With the COVID-19 cases spreading across the world, there is no doubt that the Global Economy and Businesses have severely affected. Drop in sales, high staff costs, expensive rentals, and utilities bills are just a few major issues faced by most of the industries now.
To help you look after your brand – here’s our take on how to “Strategize Your Marketing (And Spend Your Budget Wisely) In the Time of COVID-19.”
To download a PDF version, click Here.
1. Think Long, Not Short
Any active sales or hot deals that are being promoted online may stimulate sales for a short period of time. But the smarter business owners will focus more on the longer-term brand-building mission.
Keep your brand ‘alive’ instead of remain ‘silent’. Think about what are the long-term values that you and your brand can deliver to your customers.
2. Don’t Try to Hike Prices in Response to COVID019 Demand
Sunway Malls, the retail division of Sunway group Bhd has done a fabulous job in gaining the media attention & free publicity by extending 14-day FREE rental to non-essential retailers given the tough situation right now.
Adopt a similar concept by addressing the question of how to make your customers/potential buyers ‘gain’ or ‘earn’ something when they feel ‘lost’?
After all, it’s about a little extra help and pay attention to detail.
3. Be Fearful When Others Are Greedy, and Greedy When Others Are Fearful – Warren Buffet
With the current economic downturn, it is not surprising to note that even billionaire investors like Carl Ichan saying that the market has more room to go down.
But from a marketer point of view, it also means “LESS COMPETITION, EASY TO GET RESULTS & MORE GREAT DEALS FOR BUSINESS.”
If you plan to slow down your marketing now, our advice is don’t do that. Instead, keep hustling to build your long-term brand strategy so that people will remember you. The more attention you gain, the more brand equity you garner in the market. It gives you a ‘short cut’ to build brand trust, and easy to promote your brand with less marketing efforts.
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