It’s safe to say that 2020 has been a challenging year for businesses of all kinds. Lots of companies have experienced cash flow difficulties, and those who run businesses in the travel, hospitality, and restaurant industries have been hit particularly hard.
Has your business been struggling in the wake of COVID-19? If so, here are some simple changes to your marketing strategy that could help you to stay afloat and thrive long-term.
Don’t Exploit the Situation
In response to the fear and uncertainty surrounding the Coronavirus, some businesses have chosen to engage in somewhat dubious practices like ratcheting up prices or making exaggerated claims about what their products can do.
Whatever you do, don’t follow the examples of these brands!
Resist the urge to exploit the situation to try and keep your businesses up and running. It might keep things moving in the right direction for a while, but people will soon catch on. You could even face legal issues (not to mention bad PR) when folks realize what you’re up to.
Be Strategic and Patient
Now is the time to be strategic and patient. Play the long game, and accept the fact that it will likely take a while before your business makes a full recovery. Across most industries, organic traffic and conversions are down, and lots of businesses are in the same situation as you.
Accepting the current situation doesn’t mean you have to just sit back and let your business suffer. Be honest with yourself about where you are, then sit down with your team and start making a plan for how you’re going to stay afloat and turn things around.
Offer and Promote Payment Plans
One way to encourage customers to continue shopping with you during a financially stressful time is to offer payment plans. By working with a company like Affirm to split up people’s purchases into monthly payments, you can ease some of their money-related concerns and still make the sales you need to keep the lights on.
Adapt Your Content for Different Markets
There’s never been a better time to pay attention to the numbers. Take a look at the data you’ve collected from your website or social media platforms to learn more about your customers’ spending habits.
You might find, for example, that you’ve seen an influx of sales from customers in one part of the country or the world while sales in another place have decreased. If you notice patterns like this, try and adapt your content and online promotions to appeal to people in these markets.
Level Up Your Marketing Today
We may be in the middle of a pandemic, but that doesn’t mean you can’t set your business up for long-term success. As you can see, there are lots of steps you can take to adjust and improve your marketing strategy.
If you are on the hunt for more creative strategies to weather this storm, please fill out the form below and a Baam team member will contact you. We look forward to serving you!