What your competition is doing
At press, 99.4% of all COVID-19 cases in North America are determined to be mild while globally an estimated 80,000 have fully recovered. Afflicted individuals aged 50 and under who are otherwise healthy have an over 99+% recovery rate. That’s the good news.
Yet these numbers (which are rarely reported) have not staved off public concerns about the pandemic. As a result, the health of the economy and businesses across the world are at risk, unless they take steps to mitigate their losses through more targeted marketing. Unfortunately, some small to medium business (SMBs) and even SM enterprises think the opposite, and slash their marketing spend.
Granted, there may not be much a small brick and mortar cafe or or hair salon can do when they’ve been ordered to shut their doors. But for business that can conduct revenue generating initiatives by phone or online there is not only an opportunity to survive, but thrive through a crisis. That said, we need to be clear on this point – status quo marketing will not help you weather this current event. You absolutely must ramp up your marketing. Here’s why, and what else you need to know.
Why it’s Critical for Companies to Increase Marketing Efforts
A. Why You Need Ramp Up Marketing Immediately
Your Competition is Not
Again, most SMBs and SMEs are slowing their row and taking an ill-advised “wait and see” approach. This is not a defensive tactic, but a passive one. Fortunately you are the one reading this article, which means that you’re prepared to take an aggressive stance and advance your earning potential. While they sit on the sidelines you can move the bulk of your marketing efforts online where consumers (in the midst of social distancing) have also redirected their actions. Your marketing messages will be among the few that they see (for your industry) which gives you an unparalleled competitive advantage.
Low hanging fruit is the best kind when you don’t have the time to wait. Get ready to pick it!
Consumers Desperately Need Reassurances
If there’s one word to describe the current situation, it’s uncertainty. The general public (consumers) don’t know what’s going to happen, and it’s up to you as a figurehead in the commercial community to provide them with assurance that you’re there for them. After all, they continue to demand products and services to maintain their quality of life no matter how modified it becomes. And it’s not just inelastic goods (i.e. toilet paper) and services (i.e. insurance) that are in massive demand, as today’s consumer wants are nearly as imperative as their needs – if not more so in some cases.
By reaching out to them through digital channels while competitors have gone quiet (as per item #1 above) you let them know the following:
- That you’re thinking of them
- That you’re available around the clock to respond to their comments, questions, and concerns
- That you have adopted measures to ensure prompt availability of products and services
- That you have taken the necessary precautions to deliver products and services in a safe, contamination-free manner (as applicable)
You need to find and engage consumers more than ever before by instantly becoming more active on social media and increasing your presence on Google search. They need you – be there for them!
B. What Else You Need to Know
The Type of Marketing Makes a Huge Difference
This is not the time to buy billboard space or partake in any outdoor advertising campaign, given that people are staying close to home. Neither is it the time for other traditional forms of advertising that are based on nothing more than generalized viewership, readership, and listenership numbers.
Instead, you need more cost efficient means to directly reach your customer where they are now spending the bulk of their professional and leisure time alike. You also need access to real time analytics so that you know who your marketing message is reaching, where they are, and when is the best time of day (or week) to engage them. Only online marketing can accomplish this, which is where you need to divert your attention, budget, and growth strategy. View more on why you need to move your marketing spend online during a crisis.
Industries That Especially Need to Ramp Up Their Marketing
As alluded to above, not all industries are able to capitalize on this opportunity to grow through the turmoil. But many are, and among them are those who are inherently primed to excel through increased marketing efforts. If you find yourself among the following, take action:
- Insurance companies – Uncertainty is why insurance exists, which makes the industry paramount in the B2B and B2C sectors alike through the COVID-19 crisis. By immediately growing your online marketing strategy to communicate policies most relevant to this trying time you provide real solutions to real problems. Respective consumers are chomping at the bit to gain access to your product/service but if they aren’t aware of your offering their appetite will be satisfied by another.
- Private health and wellness product/service providers – For obvious reasons health and wellness businesses ranging from natural health supplement sales to alternative therapy services (physiotherapy, etc.) are in higher demand at this time. As a provider, follow these tips to adjusting your marketing strategy.
- Food and beverage – With people being advised to stay home, their food and beverage consumption needs have grown and moved indoors. All providers need to increase marketing to communicate take-out and delivery services in addition to promoting healthier eating solutions.
- Outdoor recreation products and services – The public may be advised to stay home, but that is more in the context of shopping malls and areas conducive to close gatherings. With spring and summer upon us, people are instead heading outside for fresh air, exercise, and some return to normalcy. Sellers and services who provide this and are making themselves known through ramped-up marketing are already thriving.
You need a partner to help you accomplish all of the above so that you can focus on what you do best (your business). Strategis Consulting will help you evolve your marketing strategy through this ever-evolving situation. Contact us today.