Watch the Webinar on this topic, now!
Founder & President Cori Kohlmeier gives a webinar about the importance of keeping marketing strategies flexible in the face of difficult economic times.
Stay relevant in any circumstance
Founder & President Cori Kohlmeier talked about marketing through the pandemic with SCKEDD and shared the famous words of Sam Walton. The founder of Walmart, Walton instinctively knew what every successful entrepreneur knows—booms and recessions are an inevitable part of life and business.
“I was asked what I thought about the recession. I thought about it and decided not to take part.”
During a recession, consumers have less disposable income and try to reduce expenses wherever they can—sometimes drastically. As a rule, though, people try to maintain their lifestyle and regular routines as much as possible. The solution often involves cheaper alternatives. In the 2008 recession, that’s exactly what Netflix offered.
In 2009, at the height of the economic crisis, Netflix shares were up 57% over the previous year, its earnings had jumped 24% and its subscriptions numbered over 9 million. This is in stark contrast to the Blockbuster video rental chain, which saw a $374 million loss and closed hundreds of stores in that same period.
Solve problems and see opportunities
Advantage Marketing always encourages clients to see the opportunity. Examine your social media communication and the benefits of each platform. There is movement among different people on different mediums. Work with an expert to make connections that convert to customers.
Remember that video is king and all it takes is a smart phone. Don't get fancy and just keep making content. It may be uncomfortable but you will get better. Give people information and tell them about your services. People like to watch videos so keep sharing to build your social reach.
Advantage Marketing is building a lot of new websites. These are crucial places to tell people about your business. We are adding e-commerce, sprucing up online stores, making it easier to order, implementing delivery and curbside pickup.
Many companies are trying digital marketing tactics for the first time. Agency clients from across the country utilize Advantage Marketing digital media buyers with expertise in geo-fencing to reach the right customers. Online ads, reputation management, eblasts and newsletters are all affordable options.
Focus, survive and thrive
Determine what you can control and what you can’t. Then, focus on what you can control. Your message and your reaction most importantly. You can’t change much about the pandemic, and related shut-downs, but you can adjust and meet your customers where they are.
Keep doing business, reach out to people and organizations who can help. SCKEDD and SBDC, in particular, are here to help small businesses thrive in Kansas. They have resources and ideas to navigate the challenges most business owners face today.
Provide frequent updates to your team, customers and potential customers. Talk to your customers, find out their pain points. Ask them questions and see how you can solve new problems. Use Google to research your market and marketing tactics you might not have thought about like blogs, research groups and trade newsletters.
If you can survive this and thrive in some instances, you can survive anything! Keep pushing forward.