Today’s the day to reshape your business & marketing strategy
Writer: Brad Ward
The coronavirus has had a drastic impact on business revenues in almost all sectors of the economy.
But in what originally appeared to be a sprint, this may be more of a marathon as the crisis and related shutdown is going to continue to have an impact on businesses for months to come.
However, opportunity isn’t lost. Even in times of recession and pandemic, there are plenty of opportunities businesses can take advantage of. WhatsApp, Venmo, and Uber were all startups that launched during the 2008 financial crisis.
And there are awesome things happening even in the midst of this pandemic–China constructed a 645,000 sq ft hospital in Wuhan in 10 days. In South Korea, the government engaged in rapid testing of 200,000 of its citizens, and even developed a system to notify non-infected people nearby that could be infected.
There’s other good news as far as business goes, too. eCommerce sales are up 20%, online grocery shopping is up 20%, and online services like YouTube and Netflix are seeing some of their highest traffic and consumption in years. All of that to say, diamonds are created under pressure, and now is a time that even you can reshape your business and marketing strategy to take advantage of new opportunities.
#1 Rethink how you engage with customers
We all know that you can’t just put a product online and hope it will sell. There are many factors that drive that, but one of the primary ones is that people buy from people. They don’t like buying from machines; they don’t like having the “human” part of the transaction removed.
If your company has never had an online system for ordering, or even if your business does have one, it’s time to step back and see how it can be made better. How does your company sell to customers in-person? How can you take that experience online? It could be the information that you provide the customer, or it can be by adding some personal interaction to the sales process, such as through a live chat system.
#2 Evaluate new marketing opportunities
Now is the time to look at your current advertising and marketing campaigns, and adjust them to meet the current global climate. While you’re doing that, it’s a great time to search out new marketing opportunities as well, even under the current restrictions.
Communicating with people is at the heart of marketing. And now, more than ever, as people are afraid, businesses have a unique opportunity to engage and uplift.
#3 Get ideas from other businesses
Information sharing is a great way to drive new business and revenue. Call up other businesses, find out what they’re doing to stay afloat and share your ideas too. Competitors aren’t always willing to share this information, but at least right now, everyone wants to see each other succeed during the global pandemic.
If that doesn’t work, it may be worth calling the business as a “client” and finding out what they’re doing to stay afloat during the Coronavirus.
#4 Plan for getting back to business
The lockdown is for a short while. So, while businesses currently need to shift their marketing and focus to online sales and engagement, businesses need to be prepared to get back to physical work, but without throwing out the previous measures.
Business and consumer focus has shifted, so now, it will be about providing a safe environment for customers, a shift in messaging in advertising and marketing, and providing flexible working opportunities to employees where possible. And still, businesses should keep and refine many of the strategies suggested here–and even prepare them for long-term use–as we’ve seen a massive digital disruption in how we work and purchase.
The coronavirus pandemic has been devastating, but there’s certainly new opportunity abound, as tech and non-tech businesses look for digital solutions to their current short-term and long-term restrictions.
Consumers, in the midst of lockdown, are now stuck at home and online more than ever. As Dr. Fang Wan, marketing professor at the University of Manitoba said, “I truly believe this crisis is an opportunity in disguise.”
At Pastilla, we’re implementing these best practices and helping brands do the same. We are offering a complimentary consultation in our Brand Therapy program for businesses of all shapes and sizes. How can your business adapt during this unprecedented time?