The majority of businesses across diverse domains are still suffering the brunt of the pandemic. Contrary to popular opinion, only investing in chunks of money cannot help your business sustain itself during the economic downturn. Furthermore, if you consider cost-cutting to survive an economic downturn, you should continue your marketing efforts.
So, what are some marketing hacks you need to implement during this economic crisis?
I have laid down a few effective marketing hacks that you need to follow while keeping the operating costs of your business within the budget:
1. Reach out to the existing clients
It is cheaper to promote your business to your existing customer base, and the process is straightforward. Right now, it is not the best time to add your marketing budget to acquire new leads. Instead, you can show your customers how your business cares about them by offering them freebies, discount coupons, etc.
If you manage to appease these customers, they will make repeat purchases and refer your products within the network.
2. Do not let your brand reputation go down
To conduct cost-cutting, you’ll have to disable a few systems or elements of your business temporarily. However, you should pay extra attention to strengthening all the essential components of your business to prevent losing customers. For instance, if you own an eCommerce website, you should continue paying for the hosting services because if your potential customers cannot have a satisfactory shopping experience at your website, your brand reputation will go down the drain.
3. Only sell the essentials
You might have an enriching product portfolio, but honestly, your business might not be able to make money if you only stick to your usual offers.
If you’re not financially sound right now, then start selling necessities only or add some must-have products or services. Focus on value-based selling. In most cases, you will not be disappointed because it will not be challenging to acquire takers of essentials.
4. Encourage cash flow
Times are difficult, undoubtedly, but you should go out of your way to ensure that you don’t fall into debt. Do not lose hope and instead try to get hold of investors who are willing to uplift your business.
Here’s a value video that I came across when looking for angel investors (5 specific strategies to help you find angel investors) –
Alternatively, you should focus on enhancing your offerings to the customers to serve them better. If you have run out of ideas, then set a meeting with your stakeholders and encourage them to do all the brainstorming.
Finally,
5. Focus on your online presence
It is time to pay extra attention and probably invest more in creating an online presence for your business. With people working from home and hesitant to visit brick-and-mortar stores, you’ll have to clarify to your customers that you’re still open for business.
If you have had not the opportunity in building your digital presence, then better late than never, just to make your customers aware of your online existence.
I hope you enjoyed reading my blog post.
Let me know your thoughts or suggestions in the comments below.
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