How Investing In Marketing Has Helped Businesses
Survive An Economic Crisis
These are unprecedented times
We’re hearing this phrase every day and seeing it in everything we read. It’s a surreal reality we’ve come to recognize all too clearly for what it truly is – a time of uncertainty, a time of change.
As a business owner, no matter what industry you’re nestled in, these past few weeks have understandably caused doubt, fear, and bouts of tough decisions. Coupled with the uncertainty of the months to come and where we’ll all be when this is over, the sense of loss of control is pressing upon everyone. But now more than ever is the time to face this economic turmoil with a different attitude and willingness to adapt your business, and that starts with your digital presence.
Read more on why your business should not abandon marketing efforts in a time of crisis.
Establish Your Online Presence
There can’t be a “business as usual” mentality in the time of a pandemic. To stay afloat and be able to hit the ground running at the end of this situation means you need to invest in researching current behaviours in your market, how you can transform your business to those behaviours, and adapt to inevitable change.
Harvard Business Review states , “On average, increases in marketing spending during a recession have boosted financial performance throughout the year following the recession.” Furthermore, continuing or investing in marketing efforts can reduce the disastrous decline in consumer and business spending that creates future problems.
Here are the top five ways you can help establish your online presence
- Design a simple, clean website
- Get your business on Google My Business (or optimize your current profile)
- Build a social presence and engage with your customers
- Switch your business model to e-commerce
- Promote your business through online marketing
A great example can be found right here in the capital of Canada. University of Ottawa graduates and entrepreneur-couple transformed their line of inclusive fitness gear for Muslim and Shik athletes and shifted their strategy based on demand and the current state of the economy. Their brand, Thawrith, responded to the crisis by creating facemasks to help prevent the spread of COVID-19 and keep medical-grade masks in the hands of frontline workers. They updated their website, spread the word on their new product, and promoted their brand. By adapting to their environment, Thawrith found success in adversity.
Maintain Client Trust
It can be tempting to pull the trigger on the whole operation and quit engaging with your customers. Though it may seem trivial to remain online and interact with people when there are seemingly more important things to do, one of the biggest failures would be to abandon your customers right now.
Keeping up with your online presence and engaging with your customer base will solidify trust and confidence in your brand. Furthermore, showing your customers how you’re willing to adapt to the market and their needs and be transparent about it will earn you even more of their loyalty, which speaks volumes, especially when the recession breaks.
Even though we’re all social distancing, it’s incredibly important to socialize with each other, if not for a sense of humility and sanity, but to get to know your audience and what they need from your business.
Learn more about Canada’s COVID-19 Economic Response PlanGovernment Support for Businesses
Respect the Budget
Now is not the time to recklessly spend on fruitless expenses or deny our current state of recession. Every cent you spend should yield results. Realign your budget to the current economic state and invest your dollars in promoting your businesses in a nuanced way.
Investing in marketing and advertising allows you to tailor your tactics to the current needs of your audience.
These financial choices should be driven by what will help your business survive now and what will make your business flourish when the dust settles.
According to a 2005 study by Elsevier B.V. they found that “In addition, firms that have a proactive marketing response in a recession achieve superior business performance even during the recession. Our results suggest that not all firms do, or should, respond in a proactive manner during a recession. Those firms with a strategic emphasis on marketing already have programs in place (e.g., well-recognized brands, differentiated products, targeted communications, good support and service, etc.) that enable them to derive benefits from a proactive marketing response during the recession.”
We hope this gives you a better understanding of how to position your business for recovery and will help guide you toward success. Remember, this pandemic will end–so your marketing efforts shouldn’t.