Warren Buffett once said, “Be fearful when others are greedy, and greedy when others are fearful.”
During the current crisis, many companies have put their suppliers on pause or stopped trading with them entirely. They are not able to trade so the usual buying pattern has stopped. And as a result, a lot of them have stopped their marketing and advertising.
However, if we look at two economic crashes previously (the dotcom crash of 2000 and the global recession of 2008) and acknowledge that while now is not an ‘on the books’ crash it is having a real financial impact, we see that during economic difficulties is a good time to keep marketing.
The Professional Institute of Marketing and Sales analysed what the winning strategy to increase share of market was in various business areas during these crashes by comparing businesses that cut, maintained or increased costs:
While your competitors are holding back, you will have everyone’s attention. You can get your SEO and PPC ads to the top of the list more easily.
And coming out from any crisis, you will be front of mind for your target purchasers. As Harvard Business School put it in it’s analysis Roaring Out of Recession: “Within this group, a subset that deploys a specific combination of defensive and offensive moves has the highest probability—37%—of breaking away from the pack.”
Create a target list
Can you find out from some desk research (LinkedIn, Twitter and the like) who is buying from your competitors? Create a list of who you want to go after – not just logos but relevant contacts, phone numbers, email addresses.
Hone your competitive knowledge
Use any downtime now to create a killer list of why you are better (and weaker) than your competitors. This will instruct your message to the market, allowing you to major on your strengths and to invest time in shoring up your weaknesses.
What simple strategies can you employ to get your purchasers to switch to you instead of just switching back on their incumbents?
Love your clients
Is your client service and sales team doing everything they can to love customers? There’s nothing more compelling than having an existing client speak on your behalf. Can you get them to write reviews on Google My Business or a short case study? This can go into your advertising and on your website.
Are there adjunct industries?
Are there industries just outside where you traditionally sell that you could make in-roads to with a small product or value proposition tweak, thus opening new opportunities?
Spend a little on SEO and paid search
Creating content aimed at your list of prospects, focused on your strengths, and backed up by grateful clients gives you material to use on your website, in emails, on social media and in any collateral. With this behind you, a good SEO agency can help get you towards position 1 of page 1 on Google. Fresh, relevant, and in-depth content with plenty of links wins the day.
Paid search, whether PPC ads, (display) remarketing or social media ads can all help sway opinions too. And while your competitors are not investing, it is a great chance to overhaul your ads, improve the quality and enjoy lower bid prices. Again, a PPC specialist can help.
Monitor and improve
Of course, making changes can be unnerving. Make changes one at a time and measure the results. Are your page views increasing? Your PPC click throughs? How many of your phone calls turn into sales revenue – and how many of your target prospects do you win. As the old phrase says, if you can’t measure it, you can’t manage it.
If you’d like to find out more about how Mediahawk call tracking can help you measure and improve your marketing results as you plan a return to normal business, get in touch with us.