In times of crisis, it can be tempting to pull back the reigns on business– putting a pause on marketing, limiting offerings, and slowing down any building momentum that you’ve had. While that may not be altogether avoidable, research suggests that cutting back on your marketing and advertising in tough times is actually more harmful than helpful! Now may be a difficult time, but finding ways to market your business and still put your brand out there can prove instrumental in ensuring your company survives during this pandemic. Let our experts walk you through the research behind it, as well as how to be marketing in a way that is both tasteful as well as helpful to other people!
When it comes to showing the importance of marketing and brand representation right now, the statistics don’t lie! In 2010, Harvard Business Review studied 4,700 public companies’ performance before, during, and after recessions, like that of the one that occurred from 2007-2009. Their research demonstrated that companies that cut fewer expenses were 37 percent more likely to outperform their rivals in 2010 and beyond. This fact is especially crucial to hold on to, with some smaller businesses beginning to close up and other lest to fret for the worst. When COVID-19 is conquered and the economy gets back on track, set yourself up to succeed by acting now to continue your efforts and put yourself out there!
Marketing isn’t inherently tasteless– while some may cringe at the idea of taking this time to bolster your business, as a business owner, it’s important to distinguish for yourself that these moves are never made to take advantage of the crisis. Marketing is always, first and foremost, about helping yourself and your business succeed. Keep your thoughts focused on those goals while you consider these other helpful notes and distinctions to make right now:
– Feel free to offer sales and promotions to help your customers get what they need at good prices– just don’t theme any sales based on what is going on! It can come off as insensitive during a time when many people are experiencing strong emotions.
– Try to avoid sharing your opinions on the crisis. Negative news not only drives people away, but everyone has their own thoughts on the matter at hand and it’s best to keep your brand neutral so as to avoid hurting anyone’s feelings.
– Be open and honest. If your business may or may not be struggling, but if it’s being affected, feel free to share how! Being open with your customers and community can only help bring you closer together. If you need to shift your operations due to regulations or your own decisions on the matter, then also be sure to communicate that clearly!
– Feel free to show empathy, sharing sympathies, providing support, and taking into account how everyone has been making changes and sacrifices in this time. Letting them know that everyone is in this together can help brighten their outlook!
– Don’t neglect the crisis. Whether you only mention it in regards to how it affects your business or you’d like to share ongoing updates on it and how you’re showing your support, don’t forget to acknowledge it. Customers are expecting all businesses to have some sort of response, and yours will help them know what to expect from your business right now.
No matter how you’ve been getting through this period of time so far, know that the team at i3 Media Solutions is here to help you! We may all be working from home, but we’re still offering our full array of marketing services and solutions to help you and your business succeed during and after this time. Let’s set up a virtual meeting to get started!