There’s no denying that the worldwide efforts to slow the spread of COVID-19 has taken a dramatic toll on the economy, with local businesses and growing startups taking hits that could lead to permanent shutdowns. During these uncertain times, it’s important not to give up on yourself or your business.
Whether you run an ecommerce-only shop or have a brick and mortar store in addition to your online shop, there are steps you can take to soften the blow and boost your marketing strategy sales amidst the COVID-19 pandemic. As you re-evaluate how you’ll keep your business afloat, be sure to have security as a top priority. For example, you’ll want an encrypted, secure online payments processing platform like T1 Payments and an HTTPS. With that in mind, here are a few ideas about what you can do:
Collaborate With Local Businesses
There’s power in numbers, and many Americans are going out of their way to support local businesses. Collaboration creates co-marketing opportunities that could bring in new customers and help you reach new market segments. These partnerships can even prove instrumental to building brand awareness. Brand partnerships create a higher brand value perception and can result in new, creative ideas for each business involved. Take one look at successful brand partnerships and you’ll understand why complementary companies have found unique ways to work together.
Many people aren’t spending money right now, and when they do, they have to have an incentive to pull out their wallets. Now is a good time to start analyzing your inventory and discount stock that’s underperforming. Even the best companies typically sit on anywhere between 20% to 30% of dead stock. After you’ve gone through your inventory, apply discounts or bundle items to help get them off the shelves. Be sure to communicate your offers on social media and in your email campaigns.
Host an Online Event
With so many people around the world practicing social distancing, now is a better time than ever to start putting together an online event. No matter what industry you’re in, virtual events are a great way to re-connect and engage with your customers and clients. And there are plenty of event types to choose from. From full-fledged web conferences to carefully planned seminars, there are endless directions you could go in.
What’s important is that you understand your value proposition and communicate it in your marketing messages. Be sure to promote far in advance. You may even consider working with another individual or brand, which can enhance your marketing and promotional power.
Send Out An Email Campaign
Sometimes, the best way to garner support is to be upfront and let people know exactly what they can do to help your business. Transparency is key. Create an email campaign that lets your subscribers know how your business is affected by COVID-19, how your business is addressing those challenges and staying safe, and what they can do to support your business during these times. By humanizing your brand and opening up with vulnerability, you’re able to create more genuine connections with your followers—not just now, but for years to come.
Target High-Value Customers
In business, there’s a well known concept that 20% of customers contribute to 80% of business. While these numbers may not be precisely true for your business, one thing is true: every business has customers that tend to spend more than others. If you’ve been utilizing a CRM, you can use your platform and create a segment of high-value customers. These are the people that have demonstrated significant interest in your business and already believe in the products and services you offer.
Pay Attention to Social Media
With social distancing and curfews underway, more people are at home scrolling through their social media accounts. If you haven’t prioritized social media thus far, now is a great time to incorporate it into your selling strategy. Take beautiful pictures and rethink your social messaging to accommodate these trying times. Use video stories to create deeper connections with your customers, and if your budget permits, promote your content. You can also work with influencers who can take your promotional efforts even further by connecting your business with their sphere of followers.