trust is what one must harness during COVID-19 by driving contextual and clear communication. At Max Life, we are driving utmost transparency in our coverage and communication to reinforce trust in the idea of true, hassle-free financial protection at the time of need. Q) There's a thin line in terms of a brand's communication in times of crisis where marketing communications can be misread as opportunist or even insensitive. How are you working around this tightrope and ensuring there isn't any miscommunication? We are focused on living up to our key responsibility of providing financial guidance to customers and therefore are leading our communication strategy with care and empathy. We are also consciously anchoring the messaging around fundamental themes such as financial protection, health and safety to create value and reassure customers in the midst of a life altering crisis.

Marketing in the times of Covid-19: Max Life Insurance

8 retailers on how the coronavirus outbreak could impact their business

Tyrone Siu/ReutersEven companies without locations in China could see their supply chains at risk.<ul class="summary-list"><li>The coronavirus outbreak is taking a toll on the economy in <a href="https://markets.businessinsider.com/news/stocks/chinese-companies-could-shut-down-months-coronavirus-spreads-threat-businesses-2020-2-1028933133">China</a> and <a href="https://markets.businessinsider.com/news/stocks/coronavirus-could-weigh-on-global-economy-federal-reserve-warning-2020-2-1028885881">beyond</a>.</li><li>Certain <a href="https://www.businessinsider.com/coronavirus-outbreak-risk-retailers-and-products-2020-2">sectors</a> and companies are more exposed to risk than others.</li><li>Business Insider reached out to a number of retailers to get a sense of how the coronavirus is impacting their international operations and supply chains.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Retailers have shuttered their doors <a href="https://www.businessinsider.com/coronavirus-fears-mcdonalds-starbucks-close-2020-1">throughout China</a> in order to stave off the coronavirus outbreak.Meanwhile, international businesses are keeping an eye on the situation, given the potential for a supply-chain fallout. As a result of the tragic spate of deaths and illnesses, the entire global economy has been put at risk, according to the <a href="https://markets.businessinsider.com/news/stocks/coronavirus-could-weigh-on-global-economy-federal-reserve-warning-2020-2-1028885881">Federal Reserve</a>.Business Insider reached out to a slew of consumer companies to find out how they are contending with the outbreak.Here's a look at how different big boxes, luxury brands, and fast-food chains are responding to the coronavirus:

<ul><li>In wake of the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> outbreak and its impact of business, <keyword id="168456" type="CITY" weightage="20" keywordseo="WPP">WPP</keyword> has taken measure like freezing new hires, reviewing freelance expenditure, stopping discretionary costs, including travel and hotels and the costs of award shows and postponing planned salary increases for 2020.</li><li>Additionally, members of the WPP executive committee, as well as the Board, have committed to taking a 20% reduction in their salaries or fees for an initial period of three months.</li><li>Since the impact of COVID-19 on the business is expected to increase in the next quarters, WPP has to withdraw its guidance for the 2020 financial year. </li></ul> WPP in its recent update regarding the Covid-19's impact on business said that the first two months’ trading were in line with their expectations. The network has taken prudent actions to maintain its liquidity position and that it will continue to serve its clients effectively at a crucial time for strong communications. Some of the key highlights from the update were: <ul><li>2020 started well with strong business momentum: key account wins and good retention</li><li>Encouraging financial performance, pre COVID-19 impact: first two months Group LFL revenue less pass-through costs ex Greater China +0.4%1; Group -0.6%1; USA -0.9%1</li><li>All its businesses operating well under remote working conditions; producing effective campaigns for clients, governments and NGOs around the world</li><li>March performance is weaker, reflecting spread of virus and government containment actions</li><li>Significant uncertainty over immediate outlook: withdrawing guidance for 2020</li><li>Strong balance sheet supported by further immediate action to maintain liquidity: buyback and 2019 final dividend suspended given current uncertainty; final dividend will remain under review</li><li>Additional measures taken to manage cash flow and profitability include reduction in costs and capital expenditure, and tight controls on working capital</li><li>First quarter trading update on 29 April 2020</li></ul> Supporting its people and communities and maintaining service for clients Since the start of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> crisis, WPP said its first priority has been the safety and welfare of its people, and doing what they can to limit the impact of the pandemic on the communities. "Our leadership has communicated continuously to our people around the world and we have followed or exceeded the guidance of governments and international health organisations in the measures we have taken to protect our employees’ health and to help slow the spread of the virus. We know this is a stressful and unsettling time for our people, and are encouraging all managers to stay in close contact with their teams to provide the support needed. We continue to give regular guidance on mental and physical well-being." "Our second priority has been to maintain service to our clients at a critical time and we have successfully moved to remote working across the vast majority of our business, and close to 95% of our 107,000 colleagues are now working away from the office. We are deeply engaged in helping our clients to manage and adjust their communications at this critical time. Our services have never been more important, with many clients already looking to address their longer term brand positioning and communications when the COVID-19 crisis passes." "We have seen outstanding examples of creativity from our people as they support clients, governments and NGOs in the fight against COVID-19. We are working with international health authorities to promote effective handwashing and we have offered our resources to the UK Government to assist the effort in Britain. Our global media network Wavemaker, for example, helped the Cabinet Office to launch its coronavirus information service on WhatsApp to reduce the pressure on the NHS. Our people are also displaying great ingenuity and resilience as they adapt to new conditions, maintain a positive working culture and ensure continuity of service for clients," read the report. Year-to-date business performance and outlook for 2020 For the first two months of 2020, excluding Greater China, Group LFL revenue less pass-through costs was up 0.4%. In Greater China (approximately 7% of WPP by revenue less pass-through costs) the impact from COVID-19 led to a 16.1%1 fall in LFL revenue less pass-through costs over the two-month period. For WPP as a whole, LFL revenue less pass-through costs was down 0.6%, in line with their expectations and the guidance set in their preliminary results announcement on 27 February 2020. In the USA, WPP saw an improvement in the rate of decline from 2019 with revenue less pass-through costs down 0.9% in the first two months, compared to a decline in the second half of 2019 of 4.4%. Its overall new business performance was strong, with a number of key wins including Intel, Hasbro and Discover, and retentions including BBVA. In China, despite the significant slowdown in economic activity and the closure of offices, WPP said its people have responded extraordinarily well to the unprecedented challenges and have successfully continued to work on client projects. "At the peak of the crisis in China, almost all of our colleagues were working remotely, but as health restrictions are now being lifted, 55% of our local workforce are back in our offices." In March, we have begun to see a range of different responses from clients globally, depending on the client sector, country and agency services. In the short term, media spend has largely remained committed, or diverted to alternative channels, although we have seen an increasing volume of cancellations. Project and retained work has continued in most sectors, but activity has begun to decline. New business pitches continue where the process was already underway, albeit we have less certainty over our future pipeline. In some markets, we are seeing additional demand in our PR and specialist communications businesses." As a result, WPP said it expects its performance in March in markets experiencing significant COVID-19 outbreaks to be weaker than in January and February, impacted by government restrictions on movement and the consequent reduction in economic activity. "As we enter the second quarter, it is clear that the impact of COVID-19 on the business will increase but it is not possible at this stage to quantify the depth or duration of the impact. As a result, we have decided to withdraw our guidance for the 2020 financial year. We will provide an update when appropriate," the agency said in its statement. Cost reduction measures WPP said that most of its costs are variable in nature. They have commenced a review of their costs to protect profitability, where possible, from a decline in revenue. At the same time, WPP said it wants to protect its people as much as possible, as well as its ability to serve clients and grow when markets recover. "The immediate actions we have taken include: freezing new hires; reviewing freelance expenditure; stopping discretionary costs, including travel and hotels and the costs of award shows; and postponing planned salary increases for 2020. In addition, members of the WPP executive committee, as well as the Board, have committed to taking a 20% reduction in their salaries or fees for an initial period of three months. We anticipate these measures will generate total in-year savings for 2020 of £700 - 800 million. In addition, we are making a detailed assessment of further actions to reduce cost subject to the impact of the virus on our business over the coming weeks and months." Cash conservation measures WPP also said it has reviewed its capital expenditure budgets for 2020 and looked at opportunities to improve working capital. It said it has identified savings in excess of £100 million in property and IT capital expenditure against an initial 2020 budget of around £400 million. "On working capital, we have a standing weekly management process to review cash outflows and receipts to monitor our position. We are continuing to work closely with our clients to ensure timely payment for the services we have provided in line with contractual commitments. On media, we are working with clients and vendors to maintain the settlement flow. Should we see any deterioration in payment from our media clients we will take appropriate action to manage our cash position," read the statement. Speaking about the current situation, <keyword id="570483" type="PERSON" weightage="20" keywordseo="Mark-Read">Mark Read</keyword>, Chief Executive Officer, WPP said, "The actions we have taken in the last 18 months to streamline and simplify WPP, together with raising £3.2 billion in asset disposals, have put WPP in a strong financial position. It is clear that the companies in the strongest financial position will be best placed to protect their people, serve their clients and benefit their shareholders during a period of great uncertainty, which is why we are taking the steps we are outlining today. “Across WPP we now have close to 95% of our people working effectively and productively away from their offices. I am very proud of the response from our people, who are looking out for each other and going the extra mile for clients while demonstrating the creativity, collaboration and resilience that will be key to the enduring success of WPP. At the same time, we are supporting many governments and international health organisations on communications programmes to limit the impact of COVID-19 on our communities. The important role we are playing in helping our clients navigate a difficult time gives us great confidence in the long-term future of the company.”

WPP executive committee and Board to take a 20% reduction in salaries for an initial period of 3 months in wake of Covid-19 outbreak

Welcome to this week's Influencer Dashboard newsletter!This is Amanda Perelli, writing to you from my desk at home, and here's an update on what's new in the business of influencers and creators.First off, I'm lucky enough to be able to work from home, and I hope all of you are healthy and staying safe! This week, my colleague Dan Whateley and I caught up with several creators across YouTube and Instagram, along with industry experts, on how they are adjusting their businesses to continue to make a living during the coronavirus pandemic and the resulting economic turmoil. As many brand deals stall, influencers are starting to switch up their strategies, focusing on long-term bets like direct-to-consumer businesses or alternative revenue streams like consulting, teaching, and coaching."Our entire company is at a standstill at the moment and I don't really know when jobs or campaigns will happen again in the next month," said Audree Kate Lopez, a fashion stylist, consultant, and influencer with nearly 30,000 followers on Instagram. Lopez said during this downtime she is focusing on getting organized internally and creating content at home that she normally doesn't have time to do.And the influencer-marketing firm Sapphire Apps told Dan that it's no longer conducting photo shoots with influencers for brand campaigns, instead turning to animation and user-generated content filmed by influencers at home that's then edited by the Sapphire team afterwards. (<a href="https://www.businessinsider.com/instagram-youtube-influencers-are-adapting-business-to-coronavirus-2020-3">Read the full post here</a>.)You can read most of the articles here <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-aperelli">by subscribing to BI Prime</a>. And if this is your first time reading Influencer Dashboard, <a href="http://newsletter.businessinsider.com/join/influencerdashboard">subscribe to the newsletter here</a>.<h2>More industry updates on the impact of the coronavirus pandemic:</h2><ul><li><a href="https://www.businessinsider.com/engagement-on-instagram-sponsored-posts-rises-as-coronavirus-spreads-2020-3">Influencer marketers say sponsored Instagram posts have had views, likes, and comments sharply increase the past 2 weeks</a>: Dan spoke to the influencer-marketing agency Obviously, which said it had seen a 76% boost in the number of "likes" on sponsored posts on Instagram in the past two weeks despite some advertisers cutting budgets.</li><li><a href="https://www.businessinsider.com/how-coronavirus-is-affecting-instagram-influencers-brand-sponsorships-2020-3">Coronavirus is 'impacting all talent' on Instagram as brands cancel influencer-marketing deals and paid events get put on hold</a>: I spoke to several bloggers, travel influencers, and industry experts about the impact of the coronavirus on the influencer industry and their brand deals.</li><li><a href="https://www.businessinsider.com/cost-of-influencer-marketing-sponsored-instagram-post-expected-drop-coronavirus-2020-3">The price of sponsored posts on platforms like Instagram could fall by up to 25% in the near term, according to an influencer-marketing agency</a>: Dan covered a new report from the influencer-marketing platform Izea, which said the company expected the average price for a sponsored post on social media to drop between 15% and 25% in the near term.</li><li><a href="https://www.businessinsider.com/influencer-marketing-how-coronavirus-could-impact-sponsorships-posts-2020-3">An influencer-marketing agency made a 68-page deck on how the coronavirus pandemic could change the industry. Here are the 5 key takeaways</a>: Also from Izea, I wrote about the main points of its recent report on the impact the coronavirus could have on the influencer industry.</li><li><a href="https://www.businessinsider.com/esports-broadcasts-adapt-as-sports-leagues-shut-down-coronavirus-impact-2020-3">Esports broadcasts have quickly adapted as sports leagues have shut down, but online-only competitions present challenges for pro gaming:</a> My colleague Kevin Webb wrote about the impact the coronavirus pandemic has had on esports, from the challenges to the opportunities.</li></ul><h2><a href="https://www.businessinsider.com/how-to-join-faze-clan-recruiters-explain-choosing-team-members-2020-3">FaZe Clan's top recruiters explain how to join the red-hot gaming organization and what they look for in new members</a></h2>FaZe Clan is a multimillion-dollar gaming organization focused on esports and video content creation.Kevin spoke to Vera Salamone, FaZe Clan's director of talent, and Erik Anderson, FaZe Clan's head of esports, on what FaZe Clan looks for in new recruits.Anderson said FaZe is constantly recruiting on a global scale to find the best players to represent the team."I don't want to have to call a guy to wake him up to get him to and play video games as his career," Anderson said. "I want someone that's hungry to go and compete at a high level and understands that they're in a really amazing place to do that."<a href="https://www.businessinsider.com/how-to-join-faze-clan-recruiters-explain-choosing-team-members-2020-3">Read the full post on how to join FaZe Clan, here</a>. <h2><a href="https://www.businessinsider.com/youtube-creators-explain-details-google-preferred-how-to-get-in-2020-3">Inside YouTube's secretive Google Preferred program, which can boost a creator's income and signal they've 'made it'</a></h2>For a YouTube creator, joining "Google Preferred" - the company's top-tier monetization category - means you've made it.Dan spoke to creators like Remi Cruz, a YouTube star who posts DIYs, cooking tutorials, and makeup and fashion videos for her 2.5 million subscribers, and other individuals familiar with how Google Preferred works to learn more about the company's secretive program.Google Preferred videos tend to make more money because they command higher CPMs (cost per thousand views) than YouTube's standard AdSense (biddable pre-roll, mid-roll, and post-roll) monetization, according to multiple sources who spoke to Business Insider."In the beginning with Google Preferred, it definitely boosted [revenue]," Cruz noted. "But since then I think it's been climbing depending on the quarter that I'm in."But how do you get into the program? Dan has the inside details.<a href="https://www.businessinsider.com/youtube-creators-explain-details-google-preferred-how-to-get-in-2020-3">Read the full post to learn more about the Google Preferred program, here</a>. <h2><a href="https://www.businessinsider.com/tiktok-metrics-brands-use-for-influencer-marketing-campaigns-sponsorships-2020-3">The TikTok metrics that matter for a successful sponsorship deal between an influencer and a brand, according to industry insiders</a></h2>TikTok has become one of the most popular apps among Gen Zers and brands are looking to leverage the massive reach its creators have.I spoke with an influencer talent manager and a digital agent about some of the metrics they see brands paying attention to in 2020 on TikTok."On TikTok, it doesn't matter how many followers you have, that's not the main metric of success," said David White, head of influencer management at Whalar Stars. "It's all about how many views you're getting."From a branding perspective, TikTok is good for its volume of impressions and reach, and Instagram is the place to drive sales, said Alex Devlin from WME. <a href="https://www.businessinsider.com/tiktok-metrics-brands-use-for-influencer-marketing-campaigns-sponsorships-2020-3">Read the full post on the TikTok metrics brands are paying attention to, here</a>. <h2>What else happened on BI Prime this week: </h2><ul><li><a href="https://www.businessinsider.com/call-of-duty-league-esports-team-owners-investors-breakdown-cdl-2020-3">The 12 investors betting millions on the Call of Duty League - from the LA Rams owners to a group including Gary Vaynerchuk</a>: Kevin created a list of everyone who's invested millions to be part of the Call of Duty League's first season.</li><li><a href="https://www.businessinsider.com/how-influencers-should-disclose-paid-brand-sponsorships-ftc-rules-2020-3">The FTC provided specific guidelines on what influencers should and shouldn't do for sponsored posts in its recent $1 million settlement with a marketer</a>: Dan highlighted some key takeaways for influencers looking to avoid the ire of the FTC based on the agency's settlement with Teami.</li></ul><h2>Here's what else we're reading: </h2><ul><li><a href="https://www.nytimes.com/2020/03/17/style/zoom-parties-coronavirus-memes.html">We Live in Zoom Now: Zoom is where we work, go to school and party these days</a>: Taylor Lorenz, Erin Griffith, and Mike Isaac from The New York Times wrote that overnight, the video conferencing platform, Zoom, has become a primary social platform for many high school and college students, as those institutions move to online learning.</li><li><a href="https://www.nbcnews.com/news/us-news/big-gram-campus-usc-students-train-become-influencers-n1156881">Big 'gram on campus: At USC, students train to become influencers</a>: Kalhan Rosenblatt from NBC wrote about USC's social media influencing curriculum and clubs, where content creation is more than just a hobby.</li><li><a href="https://www.theverge.com/2020/3/11/21174212/youtube-coronavirus-monetization-ads-susan-wojcicki-sensitive-subject-phil-defranco">YouTube will slowly start monetizing coronavirus videos following creator anger</a>: Julia Alexander from The Verge reported that YouTube was reassessing its policies in an effort to let some creators monetize videos they make about the coronavirus.</li><li><a href="https://www.hollywoodreporter.com/news/icm-signs-digital-management-firm-talentx-1284516">ICM Signs Digital Management Firm TalentX (Exclusive)</a>: Natalie Jarvey from The Hollywood Reporter wrote that talent management firm TalentX has signed with ICM Partners, bringing its 32 clients under the agency's fold.</li><li><a href="https://www.insider.com/loren-gray-tiktok-popular-music-the-man-taylor-swift-2020-3">The most popular TikToker is on track to lose her throne, and she's looking to Taylor Swift and Shawn Mendes for the next leg of her career</a>: Kat Tenbarge from Insider spoke to 17-year-old Loren Gray, who is the most followed person on TikTok.</li><li><a href="https://www.wsj.com/articles/david-dobrik-interview-youtube-liza-fallon-vlog-11584028115?tesla=y">Meet David Dobrik, Gen Z's Jimmy Fallon</a>: Myles Tanzer from The Wall Street Journal wrote about YouTube star David Dobrik and his big dream to be a late-night host.</li></ul>Thanks for reading! Send me your tips, comments, or questions: aperelli@businessinsider.com. <h2><a href="http://newsletter.businessinsider.com/join/influencerdashboard">Subscribe to the newsletter here</a>.</h2><a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=instagram&amp;itm_campaign=stories-slide-deck"></a>

How YouTube and Instagram stars are adapting their businesses as the coronavirus impacts the influencer-marketing industry

<ul class="summary-list"><li><keyword id="116249" type="PERSON" weightage="60" keywordseo="Janet-Yellen">Janet Yellen</keyword> indicated to senators on Thursday that she won't immediately revive expired Fed lending programs.</li><li>"As mandated by Congress, the 13(3) facilities funded by the CARES Act will not be available," <keyword id="6463966" type="PERSON" weightage="60" keywordseo="yellen">Yellen</keyword> said in a written statement, according to Bloomberg.</li><li>Five relief programs became the subject of controversy in November after the Treasury and the Fed butted heads on whether they should be extended past their year-end expiration date.</li></ul>Various Federal Reserve lending facilities left to expire under former Treasury Secretary Steven Mnuchin are likely to stay closed in the immediate future.Janet Yellen, President Joe Biden's nominee for Treasury Secretary, indicated she won't work to reopen the closed 13(3) programs unless Congress allows for such action, <a href="https://www.bloomberg.com/news/articles/2021-01-21/yellen-says-administration-will-fight-currency-manipulation?srnd=markets-vp">Bloomberg</a> reported on Thursday, citing Yellen's written responses to questions from the <keyword id="223991" type="ORGANIZATION" weightage="60" keywordseo="Senate-Finance-Committee">Senate Finance Committee</keyword>."The Federal Reserve will continue to provide support to the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> through its ongoing programs and the use of its available tools but as mandated by Congress, the 13(3) facilities funded by the Cares Act will not be available," she wrote.Five relief programs established by the Fed were phased out at the end of 2020 when the central bank returned funds allocated by the CARES Act. The facilities were introduced early last year in response to the coronavirus pandemic and targeted state and local governments, corporations, and small businesses, among other struggling entities.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-below-pre-pandemic-levels-goldman-sachs-2021-1">GOLDMAN SACHS: These 22 stocks still haven't recovered to pre-pandemic levels - and are set to explode amid higher earnings in 2021 as the economy recovers</a>The facilities came under scrutiny in November when Mnuchin and Fed Chair Jerome Powell <a href="https://www.businessinsider.com/fed-powell-treasury-mnuchin-quarrel-lending-programs-coronavirus-economic-recovery-2020-11">disagreed on some programs' futures</a>. The Treasury Secretary said on November 19 that five facilities wouldn't be renewed past their end-of-year expiration, noting the programs are backed by Treasury funding allocated in the CARES Act. Mnuchin added that, instead of renewing the facilities, the Fed should return the funds and repurpose them for more targeted relief efforts.The statement triggered a rare public rebuttal from the central bank. The Fed called on the Treasury to extend "the full suite of emergency facilities," adding they serve "as a backstop for our still-strained and vulnerable economy."In the end, the Fed extended four programs through March 31 while allowing the remaining five to close. Biden's selection of former Fed Chair Yellen as his nominee to head the Treasury prompted some economists to wonder whether she would resurrect the expired facilities. Yellen's written statement, however, suggests she won't renew the programs with a smaller pool of funds allocated to the Treasury.Yellen still emphasized the need for accommodative monetary conditions as the pandemic rages on. While vaccines continue to be distributed across the country, indicators such as weekly jobless claims point to lasting damage to the US economy."Right now, taking too little action poses the greatest risk to the health of our economy," she wrote, according to Bloomberg.The Treasury Secretary-designate was less explicit in other responses. The ex-Fed chair pledged to "work with members of Congress" to determine whether households making less than $400,000 would be protected from any reversal of the 2017 tax cuts, according to Bloomberg. Yellen's answer, while vague, suggests households below that income level could avoid future tax hikes.The written statement responds to follow-up questions asked by senators after Yellen's Tuesday confirmation hearing. The Senate is set to vote on Yellen's nomination on Friday.Read more: <a href="https://www.businessinsider.com/investing-strategy-trade-take-advantage-of-higher-volatility-dave-jilek-2021-1">The chief investment strategist at a $9.6 billion volatility-focused money manager breaks down why the stock market is poised to get more chaotic in 2021 - and shares how investors can take advantage of it</a>

Janet Yellen isn't likely to immediately revive the Fed's expired relief programs, report says

<ul><li>Achieving herd immunity and bringing the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> in check won't resolve all of the pandemic's economic damage, <keyword id="111766" type="PERSON" weightage="60" keywordseo="Carmen-Reinhart">Carmen Reinhart</keyword>, chief economist at the <keyword id="6354424" type="DEFINITION" weightage="60" keywordseo="world-bank">World Bank</keyword>, said Tuesday.</li><li>What began as a health crisis is creating "your classic balance sheet problems" and risks plunging the world into a dire <keyword id="6371665" type="UNKNOWN" weightage="60" keywordseo="financial-crisis">financial crisis</keyword>, Reinhart said on <a href="https://www.bloomberg.com/news/videos/2021-01-13/world-bank-don-t-confused-rebound-with-recovery-video">Bloomberg TV</a>.</li><li>"A rebound this year still leaves per-capita income below where it was before the crisis. Calling it a recovery is misleading," she added.</li><li>The pandemic's length has placed outsized strains on the balance sheets of households, businesses, and countries, and mounting debt piles risk exacerbating the problem, the economist said.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Vaccine distribution is expected to bring an end to the coronavirus pandemic, but households and companies will still face severe debt pressures, Carmen Reinhart, chief economist at the World Bank, said Tuesday.The pandemic is on the cusp of its one-year anniversary, and its fallout is expected to linger until well after cases tumble. What started as a health crisis is now morphing into "your classic balance sheet problems," Reinhard said. Those strains threaten to keep the global <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> from staging a full bounce-back in the near-term."Don't confuse rebound with recovery," Reinhart said on <a href="https://www.bloomberg.com/news/videos/2021-01-13/world-bank-don-t-confused-rebound-with-recovery-video">Bloomberg TV</a>. "A rebound this year still leaves per-capita income below where it was before the crisis. Calling it a recovery is misleading."Read more: <a href="https://www.businessinsider.com/investing-strategy-green-stocks-esg-decade-long-mania-marko-papic-2021-1">Green stocks more than doubled in 2020. The chief strategist at a $1.1 billion hedge fund of funds breaks down why a 'decade-long mania' still lies ahead amid the global race to zero.</a>Yet Reinhart, who wrote a book on the 2008 financial crisis with famed economist Kenneth Rogoff, doesn't expect the current downturn to come with a sudden-shock "Lehman moment." A coronavirus-fueled financial crisis would likely emerge as a less dramatic event and more as a slow crawl, the economist said.The length of the pandemic is also among Reinhart's biggest concerns. The US continues to grapple with soaring daily case counts and its most lethal wave of the virus yet. Prolonged lockdowns have already cut into job growth and consumer spending, and the long-term impacts on individuals are becoming increasingly dire, Reinhart said. "I am very concerned that the longer this goes on, the more strain on balance sheets of individuals, households, of firms, of countries. It's a cumulative toll," she added.Relief from governments and central banks provided some relief amid the broad economic downturn. Trillions of dollars in fiscal stimulus bolstered household income and interest rates are expected to stay at record lows until employment and inflation reach pre-pandemic levels.Apart from the fiscal and monetary aid, debt-deferment programs provided a crucial bridge for struggling homes and companies, Reinhart said. Yet their expiration presents a new risk for the still-ailing global economy and its mounting debt pile."Financial institutions across the globe in varying degrees have also agreed to grace periods. Periods in which businesses and households don't repay their debts. What happens when those programs come to an end?" the economist said.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-inaccessible-cryptocurrency-digital-currency-wallet-security-blockchain-2021-1-1029961482">There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it.</a><a href="https://www.businessinsider.com/economic-outlook-inflation-rate-fed-target-esther-george-economic-recovery-2021-1">Inflation could hit its target sooner than expected as the US economy bounces back, Kansas City Fed chief says</a><a href="https://www.businessinsider.com/cheap-stock-picks-from-investing-legends-bill-miller-john-rogers-2021-1">A leading Wall Street firm asked 7 famous investors about their favorite stocks and the global trades they're using to stay ahead of the competition. Here's what they're betting on now.</a>

You Searched For "Coronavirus business impact" and got 11 results

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