During difficult economic times, as a business owner, you're having to make some tough choices. You're forced to make cutbacks and layoffs. You're looking at the budget and trying to decide what's going to help you stay afloat and what's wasted money.
When it comes to marketing, a lot of business owners will choose to suspend all marketing during tough times. We're going to tell you 4 reasons why you should keep your marketing budget or even start investing during this time.
1. It's cheaper to retain existing customers than it is to acquire a new one.
Out of sight means out of mind. When you go dark because you've paused all your marketing during the coronavirus, your existing customers might just forget about you. Keep them updated with the changes you are making. Don't make them reach out to you. Here are a few ideas to stay in touch:
-Write a personal (but professional) email to check in on customers...show them you care about them by having a conversation that's not about business!
-Post consistently on social media. Share positive news, stories that make you stand out as a company, and industry updates.
-Engage with your customers through social media. Comment on their posts, participate in FB community groups, and ask inviting questions.
2. Social media marketing is one of the cheapest forms of marketing!
Did you know that 79% of the US population has a social networking profile? That's a huge market to reach! A cheap way to get started on social media is through consistent organic posts. Whether you produce content in-house or outsource this work, it's a cheap way to get started. One obstacle we've discovered with in-house social media management is time. Most Marketing Directors or members of the marketing team have so much on their plate, that social marketing falls to the end of their to-do list and becomes poorly managed. We can help! Check out our management plans.
3. Your competition may not be marketing right now, which means there is more room for you!
We've found that industries who are struggling right now have completely paused all marketing efforts. That's good news if you're reading this blog. While social media is still a competitive platform with a lot of noise, it's going to be easier for you to push through the noise right now. For an extra boost, try running an ad!
4. You've known for a while that you need to adapt to changing times and that includes marketing.
Most business owners know that in order to stay in business, they have to adapt to changes. For example, the way salespeople did their jobs 10 years ago is much different than the way they do their jobs today. They have had to adapt by using new technology and different marketing avenues to be able to do their jobs. Just like salespeople, business owners need to change the way they do marketing. Take a look at this list and see how many boxes you can check:
-I have a website
-I'm managing at least two social platforms
-I send automated monthly emails
-I run online ads
-I manage my SEO
-I produce monthly blogs
-I have a brand book
-I have a marketing strategy
While not all of these pieces are necessary for your business, it's important to figure out what works for you! It's time to take that first step. Start with small changes. Change is necessary to survive and thrive.