Tip #1: Invest
In Your Marketing If You Can
Many of your competitors
are taking their foot off of the marketing pedal, which means you may
be able to blow right by them! Think of it like the hare taking a break
while in the lead only to let the tortoise win the race with consistent
effort. Don’t take your foot off the pedal!
Of course, I realize
many businesses are simply not able to invest due to lost revenue and
if that’s the case then simply skip this tip. However, for everyone
else, this is the most important takeaway of this article. Now is the
time to invest more, not less in your marketing. That is how you can
gain a competitive advantage in the months and years to come.
Tip #2: Reassess
& Reallocate Your Marketing Budget
Clearly, trade shows are
simply not an option with the COVID-19 pandemic. So if you were
planning to invest $X into trade shows or other in-person events, then
now is to time to divert that budget into other channels, such as
digital marketing.
Also, some of our
clients have paused or reduced online advertising with Google Ads, for
example, and moved that budget over to search engine optimization
(SEO). That way, they can make improvements in their organic rankings
that will help them overtake their competitors when the pandemic is
over. If you have shut off ads and you can afford to continue to invest
in marketing, then I would strongly recommend reallocating that budget
to improving your search rankings. This is an investment that could
yield a very strong return once business returns to normal.
Tip #3: Change
Your Delivery Method
If you have a
brick-and-mortar business where you’re no longer able to see
customers/patients in-person, then see if you’re able to generate
revenue or generate leads or set appointments through other means.
For example, here are
some ways you may be able to change your delivery methods during this
pandemic:
1. Dentists/orthodontists can offer virtual
consultations instead of in-person consultations – and the same goes
for financial advisors and other types of professionals.
2. Local retailers can offer to deliver
goods to customers instead of people coming into their stores.
3. Massage spas can promote their products
instead of their services since they can’t see people in-person
4. Other businesses can offer discounts for
payment up-front. For example, restaurants near me are offering “bonds”
where customers can pay $75 to get $100 worth of food in the future
when the restaurant reopens. Businesses could do something similar with
discounted gift certificates.
Tip #4: Focus on
Your Existing Customers
This is really
Marketing 101.
However, this pandemic
is a good reminder that it’s much easier and less costly to market to
existing customers versus acquiring new customers.
The key question here
is, “What else can you do to help your existing customers?” Can you
offer additional products or services? Can you speed up your delivery
for an additional fee? Can you sell more with a bulk discount? Can you
partner with another business to enhance your product or service?
At Main Street ROI, we
have some clients that want to increase their marketing with us
by adding additional services during the COVID-19 pandemic! This
relates to tip #1 above and it could be true for your business as well.
Lastly, Try to
Enjoy the Ride!
As I mentioned earlier,
this is a scary time to be a small business. I’ll admit it, I’m scared
too, but I’m also cautiously optimistic. I truly believe our business
will be stronger and healthier when this is all over.
And each day I try to
just enjoy the ride. As Steven Tyler of Aerosmith sang, “Life’s a journey, not a
destination.” Hopefully, this won’t last much longer, which also
means I likely won’t ever get this chance again to home school my
daughter, play (nearly) all day long with my son, and see my wife 24/7.
It’s a unique time in
history and it’s worth taking a moment to soak it all in. Chances are
you and your business will be just fine.
In
the meantime, stay safe and stay at home!
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