The Coronavirus pandemic has affected business in ways beyond imagination. Market experts have estimated that COVID-19 will cost the global economy a whopping $2.7 trillion. This has not only scared businesses and marketers out of their wits but makes them ask – what to do next?
Unless you are in the business of essential products and necessity items, you need to change the way you have been marketing your brand.
Here’s a set of marketing guidelines for those trying to stay afloat in the present economic landscape.
Businesses that can adjust and adapt to the restrictive environment will be the ones to stay ahead of the others who fail to change their strategies. Just because you cannot serve your customers in person, doesn’t necessarily mean you stop serving them altogether. Include free services or change how you deliver. Abide by the hygiene practices issued by health authorities. If you are an offline business, now is the time to switch to online and be available 24/7.
Focus on paid ads.
With customers increasingly turning to online modes of information and entertainment, this is the right time to jump into PPC advertising and other paid digital campaigns to capture traffic and conversions. Cost Per Click rates are down, and this leaves room for marketers to make the most of the opportunity. Exploit the reduced competition and scoop up the market share, while others are pulling themselves out.
Offer flexibility of payment and services.
If you are in the retail business, (not necessarily in essential goods) and have managed to retain/acquire customers, offer the flexibility of payments to make it convenient for them in this tough economy. This helps you retain loyalty as well as ensures a consistent flow of customers by easing their payment plans. If you are in tech-based or SaaS services, offer more informative and educational training to your customers. With people losing jobs and looking for newer opportunities, such offers make for a good gesture and help them stay connected to your business.
Expand your social outreach
This is the perfect time to stay connected with your customers through social media and digital channels for information and support. Harness the power of interactive content, instant updates, and entertaining resources to interact with your customers/clients. This will make them feel included in your business even when you are not working in full capacity and would go a long way is your brand awareness and outreach.
Along with the above, remember:
Do not panic and make a hasty marketing strategy if there is a sudden shift in the market. Always use the available data and analyze your next move.
Do not game the market. Stock buying from wholesalers and reselling them at a hiked price might work in the short run but won’t be sustainable or become a legit business strategy.
Do not go silent on your customers. Always stay connected and let them know that you are present and striving to be in the business.
As COVID-19 continues to turn the world economy topsy turvy, businesses must make the most of every possible resource and avenues to make themselves heard and seen.