Consumers’ purchasing behaviors have undoubtedly changed as a result of the pandemic. You may have relied heavily on foot-traffic to your storefront or face-to-face interactions to generate leads. Alas, this is no more, at least for the time being. COVID-19 has disrupted our personal and professional lives in almost every way imaginable. With regard to the financial impact, it’s rightfully concerning, but there are things within your span of control that you can do now to lay the framework to expedite the rebound of your livelihood.
Shift Marketing Dollars
While it’s easy for businesses to completely cut marketing spend in times of crisis, rely on data to make informed decisions. In order to make a quick recovery post COVID-19, your brand will need to remain relevant and in front of your target audience, even in these volatile times. Cut back where it makes sense and reallocate dollars to an area that will function to fill the pipeline with leads for future follow up. Consider creating a lead generation digital asset that website visitors will be willing to give their email.
Statistics and plain old common sense prove that your subscribers are gold for your business. They will comprise a large part of your sales and provide word-of-mouth and social media value, so make sure you treat them well and provide unique content that is sensitive to the current situation. With more people at home and online, it’s crucial to have consistent and valuable content served up to your target audience in order to keep them engaged with your brand.
- Educational webinars
- How-to videos
- Video interviews
- Current promotions
- Community Involvement
- Live video Q&As
- Live product demos
Review Your Long-Term Goals
Focus on achieving long-term results like email/user data collection, engaged website visitors, and a growing following on social media. Efforts in each of these areas will keep your pipeline warm with the potential for future sales.
Evaluate these metrics:
- Website average time on page
- Website pages per session
- Website Traffic by page
- Email open rate
- Social engagement and following
- Number of lead generation downloads
- Number of emails collected
Maintain a Business Continuity Plan
Prevention is key. Businesses must be resilient and have a plan to either endure environmental changes without having to permanently adapt, or the business must change to a new way of work that better suits the new environmental conditions.
Resources for building a business continuity plan:
- Business Continuity Planning Suite
- Business Continuity Plan Template
- How to Develop a Business Continuity Plan [Webinar]
- How to Create a 13-Week Cash Forecast
Additional Help For Creative Businesses
You are a maker. You are a creator of beautiful things. And you inspire us to do more. Below we’ve pulled together a list of additional resources to help your business continue its legacy of creativity and innovation.
- Coping with COVID: Financial Implications for Creative Individuals
- Diversifying Revenue Streams
- Understanding the Paycheck Protection Loan
- What the Stimulus Package Means for Small Biz & Non-Profits
Small Business Programs:
- Small Business Advocacy Council
- The Main Street Initiative
- Google: $340 million in ad credits to support small businesses
- Facebook Small Business Grants Program
Additional Information & Resources:
- Navigating COVID-19: A Simplified Guide to Resources for SMBs
- Simple Tips for Better Online Meetings (COVID-19 Edition)
- How to Keep Remote Staff Engaged
- Website Resources & Funding Opportunities from Shopify
It’s likely consumer spending habits will not return to the way they once were, pre-pandemic — at least not for some time. But we’re all in this together and the best way not only to survive this, but to come out of the other side poised for success, is to be adaptable, strong, innovative, and glean lessons from your most dedicated customers and social followers. A little bit of proactivity can go a long way; you just need to find the right angle for your business.
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This article is intended for educational purposes only and does not replace independent professional judgment. Statements of fact and opinions expressed are those of the author(s) individually and, unless expressly stated to the contrary, are not the opinion or position of Tru Vue or its employees. Tru Vue does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented.