Should you market your business in an economic downturn?
Should you continue to market your business in an economic downturn?
While the devastating effects of Covid-19 are an ongoing challenge for everybody, the one thing we are sure of is the effect on businesses all around the world.
Some businesses in the food, dairy and manufacturing sectors may prosper in these times as a result of being essential, but this leaves non-essential product and service-based businesses experiencing a huge decline in demand, particularly for small business and those that generate most of their revenue from in-store purchases.
This leaves the question many are asking: should I be marketing my business right now?
The simple answer is YES!
You have spent your valuable time and money up to now growing your awareness through social media, nurturing that email list, building your client base, and you should simply not let your warm leads turn cold, even if they cannot use your product or services at this moment in time.
When the economy recovers and your clients are in a position to move forward with your proposition, you want to be at the front and centre of your client’s mind.
Ask yourself where you want to be in six months time:
Business A (Service-based business) stayed engaged on their social media channels, emailed their clients and prospects to keep in touch, offered free, low cost or deferred payment options for updates, services, advice and support.
or
Business B (Service-based business) took the mindset that no one can afford their services right now, so they chose to sit back and wait for the storm to pass whilst setting their email to out of office.
Who do you think will need to do less to increase sales momentum in the future?
Right now should be about keeping your business afloat, adding value to your clients, and supporting each other the best we can. If you have extra time on your hands right now try to use this time the best way you can and it could strengthen your business for years to come.
The top things my clients say are ‘I just don’t have the time for marketing.’ or ‘There is no time for strategy’.
You can turn this unexpected downtime into an opportunity to really look at these aspects of your business:
Market research
Competitor analysis
Up-skill or a do a new course that will enable you to offer a different or better service
Create a content plan for Social Media
Networking and connecting online
Collaborations to strengthen your business
Service swaps with another business – something that could help you both stay afloat.
Before completing these things ask yourself
Why?
What? and
How?
For example, when you complete market research ask yourself the following:
Why Have their needs changed?
What have their needs changed to?
How can you provide better value or service now or in the future?
Approach your marketing in a considerate manner and focus on adding value and relationship building with your client, maximising this time in a positive and resourceful way.
“You didn’t come this far just to come this far” .
If I can help with any of the above, or you would like a free ‘discovery’ call to see how I can help your business, please email me hello@reachmarketingandsocial.com and I would be more than happy to help.
