The current economic crisis due to COVID-19 has claimed millions of jobs and hurt businesses across nearly every industry. Chances are that your business is no exception, and your company is now left wondering how to make the best of the situation with what resources you have. It may be tempting to put marketing on the chopping block, but for your long-term success, you need to prioritize it.
Focus on ROI
During a recession, cash flow is tight, so focus on marketing tools that give you the highest return for the lowest cost. With people stuck at home, they are spending more time online scrolling through their social media feeds. Now is a perfect time to step up your Facebook, Instagram and Twitter posts and engage with your customers on a two-way medium. Promote your website content, including your services pages and your blog. If your website lacks in this area, make sure you have engaging content for visitors to see and read.
If you’ve built up a list of customer emails over time, email marketing is another cost-effective way to market your products and services.
Review Your Customer Service
During good times, you may have been able to get by with a few bad reviews. But when potential customers are spending less, bad reviews can be a strong disincentive to buy. Try to address your bad reviews and learn from them. Start thinking of customer service as a marketing tool.
You should also consider letting go of high-maintenance customers that might be costing your company more than they are adding value to it. Focus your energy on customers that will propel your business to success in the future.
Invest for the Long Term
Recessions present businesses with all sorts of challenges and diminished revenue, but they also present opportunities to continue investing in your brand that will pay off during the recovery. Research shows that companies that invest with the long term in mind had far greater growth and higher earnings that those companies that thought more in the short term.
You shouldn’t expect to see sales come flooding through immediately. The purpose of investing in your brand today is so you can succeed on the other side of the recession.
Recessions remind companies how easy it is to generate leads and bring in sales during strong times. But if you want to survive today and thrive on the other end of the current economic downturn, you shouldn’t neglect your marketing efforts.
Does your business need help creating engaging content on its website? We can help!