HOW TO MINIMISE THE IMPACT OF UNCERTAIN TIMES ON YOUR BUSINESS
Times are more uncertain now than they have ever been. It is becoming evident that the panic brought by the coronavirus is going to greatly affect many businesses. However, it is critical for the survival of any SME that they do not let this uncertainty cancel all of their marketing efforts. Although it would appear to be counter-intuitive to continue expensive marketing efforts during the economic uncertainty, the keyword here is expensive. All kinds of resources are available to businesses that are neither costly nor time-consuming; the trick is to look for and utilise, your company’s hidden assets.
HELP WHERE YOU CAN HELP
The good thing about businesses at times of crisis is that they each possess unique assets that van be used to help others. Now is a great time to ask yourself if you have any assets that others really need at the moment. If you can help others access in-demand items such as toilet paper and hand sanitizer then doing so will provide a priceless service for those in need. Outwith the humanitarian benefits, this can help build positive PR for your business which will likely come in handy in a tough economy. If you are young and healthy you can always provide a helping hand for the elderly who will be in need of resources, even simple things such as shopping. Businesses should be founded on the basis of providing their customers with value, now is the time to provide all the value you can.
UNCOVER HIDDEN VALUE
Marketing is all about positioning, and providing the right value to the right sources. Consider how you are marketing your products or services. There may be additional benefits that could be useful to other people; make sure you highlight these.
KNOWLEDGE IS POWER
Your company is already rich in the capital – intellectual capital. The information and experience you have amassed over the years can form the basis for a variety of different marketing materials, such as case studies, articles and e-books, all of which can, in turn, attract new business by setting your company up as a knowledgeable and authoritative body in your particular field. Be sure to utilise your existing resources in order to ensure smarter allocation of expenditure.
DON'T BE AFRAID TO TAKE RISKS
Many profitable marketing avenues are often overlooked as a result of people finding them difficult or unpleasant to carry out, cold calling and public speaking among them. However, cultivating the ability to pursue these areas will give your company an advantage over the competition since many other companies are NOT doing this (or not doing enough of it).
While companies are pinching pennies and cutting back, this can be the most likely time to get yourself noticed simply by trying something new and sticking your head above the water.
If you want to look more into cheap ways of getting great publicity to check out our blog on guerrilla marketing.
During times of economic uncertainty, many here-to-fore expensive areas of marketing will be considerably cheaper or have less competition. Capitalise on these by stepping into the gap, and continuing your efforts in these areas. The long-term benefits will outweigh any small short-term expenditure.
DON'T OUTSOURCE WHAT YOU DON'T NEED TO
Marketing efforts that attract prospects and have accumulative value, such as marketing on social networking sites, differ from direct marketing pushes that may require additional expertise. Since they are directly connected to the company, it makes sense to do them in-house.
Undertaking these activities in-house provides the added benefit of building longterm skills and processes shared amongst you and your team.
THE MISSING LINK:
Marketing is an on-going process, but it shouldn’t be a difficult or wasteful one. You already have more of the necessary resources than you realise. Bring them to the fore, and get the most possible from every aspect of your activities.
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About the author: Vincent is the Creative & Managing Director of Propel Marketing & Design, as well as acting as a Brand Advisor at various client companies. For over 30 years Vincent has been helping local and national companies across the UK achieve greater commercial success while minimising the cost of doing it. Vincent has been at the heart of design and marketing in Glasgow for 30 years and. Throughout that time, there’s not much he hasn't done or many industries he hasn't worked in. Now based in Hamilton, South Lanarkshire with Propel Marketing and Design he looks to continue to transform the fortunes of businesses through effective, targeted marketing.
Get in touch with him on Linkedin here