In times of financial uncertainty (such as the current COVID-19 crisis), the first thing most businesses do is cut costs. This may be an essential move to keep your business viable, but don't make the same mistake most businesses make when under financial pressure.
As business owners, we don't always have control over sales, but we do have control over costs and unfortunately, the first expense to go is the marketing budget. This is a critical mistake. 5-8% of your total annual revenue should be spent on marketing when times are good, and 10-15% or more when times are bad. You have to work even harder to advertise your business.
Smart business owners boost their marketing budget in times of crisis because they understand these key facts:
Most businesses don’t advertise in a time of crisis
There is far less competition in the marketplace
Less competition means cheaper advertising costs and more chance for brand and product exposure
Understanding that without marketing, their business has almost no chance of riding a financial crisis.
There is no excuse for not working on your business, whether its a bad time or not. If business is slow, you most likely have time to find ways to generate cash-flow. So instead of panicking, get your staff, family, and friends together to brainstorm ways to see the light at the end of the tunnel. You will be surprised how quickly the mood of your organization changes for the better.
Here are a few ways you can advertise for your business in critical times:
Currently there are fewer people out in public and more online, this is your perfect chance to try Facebook marketing if you haven't already
Even though there are fewer people in public, there are still people driving to and from work, or going to the grocery store. This is where physical advertising comes in to play such as banners, signs, decals, window and wall graphics
Communicate with your customers by sending out emails letting them know you're still open and willing to work for them
Let's see all these small businesses survive!