The COVID-19 pandemic and quarantine have led to a worldwide economic crisis. It triggered many difficulties for businesses and put them on the verge of surviving. The new environment requires a high level of adaptability from the market. It needs more balanced marketing as never before. Nevertheless, such circumstances not only create threats but also provide opportunities for businesses to reach a new level. Therefore, it is great luck for those entrepreneurs who can transform their business into digital space.
Lots of businesses have already faced a decline in sales, which means a decrease in revenues with fixed costs. The first thing you should do is to work out a plan of anti-crisis measures in your group and start acting to minimize losses and risks. Businesses faced the question of how to make money without damaging the brand’s positioning and ecosystem?
Entrepreneurs should understand that majority spend most of the time at home watching TV, having fun on their phones or computers under quarantine conditions. People are the main asset of any business. We mean, it’s time for digital marketing and online consumer contacts. And why does Marketing for startup matter we have already explained in our previous articles.
Digital marketing helps entrepreneurs to find answers to 3 main questions during a crisis:
First of all, you urgently need to assess the resources of your business. We recommend starting any project with SWOT-analysis (evaluation of strengths and weaknesses of the company, opportunities, and threats of the market) and an inventory of resources. It is a good habit.
Next, assess whether you can quickly move your business online (if you did not do it before the crisis). Calmly analyze the efficiency of the channels and invest in the development of the best and promising ones. If you haven’t been in the digital environment before, you can create simple landings, online stores on social media, place simple pictures with prices on Google. Let the opportunity to your target audience to know about you.
Of course, all kinds of convenient options should be available for your target audience: leave a request, send a message, contact the manager, pay by credit card. Use delivery by postal service at this time. Your service should be fast at all stages. Consumers have enough time to find a more advantageous alternative today.
Many businesses make a mistake in reducing all promotion, communication costs during a crisis. Sure, programs need to be revised by you reformatting the media mix. But it is essential to leave the main:
Remember, the crisis is an opportunity to strengthen your brand and increase its value. Don’t be afraid to be sincere, creative, and take reasonable risks. Your business is relationships and emotions. And it is up to you to get out of the crisis.
Stay home and be healthy.