We’re one month in with the Covid-19 crisis, and you’re probably thinking about what next with your business. You’ve closed your doors, cancelled trade shows and moved your business online. Before you cut your marketing budget, consider the following insights on how your company should be marketing in turbulent times.
Consider increasing your marketing budget in turbulent times
The first thing that companies do when times get tough is to cut their marketing budgets. However, consider that online advertising requires you to bid on popular keywords. If none of your competitors are currently advertising, this presents an excellent opportunity to advertise on the keyword’s maximum cost-per-click when the cost is lower than usual.
Consider what happened in 1929 when Kellogg’s and Post were in a neck-and-neck race for the breakfast cereal market. Unlike its rival, Kellogg’s continued to advertise through the Great Depression, gaining a position of market dominance that the company still enjoys today.
In Jenny Darroch’s book, Marketing Through Turbulent Times, the author states that companies who advertising during the 1980s financial crisis realized a larger return on assets in the following year.
BE VISIBLE ON YOUR SOCIAL MEDIA PLATFORMS
Use your social media platforms to keep your brand relevant. Temper your messages and content between brand leadership, empathy and positive messages.
GET YOUR EMPLOYEES INVOLVED
PROVIDE EXTRA SUPPORT FOR YOUR CUSTOMERS
In times of uncertainty, everyone wants a little comfort. People get tired of doom and gloom. Everyone is now budget-conscious with their money, but they also need to see a way forward. We are all the same; we want to feel confident that the future will be good and stable. What can your brand offer to your customers that will give them comfort? To make them feel optimistic? To make them feel safe?
Companies that manage to come out the other side during their time in crisis implement loyalty campaigns and customer retention campaigns. According to this approach, offering the best possible consumer experience is a winning crisis communications technique.The Marketing Boutique
When developing new loyalty campaigns, consider how the consumer behaves in times of a crisis. Research states that stress made consumers more willing to save money. However, stress reduces when the consumer believes or feels they also have high control over the outcome.
INCREASE EMAIL MARKETING, MEETING AND PHONE CALLS
Make sure that you stay in touch with your employees, customers and stakeholders. Listen to your community by providing different ways to stay connected. Understand what your community is feeling and with the mood of the times. Now is the time to be in front of the news, not behind it.
REVIEW EMPLOYEE TRAINING AND SKILLSET
Sometimes, all it takes is one person to sink a ship. While I don’t want to sound so negative, a time of crisis presents a time to review your staff’s skill set. Training is essential during turbulent times. You don’t want to be losing sales because of poor customer service or quality control.
Provide coaching or leadership training to our key individuals. These members are people who help steer your company through turbulent times, which can include production, operations, sales and marketing.
THINK DIFFERENT BUT STAY TRUE TO YOUR BRAND
We’ve seen it all too often. In times of trouble, large conglomerates either ask for bailouts, layoff employees or slash marketing budgets. However, in turbulent times of crisis, your leadership and marketing team needs to think differently. Provide messages of gratitude and guidance while staying true to your brand. Get ready. If you haven’t pulled your team together to develop your marketing strategy, do it now.
Marketing In Turbulent Times
As you can see, cutting your marketing communications budget is not the way to do.