The coronavirus pandemic is presenting a threat to the economy, as well as our health, on a scale that none of us could have imagined even with the most robust disaster contingency planning.
But stopping, pausing indefinitely, shutting-up shop or moth-balling just isn’t a viable long-term option.
We are all already doing our bit to prevent the spread of this dreadful disease but it will soon be down to businesses to kick-start the economy to enable us to continue to fund the fantastic key workers of the NHS by generating the tax income that we need to pay for what we really value!
This is a challenge that we must all rise to. It is time to take the initiative and get on the front foot, after all if we don’t, our competitors surely will.
When the business environment gets difficult, the first thing to be cut is usually the marketing budget, particularly when companies go into ‘bunker mentality’ mode. In fact, if we want to be in a fit state to play our part in rebuilding the economy, this is the last thing that we should be doing.
Read our five very good reasons why companies shouldn’t be reducing their marketing efforts and budgets:
1. Be Bold
Don’t follow the herd, it’s survival of the fittest. When your competitors are reacting to the understandable emotion of fear and cutting their marketing activities, be bold and take the initiative. By continuing to push and communicate with your market and customers, you will position your business positively. Be seen and be heard, those that don’t are out of sight and out of mind. Take the opportunity to be in the right shape and the right place, as the economy recovers (however slowly or fitfully that may be).
One thing that the adoption of Working from Home has really highlighted is the benefit of digital communication channels. With many businesses operating remotely or partially from home, the use of digital-only communications has been widely adopted. Now is the time to ensure that you’re inhabiting the right zones and swimming in the right pools! Look to maximise your presence on the social media channels that are used and viewed by your particular customers. Focus on creating content of value that really engages and is of real interest to your customers. But avoid contentious subjects and don’t dismiss or fail to acknowledge their justifiable fears and concerns about the coronavirus pandemic.
3. Don’t’ Stop
Marketing comes before sales and drives the ability to sell effectively. Whether your sales are products or services, they depend upon the long term continual ‘drip, drip, drip’ of marketing to sustain them. If you turn off the marketing tap, your sales will inevitably dry-up and your business with them. Many businesses have swiftly put things on ice, but we need to remember that the longer you do so, the harder it is to rekindle activity back to a sustainable level. Don’t stop, keep pushing with the faith and determination required to carry you through to a stronger more resilient future!
4. Be Smart
Be smart about your marketing spend. With many of your competitors making knee-jerk decisions to just stop their activities and furlough their marketing teams, now is the time to make yours count. Consider how your conventional (what you used to do before March this year!) marketing activities need to change and adapt to the ‘new normal’. Use new ideas and new channels, but don’t judge these on very short-term results. Give things time, persevere, test properly and then make informed decisions on what works for you and what doesn’t!
5. Don’t Quit
We’re all in this together, and we’re all playing on the same pitch. This will obviously go on for some time and some businesses will survive then thrive when the grass on that pitch starts growing again. They will be the ones that kept themselves fit, created new training regimes, worked on strategy and came out fitter and stronger. There’s a saying in sport that applies equally to business marketing – “Winners never quit and Quitters never win!”