04/05/2020
Covid-19…That’s a word or a time that is going to define many business’ across the globe. Companies all over are restructuring to try and manage the losses that came unexpectedly. Many local business’ are doing the same, some closing, others waiting it out. I would argue however this is the perfect time to take action and drive your business forward. While most companies are hunkered down to try and outlast Covid-19, you should be taking your marketing budget and repurposing it. Stay with me here…I’ll explain.
1. Invest In Your Marketing If You Can
Many of your competitors are taking their foot off of the marketing pedal, which means you may be able to blow right by them! Think of it like the tortoise and the hare..Don’t take your foot off the pedal!
Of course, I realize many businesses are simply not able to invest due to lost revenue and if that’s the case then simply skip this idea. However, for everyone else, this is the most important takeaway of this article. Now is the time to invest more, not less in your marketing. That is how you can gain a competitive advantage in the months and years to come.
2. Reassess & Reallocate Your Marketing Budget
Clearly, trade shows, public speaking engagements, road shows and more are simply not an option with the COVID-19 pandemic. So if you were planning to invest $X into trade shows or other in-person events, then now is to time to divert that budget into other channels, such as digital marketing.
While, some of our clients have paused or reduced online advertising with Google Ads, for example, and moved that budget over to search engine optimization (SEO). That way, they can make improvements in their organic rankings that will help them overtake their competitors when the pandemic is over. If you have shut off ads and you can afford to continue to invest in marketing, then I would strongly recommend reallocating that budget to improving your search rankings. This is an investment that could yield a very strong return once business returns to normal. If you are able to still work during the pandemic, then it would be in your best interest to still drive leads to your business. With income still flowing you can re-invest your budget back into your business.
3. Change Your Delivery Method
If you own a brick and mortar business, perhaps rethink your delivery method. For example:
Doctors, Dentists, Financial Consultants etc can offer Virtual Consultations vs the in-person meet and greet at this time.
Local retailers can offer delivery services. Order by phone, email or web and charge a fee to deliver your products to your customers.
Massage, Spa’s, Hair Removal Studios etc, can instead offer products for self care on an interim basis.
4. Focus on Your Existing Customers
This shouldn’t even be a tip, but its a great reminder to reach out to those who support you. Offer encouragement, update them on your business status, keep in touch via email, social media and direct mail if needed.
The key question here is, “What else can you do to help your existing customers?” Can you offer additional products or services? Can you speed up your delivery for an additional fee? Can you sell more with a bulk discount? Can you partner with another business to enhance your product or service?
Whatever it is, make sure focusing on your current customers is a main priority.
5. Lastly, Try to Enjoy the Ride!
As I mentioned earlier, this is a scary time to be a small business. I’ll admit it, I’m scared too, but I’m also cautiously optimistic. I truly believe our business will be stronger and healthier when this is all over.
And each day I try to just enjoy the ride. Hopefully, this won’t last much longer, which also means I likely won’t ever get this chance again to home school my boys and play (nearly) all day long with my son, and see my wife 24/7.
It’s a unique time in history and it’s worth taking a moment to soak it all in. Chances are that in the end your business will be stronger because of it. Humans are amazing creatures when faced with adversity.
In the meantime, stay safe, stat home, support local and above all enjoy this time with your family.
Invest In Your Company During Covid-19 Leave a Comment / Business, Search Engine Covid-19…That’s a word or a time that is going to define many business’ across the globe. Companies all over are restructuring to try and manage the losses that came unexpectedly. Many local business’ are doing ...
