The coronavirus (COVID-19) outbreak has caused a global health and economic crisis. This crisis is creating a number of problems, particularly for small business and start-up firms.
Many firms have had to shut down because of the virus’s spread; others have lost a large percentage of their clients, and the majority have been forced to cut their personnel or operate remotely.
Sales are down and revenue is down, which is a dangerous moment for small business owners. While fear and anxiety are understandable, you must push past it, gather your wits, and take action.
If you want to keep your small business afloat and withstand the COVID-19 issue, here are five basic marketing tactics to think about.
Tip 1. Invest smartly in marketing
The coronavirus pandemic is expected to cause a global economic slowdown, according to leading economists and analysts.
Many business owners are preparing for any possible economic impact by cutting costs in a variety of areas, including marketing.
It’s understandable if you’re making this decision because you’re worried about the economy slowing down. If you can afford it, though, this is an important advice to consider.
Advertising and marketing are critical components of your company’s operations since they help generate awareness for your company.
You must still reach out to potential clients who could be interested in acquiring your service or product, regardless of the situation of the economy.
Nonetheless, multiple studies conducted during prior recessions have demonstrated the enormous benefits of businesses maintaining or boosting their marketing efforts. Companies that kept their advertising expenditures and invested aggressively in marketing saw a considerable rise in market share and overall sales compared to those that didn’t.
Stopping your marketing efforts can damage your appeal and make it more difficult for you to recover when things return to normal.
Tip 2. Review and reallocate your marketing budget
During these trying times, it’s more important than ever to review your marketing budget.
This review will enable you to reallocate funding to other projects that are more in line with the current scenario.
In this circumstance, the budget you must have originally set for the year will be counterproductive. During this pandemic, any in-person or large-scale sales event you were intending to attend is out of the question.
If you had intended to channel or invest a particular amount of money towards such initiatives, now it is the greatest moment to divert those dollars to more fruitful channels like digital marketing.
You can spend a percentage of your money on Paid Google Ads, engage in search engine optimization, or do both with digital marketing.
If you’re unsure about the viability of online paid advertisements, redirect your funds to search engine optimization.
In this approach, you’re enhancing your organic search ranking and placing your company to outperform competitors who aren’t doing the same.
Tip 3. Change your delivery method
Consumer behaviour has changed dramatically as a result of restrictions against the coronavirus.
As more individuals seek refuge and follow stay-at-home orders to prevent the spread of the disease, foot traffic to many shops and organisations has decreased dramatically.
As a result of these developments, business owners are increasingly looking for new and innovative methods to engage customers, provide services, and create income. If clients are unable to come to you, you must go to them.
Instead of consumers going into the store, local grocery stores, merchants, and shops can provide home delivery services.
Healthcare workers, including physicians, nurses, dentists and primary care providers may provide virtual consultations instead of providing in person and consultations and the same goes with financial consultants and other types professionals
- Spa’s can market items instead of services, as they are unable to meet clients in person.
Tip 4. Focus on your existing customers
This is the most basic marketing technique because all of your sales efforts are dependent on your existing consumers.
Nonetheless, the current circumstance serves as a subtle reminder of how much easier and less expensive it is to remarket your existing customer base as opposed to acquiring new ones.
If you’ve been in business for a while, you’re likely to have an established customer base, which should be your primary emphasis throughout this period.
They are available, which makes things easier and less complicated than contacting new customers.
This does not mean that you should bombard your customers with never-ending sale offers, but rather that you should ask yourself, “What can your company do to help?”
- Is it possible to offer bulk products at a discount?
- Is it possible for you to offer additional products or services at reasonable price?
- Is it possible for you to speed up your delivery for an additional charge?
- Is it possible for you to collaborate with other companies to better your service offerings and delivery?
The goal is to consider how you might assist others and then combine it with the appropriate message to drive purchases from both eexisting and new consumers.
Tip 5. Talk to vendors
As a small business, especially one in the non-essential category that has been forced to close due to a drop in sales, you may need to ask your vendors for help.
This means you could convey to them that you may require a payment deadline extension.
During the discussions, you can also bring up the topic of pricing. Explain to your vendors that the drop in sales is having a significant impact on your cash
flow, and that lowering existing prices is critical to keeping your company surviving during the crisis.
When normalcy returns, you will be more than pleased to return to the typical pricing range. Even if it appears to be a long shot, there’s no reason you shouldn’t give it a chance.