However, a lot of businesses are treating the current situation as a fantastic opportunity to get aggressive with marketing and get a lead on competitors that have given up.
History proves that those that maintained or increased their marketing activity during recessions and downturns, came out on top when business picked up across the market. (Source: Harvard Business Review https://hbr.org/2008/09/how-to-market-in-a-recession).
It may well be that you need to modify your offer, and almost certain that a slightly different tone of voice will need to be adopted in order to resonate with the market in these unprecedented times.
That said, one should always keep an eye on your core values, remain positive and stay engaged. You need to be visible, remain front of mind, and communicate with your audience in an honest and compassionate way.
As tough as it is for businesses right now, there are new opportunities raised by the situation. What would you really like to do? Maybe it’s time to refocus. To do something local. To do something better.
Whether it’s a new angle on your existing business or an entirely new venture, use this time to ensure that when this is all over, you have a clear and strong offer that will set you in good stead for the future.
There are plenty of options to consider.
Maybe there are new products or services you could offer to make up any decreased sales or leads you may have for your core business.
What about partnering with other businesses to increase your reach?
You could consider different types of marketing that your audience may be more responsive to now that they wouldn’t have been before.
Clearly, there will be many businesses who may not come through the other side of this. Make sure yours is one of those that does, by taking the time now to plan your next move, and get together the collateral to execute that plan when the market starts to recover.
The Modern Agency is here to help, and we are putting together a number of offers to ensure that our services are available to anyone who would benefit from them, regardless of budget. Watch this space, as they say.