Here's the obvious: the COVID-19 pandemic has disrupted almost every aspect of our lives, both personally and professionally.
The result was that, for companies and brands, their sales and activities not only fell, but also their presence in the market.
In both prosperous and difficult times, marketing is one of the easiest expenses for entrepreneurs to cut for cash flow reasons. In many cases, it constitutes, for certain owners who do not see it as a vital element for their business, the balance sheet item whose amount must be reduced.
It is Counterproductive to Stop Marketing Activities
If you don't understand how marketing helps a business and there is no instant return, it's an expense that's easy to cut, right ?
In today's economic environment, and from a practical point of view, it may seem wise to cut the marketing budget. However, for any business where sheer survival is not at stake and business is down or flat, slowing down marketing activities can have the opposite effect.
You have no doubt noticed that many companies have remained prominent in recent months. In many cases, this was not a coincidence; some companies have stayed the course, while others have stepped up their marketing efforts to stay in the minds of consumers, even when they are not spending money
Guess what? Their competitors were not spending money either.
Have your clients' needs and behaviors changed?
Now is the time to think about what you want to do to promote your business to your customers again. The markets you are in can be very different from what they were six months ago, and some competitors may not be there when you reopen.
Your clients have they forgotten and, more importantly, their needs and their behaviors have they changed? Are they still looking to buy your products or services the same way? Can they afford it? Do they want to buy online more than ever?
As much as it is important to know your customers, it is also essential to present your business to them in a relevant way. Promoting your business requires a long-term approach and you need to be always on the lookout. Good marketing infrastructure is like spinning plates at the end of a stick: as soon as the plates stop spinning, they crash onto the ground.
A solid budget and marketing strategy will help you win customers and build relationships with them to increase your sales. When executed correctly, marketing activities help fill your sales funnel, whether it's generating leads for the sales team or conversions to your ecommerce platform.
Consistency is the key.
Coping with a second wave
The possibility of having to work together again to protect each other provides an opportunity to remain relevant and present to customers. During the initial economic downturn, many companies turned to the manufacture of personal protective equipment or hand sanitizer, both to increase their income and to retain their customers.
One of my favorite barbecue restaurants opened a Shopify website to sell t-shirts and hats online, and started offering shrink wrapped ribs and ribs, all it takes pick up in front of the establishment.
Always think about the steps you may have to take and the changes you may need to make.
A little analysis
Examine your customers. Who are they ? Where are they ? What is their reality at the moment? What value can you bring to them? The time spent understanding this is never a waste of energy.
Taking into account the context mentioned above , map how these customers buy your products or services. What is their purchasing journey, from the awareness stage (the customer does not know the company) to the evaluation stages (comparison with the competition), conversion (factors which led the customer to make a purchase) and loyalty (factors encouraging the client to do business with the company again)? What is the average duration of this process?Is it two hours, two days or two months? It is important to know this.
Develop a content and media strategy to keep your business relevant to customers during and after the COVID-19 crisis . Support this strategy with a marketing budget that respects your means and that will allow you to generate points of contact and data that you can use to understand the effectiveness of these expenses. You can get this information through Google and Facebook ads, email marketing, analytics and your website. Now is the time to educate yourself so that your precious dollars are used wisely, especially if things are going slower than usual.
Do not let COVID-19 prevent you from moving forward more than it has already done. Gather your team and decide the best way to get back into your market. The Canadian economy is currently receiving considerable support, notably through government programs and BDC loans and advice
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