Optimizing Your Marketing Approach During COVID-19
Optimizing Your Marketing Approach During COVID-19
When COVID-19 is impacting every business, some more than others, it’s easy to focus on the negative, and what we, unfortunately, can’t control. But I’d like to take this moment to focus on a few of the marketing levers you can pull to optimize your business and maximize your efforts during this unprecedented time. These marketing levers, also known as the 4P’s of marketing, include:
- Product: your goods or services
- Placement: where and how you sell your product
- Price: how much you charge for your product
- Promotion: what approach you take to tell people about your product
Depending on your situation, you may be forced to adjust one, two, or all four of these levers. Let’s dive in:
Be there for the consumer, no matter where they are
Though daily life and the way in which society operates has changed, the need for your business and the product or services you offer has not. People still need food, water, shelter, books, exercise, entertainment—the list goes on! As your business experiences the impact of COVID-19, consider the steps you can take to adapt your product or placement to meet the socially-distant consumer. Can you offer online ordering and delivery, or curbside service through your website? According to the National Retail Federation, several small businesses are doing just that. But what if your product or service isn’t as tangible, such as a brick and mortar gym? Pivoting to offer your product digitally through online courses or live classes could be the best course of action. For some businesses, however, this is a dire circumstance of life or death. If you need cash now to minimize any losses, you could offer your product at a discount price. I only recommend this measure as a last resort because its key to maximize your revenue as much as possible.
Be tactful in your promotion
Currently, people are flocking to social media for news and to connect with family and friends, and are staying online for longer periods of time. For March 2020, Facebook reported that messaging on the platform was up by 50 percent and time spent across all of their apps had increased by 70 percent—both month-over-month. With such a large spike in online consumption, consider shifting your promotional strategy to be more invested in digital marketing. Paid social and paid search are two channels that will easily help you get the most bang for your buck. Depending on your budget, ads on TV and streaming platforms can also be effective. Whichever route you take, be sure that your message effectively communicates your product with compassion. In times of crisis, consumers are much more likely to buy from a brand that isn’t tone-deaf. In fact, according to a recent COVID-19 study by Kantar, the world’s leading evidence-based insights and consulting company, “brands that delivered purpose in an ethical way saw their brand value grow twice as much as average brands.”
Be ready to scale your business
As we all look ahead to better, brighter days, contemplate putting a plan in place that will allow you to properly scale your business when the timing is right. This includes everything from your business strategy, operations, finances, and marketing. Depending on your circumstances, the disruption caused may force you to lean more heavily on future months’ revenue to keep the business up and running. Lastly, assess the likelihood that you may see a surge in demand for your product after COVID-19 subsides. Consumer demand is great, but only if you have the systems in place to meet it.
How is your business coping with COVID-19? I’d love to hear from you.
