How does your business survive a pandemic economic downturn? It’s a matter of perspective. In an economic downturn, you’ll find that you will have less competition.
Less competition = more market shareLet’s put the bad news on hold for a second and let’s talk about the good news. The good news is that this is a unique opportunity to pivot your business and adapt to the “new normal”. Here are some tips to help you come out on top during this pandemic:
TIP #1 DON’T PANIC!Breathe in to fill your lungs. Exhale slowly. Repeat 3 times.
TIP #2 Invest In Your Marketing If You CanOf 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 and follow the other tips. However, for everyone else, this is the most important takeaway. Many of your competitors have stopped marketing, but 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 #3 Reassess & Reallocate Your Marketing BudgetEvidently, 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. For an example, reduce your online advertising with Google and move that budget over to search engine optimization (SEO). That way, you can make improvements in your organic rankings that will help you overtake your competitors when the pandemic is over.
TIP #4 Change Your Delivery MethodIf 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:
• Dentists/orthodontists can offer virtual consultations instead of in-person consultations – and the same goes for financial advisors and other types of professionals. • Local retailers can offer to deliver goods to customers instead of people coming into their stores. • Massage spas can promote their products instead of their services since they can’t see people in-person • 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.