Right now businesses are really feeling the pinch, and many are going under. For experienced copywriter Carmine Mastropierro, when money’s too tight to mention, there’s little point spending it frivolously. A focus on digital marketing might help see you through.
COVID-19 is exposing marketers. All of us.
Some have closed up shop.
Some are thriving.
And, for many, any chink in your armor is suddenly a giant hole that you have to scramble to fix.
But what did the businesses that failed and laid off up to thousands of employees do wrong? What are the companies growing faster than ever doing right?
Let’s talk about it.
Don’t neglect digital marketing
Business is all about being modern. Staying up to date. Keeping your ear to the ground. You don’t want to get romantic with any strategies or channels.
Unfortunately many businesses have grown to rely on referrals, word of mouth, and in-person meetings. Think of lawyers, dentists, and doctors. They’re mostly physical businesses so they market and operate as such.
However, they’re realizing this is a huge mistake. These companies neglected digital transformation (similar to Sears bankrupting after not getting into e-commerce) and they’re paying. Big time.
As a matter of fact, 50% of Canadian companies have lost one-fifth of their revenue due to the pandemic.
Digital marketing of all sorts – websites, social media, SEO, content, and email isn’t optional. It’s mandatory.
This is how consumers are connecting, engaging with brands, searching for solutions, and we need to be smack-dab in the middle to get found and drive sales.
Covid-19 exposed all of the businesses that were putting their eggs in one basket and were late to the digital marketing party.
But it’s not too late to start. Getting a website launched, social accounts created, and other fundamentals can be done in a few hours.
You can’t spend frivolously anymore
I’ve worked with many clients. Many companies. Many startups. I was always fascinated by how frivolously – sometimes outright carelessly – some of them would spend. No wonder 29% go out of business due to a lack of cash.
Marketing, advertising, hiring – you name it. They threw money at any problem they faced in the hope this would somehow solve it, or a new employee could.
Sure, it works. But the problem is they didn’t manage it as well as they should have.
Then, a global pandemic hits. Suddenly their finances, budgets, and spending aren’t optimized. They need to downsize, cancel campaigns, and lose accounts.
All of this could have been avoided or at least softened by having solid reasoning behind why certain contractors, tools, and campaigns were invested in.
Take a long hard look at your expenses. Is there anything not moving the needle? Could you downgrade plans for software? Effective and efficient spending is the future.
Stay on your toes and adapt quickly
Trends change fast. Marketers have become too complacent, hugging onto strategies and channels that work and drive ROI. But consumers get bored. Certain channels stop generating as much return.
Think about Facebook becoming the new Myspace.
…Tiktok becoming the new Snapchat.
…Texting replacing phone calls.
You get my point. Continually do research to determine what is working and what’s losing steam. Be ready to educate your organization about potential strategies and mediums or be ready to jump ship if plans aren’t working.
Otherwise, you’ll contribute to the statistic of 14% of businesses going under due to poor marketing.
COVID-19 swept the rug out from under our feet. Business owners and marketers were hit the hardest.
We can blame the economy, government, and external events but it’s more effective to look inward.
Were you prepared? Did you have an exit plan? What can you learn from this event? How can you grow? These are questions you need to ask yourself.
Moving forward, I believe universally that businesses can benefit from (and potentially be recession-proof by) investing in digital marketing, optimizing their finances, and continually being on the lookout for fresh opportunities.