At times like this, businesses tend to cut costs across the board, with some departments getting hit more than the other.
If history is a great teacher like we all know, we can ask ourselves, “How did businesses react during the last global financial crisis?”
Some businesses cut costs massively in marketing and dived into the wait and see mode.
Some clipped off a little in marketing (30% range) and massively reduce spendings in no critical areas.
70% of the marketing budget is not bad if spent in a very smart way, and this was how businesses that thrived after the 2009 financial crisis sailed through to greater heights.
You might well be asking what do you need to do in times like this.
Here are some tips that can help your business stay strong and grow during and beyond the Covid-19 crisis.
- Think and Market like You Are in a Funeral House: This is the kind of situation we find ourselves right now. People are grieving for sick relatives, distant relatives, or a friend or just strangers. People expect humanity in everything they see right now. You need to be sincere, compassionate, and emphatic and sincerely position yourself as you want to help and do that genuinely. This is the best time to have a heart connection, not a cash connection. Release a press release that allays fear, bring hope, educate, and share solutions.
- Use Video: Videos engage well, right? People need engagement, the type of engagement that helps them during this period. Engagement is beyond keeping people interested. It is holding their heart along with your hands. Engagement is touching them at the core of their needs and reaching out to have them fixed on your solution.
- Host Virtual Conferences/Seminars: What about a free seminar for your audience? What about sharing positive testimonies of people recovering from COVID-19? Doing something like this would have multiple effects on your brand and how people perceive your business. All the news channels are magnifying death rates and infection rates. While this is very, very important, we need to share hope talking about the numbers that have recovered. After all, if the likes of Chris Martin and John Legend can delight us with last-minute virtual concerts from their living rooms, imagine the events you can put together with a little preparation.
- Give Free Offers and Helpful Promotions: People need help, and they want to keep their cash at the same time. You can help them do both at the same. At least for the moment and when they see how much you helped them, you can be sure you would have established a solid connection with them. Give offers that help create promotions that would help them save even if you need to reduce your profit margin. We all need to make a sacrifice.
- Get In The News For Right Reasons: Doing press releases at this time can help you connect and grow your brand awareness. You can help the community or start a business that’s inspired by the problems you can see around that way; you are trying to solve a problem.
When things are hard, and uncertainty fills the air, you can always do something- Help. Your business, of course, is a solution to a problem. You will need to amplify the problem you solve better and provide the solution not as a “Produc”, but as a Solution packaged in a product.