Business in times of crisis: what to focus on marketing to make moneyBarry Copeland 06 / March / 18 Visitors: 7
Marketing needs to focus on the key: finding the answer, how to make money without hurting brand positioning and the ecosystem
The coronavirus epidemic and quarantine have triggered a crisis that is no longer a problem for many businesses, but also puts them at the brink of survival. Difficult times have come, which means - the need to invest in smart weighted marketing.
The first thing most businesses have encountered is a sharp reduction in sales, which means revenue at constant fixed costs (office, salaries, mandatory payments).
The first thing to do to minimize losses and risks is to work out a crisis management plan in the working group and take action. And if spending cuts - negotiation of deferrals, discounts, pay cuts - will involve other units, marketing needs to focus on the key: finding the answer, how to make money, without hurting brand positioning and the ecosystem.
There are three areas that marketing should keep in focus during crises.
- Tactical: how to generate revenue right now.
- Strategic: how to reformat and what to offer the consumer in the near future. Eternal: How to constantly communicate with your target audiences. And I will add - how to communicate with employees together with services HR and PR. People are a key resource of any business.
Where to start?
Traditionally - with resource assessments. Starting any project with a SWOT analysis (assessing a company's strengths, weaknesses, opportunities, and threats) and inventorying is a good habit.
1. The first step is simple: evaluate - what can you offer the market right now?
Discount warehouses, 2 + 1 promotions, sampling kits, additional services to the core product are all that can interest your target audience and earn you an income right now, your company is in dire need of money.
When organizing a promotion, it's best to honestly admit that your business needs help and financial support, and a transaction is a way to express your position and support your favorite brand. If you have built a trusting relationship with your target - they will help you.
2. Create a new product (if it has not yet been created) - a purchase certificate. By launching certificates for sale, you can also boldly state that your business needs support and certification. This is a long-term consumer investment in supporting your brand.
3. Together with technologists and manufacturers to evaluate the possibility of reducing the cost of your products without compromising their value. Value is what lies in your positioning. That is the perception and emotions that your brand evokes.
They cannot be sacrificed in the process of cost minimization. It is also worth reviewing business processes, perhaps some functions can be reduced or combined - this will reduce the cost of the product in production.
4. Analyze and rethink the product line, perhaps you have a product / assortment that may already be in demand by the consumer, perhaps with little refinement. If not, think about what you have to offer to the market, taking into account your strengths and potential resources and getting ready for lunch.
1. Assess whether you can quickly translate all your trading online. Great, if you were featured on the shelves of e-shops before the crisis, you had a website and developed pages on social networks. Analyze performance and invest in developing better and promising channels! And if not?
There are several options: from creating simple landings and online stores on social media pages (there is such an option on Facebook, Instagam launches product sales right from the picture) to developing chatbots and placing simple illustrated prices on Google Drive in the public domain. . Enable you to find out and make a choice!
Of course, consumers should have all the convenient options for them how to buy: leave a request, write a letter, send a message to the messenger, call to contact the manager, pay by card or upon delivery by postal service or courier. (In quarantine conditions it is more expedient to deliver postal services).
And, of course, convenient delivery options should be considered.
2. Evaluate whether you can (and if appropriate) implement telemarketing (phone sales) SMS and email marketing. For their organization should be: really attractive and original offers, customer base with understanding of pain and requests, as well as a small call center. The winners may be those who have long implemented CRM. But one thing: telemarketing should be careful - it annoys people when brands grossly violate their personal spaces.
Communications and promos
The main mistake often made by businesses in times of crisis is to reduce all costs of promotion and communication. Don't do that! Undoubtedly, programs need to be reviewed by reformatting media mixes (distribution channels) and reasonably optimizing their costs. But it is vital to leave the most important thing, namely:
Keep telling what you are doing, how you care about employees and consumers: security, affordable services, and social responsibility. Share what bothers you, show that you don't care!
Bring information about your new promotions, new specially designed product and price offers.
Inform where and how your products can now be purchased, how they will be delivered (including what security measures are in place).
Obvious, but extremely important: get involved in helping those who have more problems than you. Today it is: doctors, older people and those who have lost income. Your help does not have to be financial: you can create a new product, a service, participate in cooperatives, or just use organizational skills and other intangible assets to solve specific problems. It is time for socially responsible brands and collaborations.
And most importantly, remember, a time of crises, strangely enough, is an opportunity to strengthen your brand and increase its value. Don't be afraid to be honest and share stories, don't be creative and take a reasonable risk.
Optimization of business processes, reduction of expenses, introduction of new technologies, connection of new communication channels and development of new products, undoubtedly, will improve the company.
But the brand is, first and foremost, relationships and emotions. And it depends on your position how you get out of the crisis.