Marketing During a Financial Downturn
Just 7 months ago, no one could have predicted the sudden and severe spread of COVID-19. And we’re still waiting to see the full impact this will have on our global economy. With so much contradicting information it can be hard to determine facts from fiction and what decisions you might need to make to keep your business afloat.
However your business has been impacted, whether that is a downturn, uptick, or hardly any change whatsoever – that is your current reality and it’s not up for anyone else to debate what’s real or not with you. If you were among the unfortunate businesses to have COVID-19 make a negative impact on your industry, you’re not alone – and you’re not helpless. This isn’t the time to give up or settle with being a victim. Rather, this is the time to get creative, stay, active, and do what you can to sustain and grow your business even amidst chaos. The silver lining is that there are several key things business owners can do right now to better market themselves during a financial downturn. Here’s what they are.
ONE – Don’t panic. In a state of uncertainty, don’t halt your progress. Many businesses make the mistake of pulling all of their marketing dollars in an attempt to “stop the bleeding.” The reality is the tactful spending of marketing dollars, even in a financial downturn, isn’t bleeding it’s actually life-sustaining for your business. You’re not really stopping any financial bleeding when you pull your marketing resources, rather you’re depriving your business of the oxygen it needs now more than ever to survive. Sure, you must be cautious and strategic with where you invest your time and resources as it relates to marketing, but stay the course with your strategy or you risk completely alienating your customer base.
TWO – Look for opportunities to pivot. The fact is our economy has changed. How can your business better serve the needs of its customers now? You’ll want to carefully research how your consumers’ spending has changed and how their needs have changed. Is your product or service still relevant as-is or do you need to tweak your messaging to make it COVID-relevant? The marketing strategy you have thought was most appropriate in Q4, should look very different now. This doesn’t mean stop, it simply means adapting.
AND THREE – We’re in this together. You’re not the only business impacted by COVID-19. Keep supporting other businesses, and our business community will heal faster. If you think you’re hurting, look to your network of fellow business owners. How are they doing? How can you help? Be in communication with other businesses you work with to check-in, understand their changing needs, and collaborate on strategies which aim to lift up the local business community as a whole. Now is the time to work together, even if we can physically be together. The professionalism and courtesy you show during the time of a pandemic will not soon be forgotten.
For a 60 second recap of the points covered above, click on the newest Mid-Atlantic Media Hub’s Media Minute below!
If there’s more you want to know about protecting your business’s media contracts, especially amidst COVID-19, we are here to help. Reach out today to us today!