An economic downturn is happening globally and many countries are already entering a recession. A combination of lockdown measures, economic recession and declining purchasing power can be an incredibly challenging situation for business owners. Small businesses are more vulnerable to permanent closure or bankruptcy as a result.
As restrictions are being lifted, here are some things that marketing teams should do during the post COVID-19 era:
Maintain Adequate Marketing Budget- with the significant reduction in sales, it’s important for small businesses to maintain their marketing budget. The gut reaction of business owners is to reduce expenses, but it doesn’t mean that they should cut all budget items. If small businesses don’t cut their marketing budget, they are more likely to get better long-term results.
Measure Consumers’ Behaviour- marketing results will hinge on current consumers’ behaviour. If consumers slam on the brakes and cut much of their expenses, they won’t become repeat buyers. Millions have already lost their jobs, so it’s more likely for them to cancel planned purchases. For families unscathed by unemployment, they can still buy less aggressively. Unfortunately, even in developed countries, well-off individuals represent a small percentage of consumers, but they will continue buying, regardless of the economic situation. It is easier for small businesses to maintain good sales if they offer essential products. If products are considered as less essential, small business owners should convince consumers that purchases are justifiable.
Analysis And Monitoring- market conditions can be volatile during the post COVID-19 era and small business owners need to react quickly. With digital marketing, it is easier to have measurable, specific, and precise campaigns. Small business owners should define best-performing and worst-performing marketing strategies to allow continuous improvements. During a recession, small businesses should make sure that each marketing investment provides decent returns. In the past decade, digital marketing has been proven as an effective, low-cost marketing strategy, which is suitable for many small businesses.
Focus On Loyal Customers- it’s far more likely for existing customers to make purchases and they are the biggest asset for any business. Small businesses can retain loyalty by rewarding loyal customers. Happy customers will respond better to any recommendations. Small business owners could show to customers how they may benefit from products during difficult times.
Contact Sales Drive
To learn more about how we can help you market your products or services, generate leads and increase sales more effectively than ever, contact Sales Drive today!
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