Surviving And Thriving During A Slow Economy: HowTo Market Your Company During An Economical Crisis
We are going through some very strange times in today’s world, while everyone is being affected from the side effects that the Coronavirus has caused to the world, from a health level to an economical level, as we must use this time in life and business to prepare for the future.
Top 7 Best Marketing Strategies for Surviving and Thriving in Business During an Economic Downtime or Crisis
We are experiencing uncertainty in the marketplace as I write this on the 8th of April 2020. The Coronavirus has ushered in some strange times for all of us. Companies of all sizes, large and small have sent their employees to work from home, schools and universities have even had to shut their doors from students attending onsite classes, with some small local businesses in my town being been forced to close down due to financial constraints.
While we are experiencing some difficult and uncertain times, we must remember that this isn’t here for life! It has not come to stay, but it has come to pass. What we’re now experiencing is temporary. It might not be easy, but we’ll come out the other end stronger. As we head into a global recession in 2020, with a soon to come slow economy, now is the perfect time to act on the preparation of our business should we want to survive and thrive life post CoronaVirus.
I believe that preparation is the major key ingredient to any individual or organization that’s looking to achieve their set targets.
There has never been a time to strategically build your business and focus on the strength of your connections then there is today.
As a digital marketer, in the last few weeks, I have been busy researching from thought leaders, to the opinions of some of the industries top fortunate 500 CEOs and all the way to reviews from Harvard business school and other such publications, compiling the best marketing strategies for our clients and others alike to use for surviving and thriving life after COVID19, not to mention that soon after COVID19 as mentioned earlier, we will be entering a slowing economy (a recession), this slow economy will require you to change your marketing approach, so let’s get prepared in advance.
Here is my take on the top 7 key marketing points that companies should consider when adapting their marketing efforts during this crisis and a slowing economy. These points are derived from the top industry articles covering marketing tactics during the Coronavirus crisis.
In my book new book ” Best Marketing Strategies for Surviving and Thriving in Business During an Economic Downtime or Crisis.”, we take a look at the research I have conducted for you to highlighting the best approaches that your business should take when marketing during a slow economy or a global crisis. This is the best time to build stronger relationships that lead to a higher life time value of our consumers, repeat business and referrals overload.
Throughout this blog series, together we will be covering the following topics below at a more in depth, including the tactics, marketing tools/software to use and the plans for you to deploy within your marketing campaigns during these unprecedented times ahead, we will cover:
- HowTo Communication with Empathy & Transparency
- HowTo Use Social Media in More Agile Ways
- HowTo Promote Positivity & Goodwill in Your Marketing
- HowTo Educate Customers on Service Changes
- HowTo Tell and Show Consumers How the Company’s Values Will Continue
- HowTo Innovate What Your Customers Value About Your Business
- HowTo Prepare for The Next and Tackling the Future
Bonus: we will also cover the ‘Top 7 Ways to Deliver Your Brand Message During an Economic Downtime Or Crisis’ and much more.
So let us begin with the first key point:
Communication with Empathy & Transparency
These uncertain times bring a lot of uncertainty, uncertainty causes us, humans, to develop emotions of worry. People are worried and this worry is causing us all to feel a greater sense of vulnerability. Therefore, Empathy in our marketing is critical now at a time of crisis. We must connect with the changing world and the emotions of the buyers in our marketplace.
Presenting empathy can be achieved in many ways, for example, many banks have moved to waive overdraft fees, recognising the hardship on their customers. With other organisations like SAP, have made it’s Qualtrics Remote Work Pulse platform free to companies who might be rapidly transitioning to new ways of working mentions Janet Balis, a principal with Ernst & Young, Harvard business review, April 2020 article.
In times of uncertainty, we don’t have all the answers, but we must recognise this and admit this to the public. Honesty builds trust and trust is the foundation of any successful relationship.
The ideation of, my views have been derived from an article researched from Harvard Business Review, “Brand marketing through coronavirus crisis”, Hbr.org
2. Use Social Media in More Agile Ways – click here to continue reading.