4 Tips So Your Business Survives COVID-19
How do you stay afloat until this shutdown is lifted? We've put together some tips to help guide you in this second message on how to Survive COVID.
1. Explore all the economic resources available to businesses right now. From the U.S. Small Business Administration to your local, state and federal economic relief programs, there are plenty of resources worth exploring.
KEY- Cutting marketing costs decreases brand awareness, search result ranking, and brand loyalty. Once those things are gone, they are very expensive to get back.
2. Make a list of all the business tasks you've been putting off because you were "too busy." This might include doing inventory, revamping your website, sending emails to prospective clients, updating your social media or taking that online software class.
KEY- Keep in mind, a recession is only temporary. Companies that have enough foresight to invest in post-recession recovery will see exponential returns as the economy begins to grow again.
3. Reach out to the media. Whether your only doing curbside pick-up or offering online financial planning, let your local newspapers, radio, TV and online media know. Is your business closed? Tell them about the 100 masks you've made for a local nursing home or that you're using your 3D orthodontics printer to make ear guards for hospital workers. Keep your name in the spotlight not to toot your own horn, but rather to show you're part of a bonded community-even when you're not profiting from it.
KEY - Out of the 600 companies analyzed, the ones who continued to advertise during the 1981-1982 recession hit a 256-percent growth by 1985 over their competitors that eliminated or decreased spending. (McGraw-Hill is the stat credit.)
4. Re-evaluate your business plan. Where will you be in 6 months (or whenever) when the lockdown is lifted? Will you be starting from scratch with advertising while your competitors have kept at it? Do you think your customers will change how they buy from you? Will you have retained your customer loyalty during this crisis? Will you have a new audience for your business? Don't be afraid to change things up; adaptation can be very profitable!
KEY- Don't panic. People are still spending money. The need for everyday goods and services hasn't stopped, and in some cases, requests and receipts have never been longer.
Smart Marketing now and in the future looks forward to continuing to serve our local business community and to helping you thrive when this is over. We will be here to help you get ready for business again on the warm, sunny and beautiful summer days ahead!!
Our hearts and prayers go out to all those impacted, and we wish you continued good health through this unprecedented time.
Stay Safe and Be Well!
Kristie Melendez, Managing Member
Smart Marketing, LLC
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