In times of economic hardship, many businesses impose cost saving measures in a bid to reduce expenditure. As companies adopt different strategies in an attempt to cope, well-honed contingency plans are being rolled out. However, the recent outbreak of coronavirus is having a greater impact than almost anything before it. As a result, even the most well-prepared companies are struggling to stay afloat.
For small businesses, in particular, the economic outfall will be hard to overcome. Already, firms are significantly reducing their marketing budgets or scrapping them altogether. Although this may seem like a savvy way to save money, failing to market your business now could make it harder to recover in the long term.
All organisations will be affected by the pandemic that’s sweeping the globe but there are ways to mitigate the impact it will have on your business. With the right leadership, making the decision to maintain your marketing now could help your business overcome the widespread threats it’s facing. Here’s why:
Retaining Your Customer Base
As any business owner knows, acquiring customers is costlier than retaining them. That’s why companies place a significant emphasis on securing repeat business and increasing customer lifetime value. Failing to implement marketing activity now means there’s a good chance your existing customer base will be lost. So too will the investment you’ve made into cultivating this loyal band of customers.
If your brand is able to suspend trading, there’s no guarantee your customer base will be waiting for you once you’re able to return to the market. Having to start from scratch and build a new customer base may be a burden too far in upcoming months. To avoid this risk, maintain your marketing activity now and let the comparatively minimal investment pay dividends in the future.
Low Cost Marketing
Traditionally, companies reduced their marketing and advertising efforts when they needed to cut costs. However, offline advertising was far more costly than new forms of digital advertising. Today’s marketing methods offer better results at a fraction of the cost. By reducing your digital marketing activity now, you could make a relatively small saving but lose far more in terms of income.
As many companies use a combination of online and offline marketing, modifying your budgets may be prudent. By reducing offline advertising, for example, you could save significant resources and minimize your costs. Conversely, investing these funds into digital marketing will help you to connect with your target audience and maintain your place in the market.
Launch New Products and Services
The majority of businesses are looking for new ways to trade amidst the confusion and disruption caused by coronavirus. Depending on your sector, this may mean delivering your services in new ways or launching different product lines. To do this, you’ll need to make your target demographic aware of your company’s intentions and upcoming events.
Digital marketing is the most effective way to do this in times of economic success and the same is true during times of financial hardship. With low cost campaign options, widespread reach and profitable results, digital marketing will enable you to convey critical information, such as service changes, to your target audience.
Increasing Internet Usage
One of the reasons digital marketing is so effective is because so many people use the internet regularly. In fact, over 3 billion people worldwide are online. With people spend more time in self-isolation, they’re turning to the internet more than ever before.
An increasing number of people are logging on to work, to communicate, to socialise and to ease their boredom and anxiety. Companies who choose to continue marketing their businesses online will have the opportunity to reach a growing audience. No matter what demographic your target market consists of, they’re present on the internet in growing numbers and digital marketing gives you the tools you need to connect with them.
Maintain Brand Loyalty
Retaining customers and gaining their trust is always a top priority for businesses and it should be one of your main focuses now. As society faces an unprecedented threat, people are turning to brands they trust for information, guidance, support and even entertainment and distraction.
Digital communication is the fastest way to issue a message or reach your audience. As businesses are forced to respond swiftly to changing government guidelines, digital marketing is the only realistic way to communicate with your customers and target audience in these times.
Whether you need to issue real-time updates about changing business practices, you want to reassure customers that you’re still providing services; or you simply want to offer people a light-hearted diversion in a difficult time, digital marketing is the way to do it.
From tweets and Instagram stories to video messages, emails and blog posts; digital content can be delivered directly to your customers and shared worldwide in a matter of seconds.
Maintain Your Business with Digital Marketing
At ClickSlice, we understand the benefits digital marketing can bring, now more than ever. We’re working hard to ensure businesses can overcome the troubling times ahead. With a compassionate, nuanced and strategic approach, our dedicated team is working diligently (and remotely!) to help our clients retain and improve their place in the market.
Whether you’re an entrepreneur with a growing business, an owner of an established SME or running an international company, we’re on hand to provide the advice, assistance and expertise you need to navigate this unchartered territory.
Talk to us today on 020 3287 3638 or email us at email@example.com