6 Min Read
The impact of coronavirus on the economy has been likened to the 2008 financial crisis, which has sparked fear and panic into businesses across the country and beyond. Due to this, there has been a huge economic downturn that has already affected businesses and individuals directly. If you have not felt the effects yet, it is predicted that the trickle-down effect will likely follow in the next few weeks or months.
With so many industries already buckling under the financial strain, it’s important to look towards the horizon and understand what is to come. Survival is certainly crucial in the short term, but into the future, what opportunities will arise? As the economy suffers, it creates room for growth. Recession marketing could give you the boost your company will need in the months to come.
There can be some comparison drawn between companies who grew market share through recession marketing strategies during the 2008 financial crisis. In particular, these companies implemented 5 strategies:
With this in mind, there are ways you can come out of this crisis standing tall. Let’s look at how you can adopt the above strategies.
In times where things are potentially changing drastically, it’s key that you understand how your customers are responding. This will have an impact on your product or service and how it is received by both current and new customers. Are consumers redefining how they trade?
In some cases, you may find customers are more willing in times like these to postpone their purchases or spend more time searching for the right thing. Those products and services that were a must-have a week ago may now be something they can live without for the time being. So, therefore, if people are making more educated purchasing decisions, the answer is to inform them, via your blog, making videos and content, highlighting your benefits and why you should be chosen for their purchase above your competition. One good idea is writing blogs that reflect questions people are searching.
Googles latest blog on the current scenario and advice – Google blog.
One thing we struggle with clients is convincing them to make content, in the form of video. The usual answer we get is as follows;
Literally, there are lots and lots of examples where clients and businesses in general silo the production of content making or even non production of and just make excuses…The problem then is, time passes by, opportunities are lost, the content they make is not fit for purpose and does not convert optimally on social media platforms. Businesses should share ideas and thoughts on what content they should make and should make it as impactful physically possible.
Furthermore, by updating your market research and really understanding what your customers are making of the situation, you can find new ways to keep your audience engaged. Learning how to maintain customer confidence is a must in order to make sure your customers are still there at the end of it all.
With all paid budgets and marketing efforts, ensure you produce a content calendar in line with current market trends and required messages to customers so that your efforts hit hime!
Armed with your new outlook on the market, you can begin to understand how to adjust your marketing efforts accordingly. When a disruption such as COVID-19 enters the market, marketing is usually the first thing to cut back on as businesses streamline and brace themselves for whatever comes next.
Coronavirus has meant many businesses have had to cut budgets as they experience a decrease in sales and profit during such an uncertain time. However, it may be more beneficial to simply restructure your marketing spend than to cut it altogether. By looking at what will still generate a return, you can keep your marketing ticking over even in the face of the pandemic.
While it may be wise to cut budgets in areas such as brand awareness, it’s important not to get rid of budgets that are aimed at audiences who are still making purchases from your brand. This could cause your business to fall behind competitors quickly when we come out of the other side of COVID-19.
Neil Patel, SEO guru, noted that organic traffic has declined across some industries, but not all. Even in cases where traffic has dropped, it is not by much. It’s key to remember that even in the midst of uncertainty, buyers are still seeking a degree of normality. As we are in self-isolation, that search for familiarity will occur online.
Look at your marketing budgets and re-allocate your spend. Your customers are online now more than ever.
Community spirit has never been more necessary in your marketing messaging. It’s important at times like this to be sensitive towards the current circumstances. Look at your marketing themes and adjust where needed, replacing adventure and risk-taking with much safer values.
Communicate with your customers effectively through your digital channels and do your best to help with their concerns. There has never been a more appropriate time to make sure your brand is as humanised as possible. Your customers need to feel that your business understands their worries and fears and can offer the right solution.
Reward loyalty, share information and be aware of the wider sentiment.
Your suppliers form part of a very important supply chain that you often rely heavily on. During times like these, it’s key that you work even closer with your supply partners. Through the 2008 crisis, e-commerce brands including Amazon and even Louis Vuitton gained market share.
It may be beneficial to lock in things like extended financing, prolonged return periods and early-buy allowances. This can help you to facilitate your customers in the best way possible during a tough time. Work with your suppliers on strategies that help you both out and support each other.
Here is a fantastic blog on the top emerging threats in cyber security in 2020. Worth a read and sums things up well. After you have been marketed well, its crucial to keep your business secure online, especially if you are throwing lots of traffic and customers at your website, you need to take care of their journey.
The most important thing to remember is to not make rash decisions. With the government offering packages of financial help, it’s key not to start slashing your spending and cutting back without a clear strategy. Understand your market and the current climate, and come up with a plan that keeps things moving forward; if only at a slow pace.
For every downturn, there will be an upturn. Assess your ROI across your marketing channels, allocate tasks more efficiently and learn what your customers now value. Align your message and support your customers, and you will reap the benefits on the other side of the coronavirus crisis.
Let us support your efforts and get the most out of your marketing budget, no matter how small it may be. Drop us an email at email@example.com, even if it’s just for some friendly advice.
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