Invest in Marketing

Invest in Marketing to curb the Coronavirus Business Disruption

Whenever there is an economic slowdown or disruption, organisations put most of their attention on reducing costs. You will find them enforcing budget cuts, especially on the less critical business activities. Some activities likely to get less investment will be incentives, corporate investments, travel, and training.

Whenever there is an economic slowdown or disruption, organisations put most of their attention on reducing costs. You will find them enforcing budget cuts, especially on the less critical business activities. Some activities likely to get less investment will be incentives, corporate investments, travel, and training.

Here, you will understand the need for companies or businesses to invest in marketing even during economic disruptions continually.

Customers

When a crisis occurs that disrupts the economy, it is not the time for businesses to cut costs to the extent of forgetting their core purpose. Most businesses forget that they have to be proactive, especially when marketing their products and helping their customers during a crisis.

Your customers need to know your next course of action amid the economic disruption. They still have to trust you and remain loyal to your business.

One thing you need to keep doing is customer engagement. Find channels that can continually talk and share information with your customers regarding the products on offer. Some avenues you can use include emails, flyers, mailers, and presentations. Well-established organisations that enjoy a large customer base can utilise ATL platforms such as television and print media. But if you need a personalised and focused approach, then going digital is ideal.

Competitors

In uncertain times, businesses need to think about being more aggressive. They need to put in place a very proactive strategy that will allow them to remain competitive. In addition, conduct customer outreach campaigns to ensure you do not lose your customers.

Despite the need to cut costs, utilise the limited budget to invest in opportunities that guarantee the business's survival. Take up any niche that will generate additional revenue for the organisation. Invest in projects that will need less funding but attract customers.

Becoming a Leading Company

Even though markets undergo disruptions and even crash, they will almost certainly recover from their losses. Once the crisis subsides, government interventions are put in place to salvage the economy and guarantee its recovery.

At this point, your business should start generating some significant revenue. This is the case if, amid the disaster, you still kept engaging with your customers and remained proactive in the market.

You will have loyal customers who will keep buying from you, thus giving your business a competitive advantage when the economy returns to normal. So faced with an economic slowdown, it is no time to panic. Instead, the business needs to maintain customer engagement and get into less costly ventures that guarantee considerable profits.