We know that COVID-19 has created so much uncertainty, not only in your personal life, but with your business as well. Your initial gut instinct may be to pull the reins in on your “business-as-usual” practices and either slow down or cease your communications, sales and marketing activities altogether.
You may think that taking a super conservative approach will provide you some peace of mind and be the best management approach to weather any economic storms. But before you take action that you can’t easily undo, here are some tips you may want to consider:
KEEP MARKETING ACTIVITIES
Don’t be tempted to cut or eliminate your marketing activities. This is no time to stop promoting your business. Even if you can’t afford a large advertising campaign, keep some marketing activities flowing continuously, even some lower-cost activities can be impactful. Explore social media marketing, webinars, news releases, email blasts, blogging and online newsletters to keep your business top-of-mind with your customers.
CREATE SHORT-TERM SALES GOALS
Instead of trying to forecast sales through the end of the year – take a more short-term, 30-day sales goal approach. As economic conditions fluctuate, like they are now with COVID-19, setting more short-term goals can feel more attainable and be more realistic, and also be more appropriate for a specific time-frame.
MANAGE EXPENSES & TRACK CASH FLOW
Make sure you’re aware of all monthly expenses and cut any non-critical expenses at least temporarily. For every $2 you cut, invest $1 back into marketing to help drive brand awareness and sales.
UNDER PROMISE & OVER DELIVER
BE PROACTIVE with all of your customers. Don’t wait for them to come to you for help, reach out to them first with ideas on how their business can remain vital during an economic downturn. Your customers will value your input and see that you’re doing everything you can to help them remain successful.
Your business can still remain relevant and continue to thrive during an economic downturn. It’s important to have a plan in place and to keep your brand top-of-mind with your customers.