It’s a global pandemic. Life has changed. Some businesses are being hit hard. Others, not as hard and others are somewhere in between.
When life and business get turned upside down, it’s natural to circle the wagons. It’s understandable to want to cut all expenses and anticipate the worst. None of us should feel bad about these very valid (and sometimes practical) reactions.
We don’t know what the future holds and there are so many things out of our control right now. So I would suggest that you focus on things that you can control. Unless you plan on going out of business, you should be future-proofing your business with a solid digital customer acquisition strategy.
People are on social media a lot more right now.
A recent study pointed to a sharp rise in social media usage right now. It makes sense because just about everyone is now working from home and spending a lot more time following current events.
If you run campaigns on social media, now may be a great time to double down. Attention is in high supply and the competition may be pushing pause, give you a unique opportunity to gain more attention.
In particular, the leading platforms like Facebook/Instagram and LinkedIn are likely to be incredibly high-value as people follow breaking stories and argue about politics. Also, review your competitors’ strategy on Facebook and LinkedIn to get a sense of what everyone else is doing within your industry.
Building a list may be easier than ever right now.
People everywhere are turning to their digital lives to fulfill their socialization needs during this time of nationwide shutdowns. Consumers are hungry for information on what this all means for them, their jobs, their companies and their families.
So whether you’re in B2B or B2C or both we’re all B2P: Business to Person. Here, the classic tenets of Inbound Marketing have not changed: provide value that is on-brand
Now may be the time to launch that amazing offer, course, podcast, download, video series, webinar, or pillar page that helps your audience navigate their challenges. Now may be a great time to use content to build your email list, your social media custom audiences, your podcast subscribers, your video followers, and any channel that you are building a community around.
People desire to be future-oriented and looking for what can help them springboard off this moment or have a head-start over their competitors, but what they need to start doing in this downtime is building the inertia rather than trying to compress the spring.
Marketing is not a switch; it’s an engine (a powerful one).
In times of turbulence, it’s tempting to think of marketing as a switch that can be turned on and off. But that’s not how it works.
Marketing is an engine that starts slowly and then builds momentum as you spin it up (flywheel anyone?). The more you add fuel and the more momentum you gain, the faster and more effective it is.
If you suddenly grind it to a halt, you have to start over by building momentum again. You may have to re-earn loyalty from your audience if they haven’t heard from you in a while. You may have to re-gain SEO rankings because the competition kept going.
Rather than halt marketing, you are likely better off maintaining or even increasing your efforts so you are running strong when the storm passes.
Businesses are reinventing themselves.
While some businesses are unfortunately truly struggling, others are reinventing themselves. From restaurants to breweries to retail, many B2C businesses are pivoting in response to COVID-19 in creative ways. B2B companies are less affected and in some ways, they are thriving (take Zoom for example). Many industries, especially technology, are experiencing unprecedented demand.
How can your business serve the community in the current environment? What can you do to pivot and adapt your message? Yes, there is some negative news out there. But there are also some amazing opportunities.
A recession is the time to increase market share.
No one likes saying the word out loud but it’s pretty much accepted that we are going to see a recession. We don’t know how long (or short) it will be, but it’s likely.
When this occurs, your competition is likely to cut back. This is your chance to gain ground.
It’s been well-documented that increased spending in marketing and advertising during a recession can pay off. From Forbes:
“…there have been a number of studies going back nearly one century that point out the advantages of maintaining or even increasing ad budgets during a weaker economy. Those advertisers that maintained or grew their ad spending increased sales and market share during the recession and afterwards.”
The article continues:
“There are several reasons to advertise during a slowdown.
- The “noise level” in a brand’s product category can drop when competitors cut back on their ad spend. It also allows for advertisers to re-position a brand or introduce a new product.
- Brands can project to consumers the image of corporate stability during challenging times.
- The cost of advertising drops during recessions. The lower rates create a “buyer’s market” for brands. Studies have shown that direct mail advertising, which can provide greater short-term sales growth, increases during a recession.
- When marketers cut back on their ad spending, the brand loses its “share of mind” with consumers, with the potential of losing current – and possibly future – sales. An increase in “share of voice” typically leads to in an increase in “share of market.” An increase in market share results, with an increase in profits.”
Many well-known companies like Kellog’s and Amazon became the uncontested leaders in their space by increasing marketing during recessions. And they’re basically unstoppable now.
A decision to make
So what should you do? That’s something only you can answer for your business. There are many very real considerations to work through including cash flow and financial situation. But if it’s feasible and realistic to continue your marketing or even increase it right now, it could pay off exponentially in the months and years to come.
