According to the US Chamber of Commerce, approximately 1 in 4 businesses have temporarily shut down due to the Covid-19 crisis we are experiencing. Forty-three percent believe they have less than 6 months until they have to shut down permanently.
With all this gloom and doom hanging over our heads, as business owners and entrepreneurs we need to keep focused on riding out this storm. While we are getting our sea legs trying to figure out how to handle the rough waters, one expense that often gets cut is the marketing budget. I totally get it, but without marketing, your business might not survive.
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I realize that you have other expenses you need to fund in order to stay afloat but, when you’re making these decisions about what to cut back on and what to spend money on, consider the following reasons why you should continue investing in marketing:
- Your market continues to change. Some of your customers will disappear. If you sell to consumers, customers will move out of your area and new folks will move in. If you sell to businesses, some of them will close or retire but new businesses will pop up. The people or businesses who are no longer available are no longer a viable market for you and the new residents and businesses have no idea who to work with. If you halt your marketing, you will not be able to replace those folks who moved away, retired or closed and you may miss out on the new opportunities.
- At times, your customers and prospects have short memories. I can’t tell you how many times I received a call from a prospect who thinks they purchased from me previously but didn’t. Apparently, the prospect forgot who they bought from so the investment made by the previous supplier to attract their now former customer has been wasted. That’s no surprise, though. As business people, we are overwhelmed with the amount of stuff we have to do at work. Then, when you add in all the marketing messages we are exposed to daily, it’s no wonder why folks get frazzled and forget who sold them what. Stay in touch with your customers and they’ll think of you the next time they need to make a purchase.
- Your competition is still marketing. If you stop your marketing, your customers may think you closed your doors. If they cease to hear from you, they will eventually move on. Your competitors who have continued to market will scoop up those lost customers. Staying in touch with your customers is critical now more than ever.
- Some of your competitors will halt their marketing efforts. I know what you’re thinking – didn’t I just tell you that your competitors are still marketing? Yes, some are still marketing. However, some are not, and their customers will be up for grabs. Your marketing, and their lack of marketing, is to your advantage. As your competitors pull back, your marketing can cut through the clutter and attract more attention.
- Marketing continues to build your brand. If you cut back on marketing, all the time, effort and money you invested will have less value and the momentum you created will dissipate. The confidence you worked so hard to build with your customer base will weaken or break. Marketing will continue building your brand so when the economy rebounds, you will not have to invest as much to rebuilding or maintaining your brand as those who pulled back on their marketing.
- Some of your competitors will close, leaving more of the market available. Did you see the movie “Forrest Gump”? During the hurricane, his boat, the “Jenny”, was out at sea and survived while the other shrimp boats were destroyed leaving Forrest and Lieutenant Dan the entire market after the storm passed. The current storm we are experiencing will eventually come to an end and, if you keep marketing, your business stands a better chance of surviving this crisis and thriving when things get back to normal because there may be less competition.
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