Whether that turnaround will be weeks or months in the future, we can be certain it’s coming. One thing we’ve learned from being in business for so long – including the aftermaths of 9/11 and the 2008 financial crisis – is that conditions can change quickly.
So, while we certainly don’t want to minimize the heartache and disruption associated with the breakout of Coronavirus in New York and beyond, we also want to do the right thing and get clients and readers thinking about what is yet to come.
Let’s look at some of the steps you can take to prepare yourself for the economic recovery that will come after Covid-19 recedes from daily business life…
Think of New Ways to Help Customers and Clients
While most business owners, executives, and marketing managers will be focused on their own business growth and retention strategies for the near future, we invite you to think one step further. Ask yourself what your best customers are going to be looking for when life returns to a new normal.
The answers you might come up with are virtually endless. Some customers may need flexible financing. Others might want short-term contracts, new equipment, or help adding staff members quickly. There could be new apps or tools for automation or supply chain management that will have great value for them. To really make the most of this exercise, ask the people you work with. Get their take on what you can do now (or in the future) to help them hit the ground running.
By brainstorming the issue this way, you can accomplish a couple of things. The first is to become an invaluable partner to those who count on your business. Second, you can get a leg up on your competitors who will be scrambling to get out new marketing promotions and messaging when it matters most.
Start Planning Your Campaigns Now
Time can be a funny thing. Right now, there are tens of thousands of normally busy and productive people who have the flexibility to imagine new campaigns, promotions, and ideas. Not only are business owners and executives working from home, but many of us in the creative industry have more availability than we've had in years.
Experience has taught us that all of this will change on a dime when the economy comes roaring back to life. In the same way that businesses come rushing to us for online ads, ecommerce enhancements, etc. just before the holiday shopping season, they are going to return as a group when marketing budgets suddenly loosen up. At that point it’s going to take more time and money to get our help.
Knowing that, we're imploring some of our best clients to reach out now so we can get and stay ahead of the curve. It’s much better to be planning ahead for a recovery, with new marketing campaigns in place and ready to launch, then it is to try to catch up to your competitors when you’re all scrambling to get up to speed.
Hold on to Recent Changes or Improvements
It’s common to hear business leaders talking about life getting “back to normal” after the Coronavirus pandemic. One thing to realize, though, is that “normal” is probably going to look a bit different than it did before.
In particular, we're willing to bet that lots of organizations are going to keep placing a higher priority on things like online ordering, fast delivery, and work-at-home employment. In the same way, many will likely stick with video conferencing instead of in-person appointments, along with a host of other changes or improvements that were recently introduced.
If you have put off embracing these trends, then this is a great time to catch up to the rest of the business world. These kinds of solutions aren’t just safer for you and your team, they are also efficient. If you have made those adjustments to the way you operate your business, think about which of those changes you might want to make permanent even after they aren’t required.
Be Strategic with Your Marketing Campaigns
A lot of people tend to think of the economy being “on” or “off.” Obviously, that’s a huge simplification. Even now there are businesses (like grocery stores and delivery services) that are doing really well. Some are doing everything they can to reach out to customers, while others are essentially pausing all marketing activity altogether. Either approach can make sense depending on prevailing conditions for each specific company.
We mention this because we want you to think carefully about your industry and strategic situation. Which parts of your business are likely to pick up quickly? What areas might lag for a while? How will all of this affect your revenue, staffing, or operations?
When you have the answers to these questions you can put together a blueprint of how you might restore, alter, or emphasize your marketing campaigns in the near future. You don’t want to make the mistake of simply picking up your old activities if they aren’t likely to be successful. Instead, you should think about what you’re going to need in the near-term so you can spend your time and money wisely.
Need Help Making Sense of Your Post-Coronavirus Business Strategy?
If you’re looking for help transitioning your business back to normal, or you want to come out of the current crisis more efficient and effective than you went in, MAXBURST can help. Contact us to schedule a consultation so we can talk through the challenges you are facing. We can help you to see the issues and opportunities in front of you in a whole new light.
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