Does it make sense to do marketing in this time of crisis? Simply yes! Indeed, it is the best thing to do and this is the best time to do it.
When business is slow entrepreneurs have very unique opportunities for growth. In fact, there are several ways that allow you to achieve it:
- Increase investment. During recession there are opportunities to increase the investment effectiveness. For example, if you start an advertising (or a content marketing) campaign your message will be stronger. Because there will be fewer campaigns in place at the same time and you will spend less or get more for an equal investment, since agencies and spaces owners have aggressive offers in place. Another example is to give more money to your salespeople or hire an excellent salesman recently “cut” by your competitors. [More results for your money].
- Get rid of unprofitable customers. They consume valuable time and resources. Efficiency can be useful in times of crisis, but rather than cut services across the board (like all your competitors) reach efficiency on customers, allocating and reimagining your offer. [More income for your services].
- There is always money to be made. There are strong companies and rich clients who continue to buy products and services provided by you. [More focus to the market].
- Put pressure on competitors. Act aggressively to gain market share. During recession many of your competitors will be weaker and more vulnerable. You can steal them customers more effectively, because their customers are more susceptible to discount and bonuses in time of crisis. [More market shares for you].
- Find hidden resources in your company. Reimaginate products or services to adapt to the changing needs of your customers in times of recession (such as some B & B who offer free accomodation in exchange of services needed) and considering selling part of your equity to partners who can help to grow. [More resources for the market and for you].
- Keep Calm and move ahead. Be positive (even during recession there are companies that are making money), stay focused on opportunities and about what customers really want (write down the 5 most important things to do and work every day on it) and rise relationships, with your existing (most profitable) customers and prospects (learning to know them better) and multiply opportunities of creating new. [More confidence and attention to your consumers].
- Cash is King. Cut waste, increase credit lines, negotiated with suppliers mutual profitable ways to do business together (e.g. less discounts or longer commitment with stronger delays) and provide privileges to those customers who’re making cash (eg bonus and offers for fast payouts). [More liquidity for growth].
In recession times, with careful management, you can get your company strong and your businesses becoming stronger. You need to know where you are before you can decide what to do next. For this reason, the company must make an assessment of its position, looking thoroughly inside to get to know well. You can, for example, carry out a SWOT analysis (from the initials of Strengths, Weaknesses, Opportunities and Threats) or provide answers to questions like these:
- Which customers have orders down and how you can do to reduce the consequences of this?
- What are the products / services you and they really contribute to your profit?
- How can I increase the volume of sales through existing channels on the market?
- Which investment programs are really important in uncertain times and which can be delayed?
The point is to focus on your business core: the core products, core customers and the talents in your company and to build growth on them.
Are you making an assessment of company position? Have you already clear which are the company core points? Do You know already who are the talents on which basing the growth? What strategies have you put in place for more cash?