Moving Past Crises: 5 Marketing Tips To Stay Profitable
There are ways to market to move to profitability now.
Even after a few months have passed, coronavirus (COVID-19) cases are still on the rise in some U.S. states and in Latin America and the Middle East.
“Even after a few months have passed, coronavirus (COVID-19) cases are still on the rise in some U.S. states and in Latin America and the Middle East. #COVID19”
The parallel racism pandemic and unrest following the killing of George Floyd is also a crisis.
“The parallel #racism pandemic and unrest following the killing of #GeorgeFloyd is also a crisis. #COVID19”
Both are taking a toll on our businesses but also on mental health. Nearly 90% of workers reported moderate to severe stress in April. I’ve seen that stress causes a lot of smart business owners to make really rash decisions. If we don’t calm down and rethink our strategies, our economy, especially small woman-owned businesses, will be even more dramatically impacted than they already are.
As a reformed lawyer who’s run an award-winning marketing agency for the past 12 years, I’ve helped a lot of companies weather a lot of storms. Here are five ways you can support your community and hopefully stay profitable during these chaotic times.
1. Double Down on Digital Spends
A lot of businesses are scared, and they should be since, according to Brian Menickella, co-founder of The Beacon Group of Companies, the economy is “falling from record highs to bear-market territory.” Because they’re scared, they’re questioning their marketing and advertising spend. Don’t be one of those companies.
Now is a smart time to double down on digital strategies so you can capture and retain more market share. It may sound a bit callous, but we saw the same thing happen in 2008/2009, and the smarter companies that survived and thrived turned a recession into an opportunity to grow. It will be good for you long-term and is the right thing to do to keep the economy going.
“Now is a smart time to double down on #digital #strategies so you can capture and retain more market share. It will be good for you long-term and is the right thing to do to keep the economy going.”
2. Get More Social (Online)
All of my in-person social and business plans have been canceled, which has left me feeling totally disconnected and frankly a bit lonely. That’s why now is the time to start or increase your social media content. In fact, social media engagement has increased 61% due to the effects of COVID-19.
Act as if things are as normal as possible and talk to your community, rather than at them, through your social channels. Start a dialogue and use these challenging times to truly engage your audience in honest conversations about what you’re doing to support them and how you’re working towards “business as usual.” Make them feel the love even if it’s only online.
“Now is the time to start or increase your #social #media content. Start a dialogue and use these challenging times to truly engage your audience in honest conversations.”
3. Put Your People First
A lot of companies were unprepared for a tragedy at this scale and don’t have emergency protocol for pandemics or health crises. Cheryl Cran, founder of NextMapping, said, “Maybe 20% of industries were ready, and those industries that were ready for remote work were already primarily gig economy workers, so freelancers, companies like Upwork, freelancer.com, [and] new start-ups.” Worse yet, there are a lot of employees who, if they don’t show up physically to work, don’t get paid. One of the positives we can take from this experience is that COVID-19 has shown us how much work we can truly do at home.
There’s no other way to say this other than, “Just be a decent human being.” At my agency, many of our employees and clients have kids and, with the recent school shutdowns, feel like this new way of life is taking a toll on their parent-child relationships. As for the rest of us, nine in 10 people are experiencing family and financial stress according to National Endowment for Financial Education data. COVID-19 has brought out the best and the worst in companies, and the world has seen which ones respect their employees and put their families first, and which ones haven’t. When you treat your employees with respect, let them put their health and families first and provide remote work opportunities, they will be more committed to the work and 13% more productive, which is good for business and morale alike. Bottom line: how you treat your employees is part of your brand.
“Bottom line: how you treat your employees is part of your brand. #SocialResponsibility #COVID19”
4. Convert, Don’t Cancel
Brands that rely on fundraising efforts like non-profits are rightfully panicked because state and federal orders have restricted gatherings across the country. Many events and galas have been canceled and the teams behind them don’t know how they’re going to raise the working capital they need to maintain their staff and support the work they’re doing in the community.
We have seen smart companies both in the for- and non-profit worlds quickly convert events and fundraising to digital. In fact, most non-profits have little choice but to continue their fundraisers and events using “digital fundraising techniques.” Whether it’s micro-donations through social media or crowdfunding platforms, there are tons of great digital tools that, if used right and quickly, can raise funds comparable to live events. There are also tools out there such as Zoom that can supplement the intimate connections between donors, keep meetings on track, and keep communities and communication flowing.
“There are tons of great #DigitalTools that, if used right and quickly, can raise funds comparable to live events. #Fundraising #Nonprofit”
5. Content Is (Still) Critical
Let’s be honest, with everything canceling and everyone wondering what to do next, some businesses have a lot of unexpected time on their hands. Look at it as an opportunity to develop quality content for your digital channels. Having a good content marketing strategy is essential to set yourself up for a successful future. Use Google Docs to collectively ideate ad concepts. Use Zoom to interview employees for human-interest story vlogs. Use a project management platform to make a more robust marketing plan. We know how hard it can be for brands to devote time to building out their content calendar, so take this time to write blogs and prepare email campaigns and audit your content. Because as we start to come out on the other side of this thing, we’ll all have to hit the ground running, and content probably won’t be top-of-mind.
“We know how hard it can be for brands to devote time to building out their content calendar, so take this time to write blogs and prepare email campaigns and audit your content. #Marketing”
We’re not trying to tell you that this isn’t a scary time, but it is a time for us to focus on what we can do to instill a sense of normalcy, even when it feels like things are confusing all around us. We will be ok if we all start adjusting what business as usual looks like and, of course, continue washing our hands.
“We will be ok if we all start adjusting what business as usual looks like and, of course, continue washing our hands. #COVID19 #BusinessAdvice”
Laurel Mintz J.D., M.B.A. is the CEO and Founder of award-winning, Los Angeles-based digital marketing agency Elevate My Brand. Laurel’s positive energy has been the driving force behind the agency’s growth since it launched in 2009. Her awards include: 2017 Patrick Soon-Shiong Innovation Award; 2016 Goldman Sachs 10,000 Small Businesses Company; Los Angeles Business Journal 2016 Women In Business Award; and more. Elevate your brand and the community by setting up your consultation today.