As we enter a worldwide pandemic, it is crucial for all businesses to switch up their strategy, to avoid falling apart. We have put together some top tips that can help your company survive this economic crash that we are currently on our way in to.
Firstly, this is not a situation to be saying ‘but my products are great‘, or ‘we will be fine because we always are‘. This is something that probably hasn’t happened in any of our life times, and possibly will not happen again. Every single business is currently affected by what is going on around us, and if we dont take action, we will not survive.
Secondly, it is not a time to cut back on Marketing costs. A small company needs marketing the most at a time of crisis. Consumers are looking to change their buying habits, so you need to take this time to get yourself out there so that you are seen before your competitor.
As obvious as it sounds, you need to just keep going and remain positive where possible. Your products or services are most likely still wanted, but you need to get them out there. It is going to be difficult primarily for these smaller businesses to be seen or heard.
How Social Media will help: As the laws are getting stricter and people are staying at home, Social Media is the most effective way to reach your prospects. Posting content that is positive and reassuring to the community is actually more valuable than it may seem. Valuable content + Social Media Advertisement = a very beneficial decision for companies.
For those companies feeling the economic impact of Covid-19, running competitions is an effective way to create brand awareness amongst the digital world.
How Social Media helps: There isn’t a more successful way to run competitions than through Social Media. With the help of your followers, you can create brand awareness which will assist with keeping your brand alive.
It may sound crazy, but look for open opportunities that can help the Covid-19 situation in any way possible. I suppose you could say ‘see a light at the end of the tunnel?’. If you are a motivational speaker, find an opportunity to bring happiness to those affected. If you sell personalised hand soaps, you can use this opportunity to get your product out there and accommodate those with minimal supplies.
How Social Media will help: You may have an opportunity within the market, yet people need to find you. Social Media Advertisement is a cheap way to market your product/service in a time of need.
When a crisis hits, businesses will all be working in completely different ways to ensure survival. Now would be a good time to take a closer look at your competitors, and try to differentiate from what they are doing. Be different.
How Social Media will help: Polls are becoming increasingly popular across varied Social Media platforms. In such an uncertain situation, poll your customers and see what they are wanting in this difficult time. Cater the questions to their specific needs, and the responses you receive will massively support move you make next.
Although it is not the ideal situation, offering discounts can go a long way for those smaller-end businesses. Helping those who may be financially suffering with discounted products/services, is likely to gain you loyal customers in the long run.
How Social Media will help: With the majority of people staying in the circumference of their own home, Social Media is probably the only place you can be promoting your product/service. Understanding that they will help generate leads, Facebook Ads have never been better value.
6. Focus on core competences
I have seen some companies adding products/services to their offering, hoping for it to be a success. Unfortunately that isn’t going to cut it. Now is a time to focus on what YOU do best as a company, what is your ‘best-seller’, what people go crazy for, and staying loyal to your brand. Once you have broken the core of your business down to what will be most profitable for you, you will see drastic changes.
How Social Media may help: You need to show your consumers what you are focusing on. With households being full and companies moving online, Social Media will be the most profitable way for you to market yourself.