Article written by Katina Jaye Beveridge, ASBAS Advisor, Western Sydney Business Centre.
Whilst we are slowly having our restriction lifted and are allowed to leave our house, the COVID-19 pandemic has greatly affected all industries. With a lot of employees being laid off and some businesses forced to close. According to the International Monetary Fund and other finance experts, the world is headed to another global recession, which will be much worse than the 2008 global financial crisis (GFA).
Because of this, businesses who are able to stay afloat are preparing their own strategies to combat this prolonged slow season caused by the corona virus. Big businesses will surely fare better because they have the funds, but it will be challenging for small and medium-sized business. Here is where we as small businesses have to think smarter and outside the box in order to continue in a down market.
So how do you prepare your business for a lull season? Here are some tips:
1. Rethink your marketing plan.
The most powerful way to keep generating income is to adjust your marketing strategy. Stop spending money on expensive ads and analyze where you can put your marketing efforts that would yield the best result. Explore social media, sales events, media outreach, and other cost-efficient ways to keep your business relevant. Reaching out to your customers, even during difficult times, keeps your business in their mind.
2. Strengthen your authority.
With the current lockdown, business owners have more time to strategize and re-evaluate your campaigns. It is also a good time to create tons of content, such as videos, articles, graphics, and social media posts, to position your brand as a leader in the market.
3. Find new (and cheap) ways to reach customers.
During this slow season, you need to maximize every part of your marketing budget to make sure you get the best value for money. You can try platforms, such as MailChimp and Constant Contact for your email marketing. You can use this channel to announce events, promote deals, introduce new products, or send a copy of your latest blog article.
4. Don’t forget your SEO.
Your search engine optimisation efforts will be your most valuable ally during slow season or when something like a pandemic happens. SEO is a passive marketing strategy that continues to bring traffic to your website, even during the crisis. Most of all, it doesn’t cost anything.
Staying afloat during the COVID-19 pandemic is a matter of strategy and planning. You need to make the most of your resources and make sure that you get the most results for your marketing campaigns.