MARKETING YOUR SMALL BUSINESS DURING THESE UNCERTAIN TIMES
Due to the pandemic, a lot of small businesses are cutting back on their marketing and branding efforts. A lot of our competitors seem to be doing just that. But is this wise?
As a small business owner myself, I understand why many entrepreneurs would want to cut down on marketing activities. Being conservative feels like the safe choice when there’s uncertainly about how long the crisis will last. But if you want to stay in business, you can’t stay idle for long.
By CHARMAINE DAVISON
After over a year since most of the world went into quarantine or lockdown, brands are coming to terms with a hard truth. The ‘new normal’ is – perhaps ironically – going to be a prolonged period of uncertainty.
The latest wave of COVID-19 is now increasing in much of the Western world, a return to lockdown seems imminent, and businesses are gearing up for a long and difficult recession.
But despite the upheaval defining this most difficult year, brands are continuing to transform in real-time and lay the foundations for future growth (whenever that may be).
My advise? When you see your competitors closing down or slowing down on their marketing, you need to double down. You may not see the biggest return right away, but in the long term, you will. During an economic downturn, you’ll find that you will have less competition, which means it is easier and faster to get results, and in some cases, you’ll be able to get great deals.
“Smart companies are equipping themselves for the long-term: building real-time data dashboards, re-formulating brand strategies and slashing internal red tape to move faster.”
As a small business in the current climate, we can let fear hold us back, or we can seize the opportunities now available to invest in marketing with fewer players in the game.
While it’s important to recognise the uncertainties and fears surrounding COVID-19, don’t let this crisis paralyze you. Enabling your team to really understand your customers and act based on timely insights is key to navigating your way through this crisis both for your marketing and for your company as a whole.
Smart companies are equipping themselves for the long-term: building real-time data dashboards, re-formulating brand strategies and slashing internal red tape to move faster. Big brands are doubling down on fast consumer insights, looking to determine which new trends are here to stay and which are just a flash in the pan. In-housing creative or media has become a priority for some as they seek more flexibility and control at a lower cost.
You don’t have to spend a fortune to make smart marketing investments. Stay tuned over the coming weeks as we will be sharing some tips and tricks to help out all those small businesses out there looking to invest in their future.
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