Is it really important to promote right now? There is a lot of uncertainty, people are sitting at home scared, panic buying things, they don’t know where their next income is going to come from and they certainly are not in the mood to buy anything right now.
Right or wrong? You decide.
The good news is that we are all going to get through this, everybody is going to come out the other side, the question is how are we going to come out of this. Are we going to come out stronger and wiser or are we going to come out much worse than we are right now? A lot of companies are going to go out of business, it’s a fact, we can’t deny this. The big question we need to ask ourselves is how are we going to come out of this.
Why do you need marketing in the first place? Well, marketing helps companies gain market share, great marketing helps companies create an emotional connection between customers and companies.
Let’s say as an example we have two different owners of small companies doing two different things. Owner A is cutting all marketing costs, closes everything and sits home, replies to some emails, spends time with family and watches Netflix. Once this is over which might be a month, three months or six months he goes out and starts operating the business.
Owner B doesn’t cut marketing costs but redirects his marketing budgets to other activities. He uses the internet to his advantage, creates new content on social media, does live webinars, Instagram live, creates and sends newsletters, talks with clients, brainstorms ideas, creates a new content strategy for the next six months, uses Facebook ads to promote his new content, gets people to sign up to his newsletter, does interviews, starts a new podcast and builds brand equity. In the meantime, he creates online training for employees and trains his team members on customer service. When everything goes back to normal, he returns to his day-to-day operations.
Who do you think will gain more market share during this period, Owner A or Owner B?
Great companies win market share in tough times, not good times. A great character is built on adversities, on struggle. Nobody becomes stronger under the sun, we become stronger under the thunder, under struggle.
If a company wants to win market share and come out stronger then now is the time to actually invest and start doing great marketing. Engagement on social media hasn’t been higher, it doesn’t really matter what time you post as whatever time you post, people are online and are engaging with different accounts. People are glued to their computers. Posting on stories, reading, commenting and interacting. Just this morning I saw a story on Instagram from a friend sharing the location where they want to travel (Norway) saying they can’t wait to get there. People are searching and researching different things, some people are doing ‘light’ shopping just to feel better.
Yesterday I presented to a client an idea that will help him add a second revenue stream and help his brand in the long run. He loved it. There are always options, there are things we can do.
The formula for success right now is to promote. It applies to companies, freelancers, authors and individuals. I don’t want to go on about authors as for them now is the time to shine. We all need to start ‘creating’ being a creator and building our personal brands on Instagram, TikTok or Twitter.
Marketing is not just about promoting. You can revise your designs, website, social media as well. So maybe it’s time to look at your design aesthetics. A good thing to do right now is to educate yourself on what good design is, take a class on skillshare.com or udemy.com and learn about design. Maybe it’s time to look at your website. A lot of us don’t look often at our own things as we think we are ‘good’ – self-awareness is needed right now. We think that we have nice designs, we think that we have great designs but in reality-they are shit and nobody is going to tell you that because it’s not politically correct.
Just by improving your design, your website and your communication you could improve your conversion rate. These improvements need time, they need professionals to work and create beautiful work.
Maybe now is the time to create a story, an emotional branded story. Now you have more time to think about your brand purpose, about what change you want to make. Creating a good story takes time, takes effort, so why not start now.
Be fearful when others are greedy, and greedy when others are fearful.
I didn’t think of this saying, Warren Buffett did.
Right now people are cutting back because the economy will get hit by 2.7 trillion pounds and experts are saying that we are going into a recession.
If we look back at the dotcom crash, at the real estate crash, at the 9/11 recession and other economic crises, now is the best time to 10X (double down) when others are not.
Now we will find less competition which means it’s easier and faster to get results, and in some cases get some great deals. You could get a potential reduction in pay-per-click advertising.
A lot of companies will go bankrupt, be bought out, or bailed out by the government. Which means less competition for you. Now is the best time to buy out some companies, especially media companies.
The more eyeballs you control, the more power you will hold in the future. Plus, by controlling attention, it gives you the ability to sell anything you want in the future. There is a very good opportunity right now to strike big time and gain market share.
When your competitors are closing down or slowing their marketing, the goal is to 10X your marketing. You might not see the biggest return right away but in the long term it will pay dividends.
When the market goes down by 20% or more it roughly takes 536 days to recover. We don’t know yet how far down to the bottom we will go.
Once we start recovering, you will see your revenue climb and the ROI from your marketing spend go through the roof.
If we want to grow, we shouldn’t be fearful when others are also afraid. Be greedy when other people are fearful.
So is marketing really important during a crisis? It’s really important to show your customers, your potential customers that you are not stopping, that you will be adding value to their lives and you will win big time.
Life can be brutal, how we respond to this situations will determine how we come out of this.