Marketing During a Pandemic – A Time for Prudent Investments, not Panic
7 Ways Your Organization Can “Zag” and Position Itself for a Faster Recovery
Estimated read time: 7 mins
Due to an unknown future, the coronavirus has challenged our clients to re-evaluate their business models as our economy spirals into a recession. It has forced organizations to assess the sustainability of their products or services, as well as how they price, deliver, and promote them.
As with past recessions or depressions, among the very first things to get eliminated is the marketing budget. This reaction is common since marketing is often viewed as a business cost and not an investment. But we urge you to “zag” when your competitors will most certainly “zig”.
HOW TO RECOVER FASTER
Companies that survived (and even thrived) after global recessions used a specific combination of defensive and offensive moves, according to the most comprehensive study of this topic published in the Harvard Business Review. “These companies reduce costs selectively by focusing more on operational efficiency than their rivals do, even as they invest relatively comprehensively in the future by spending on marketing, R&D, and new assets,” noted the study’s authors.
Your organization will position itself for a faster recovery by sustaining some reasonable marketing investment and utilizing a combination of prudent promotional activities. By doing this, your organization will more likely:
- Remain “top of mind” with prospective clients/customers/students who think of you first when they resume spending
- Gain market share from competitors who had cut their marketing investments
- Strengthen its reputation with current and prospective clients/customers/students because you remained visible and constant during a time of uncertainty
Note: Whether you refer to those you serve as customers, clients or students, we will call them “customers” from here on out.
A PRUDENT MARKETING APPROACH
So what do we mean by prudent promotional activities? We mean tried and true (and cost-efficient) activities that help your organization:
- Capitalize on its existing customer base (and existing prospect pipeline)
- Achieve maximum visibility (reach and frequency) and attract new customers
No matter which communication tactics you ultimately use, your strategy should strive to address the current and future needs (real or perceived) of your existing and prospective customers. All communications should highlight how your organization is evolving to keep their wants/needs/concerns at the forefront during this unusual crisis, and to highlight how you are uniquely positioned to do so.
That said, below is a list of prudent marketing activities your organization can deploy for each strategic goal …
How We Can Help
As a digital marketing agency, we’re uniquely positioned to help our clients weather this unprecedented economic situation. We can help you develop a custom marketing strategy and execute on every single suggestion shared above. We offer immediate and cost-effective expertise that can supplement or complement your marketing staff during this very difficult time.
While we don’t have all the answers, we have a range of strategic ideas and tactics to help your organization recover faster during this difficult time. Feel free to reach out. We’re listening.