Why you need to keep your marketing during a crisis
Data: 2020 m. kovo 19 d.
You may have heard it before: In times of crisis, the marketing budget is the first thing businesses cut. And why not? It’s one of the easiest ways to free up some cash. In fact, when business is slow, there are basically two things a company can do to improve cash flow:
- Get more sales
- Cut costs
You don’t always have control over more sales, but you do have control over your costs - and here’s where many businesses make a critical error, by choosing costs instead of sales. As marketers fear waking up each day during the COVID-19 outbreak, it’s up to us to find unique ways to keep businesses open and justify our existence. After all, if the NBA is willing to lose hundreds of millions of dollars by shutting down, what chance do small businesses have?
The truth is, there’s always opportunity. When one industry struggles, another one thrives. Can’t go to a nice sit-down restaurant? No, but I can order a pizza. Grocery stores are certainly exceeding their annual expectations. Bookstores are closed but Amazon is open for business. Movie theaters are shut down, but now might be the time that moviegoer finally decides to sign up for Netflix. Speaking of movie theaters, Universal Studios just announced they are making some of their new movies available on-demand during Coronavirus Outbreak. For Universal, it won’t be a total loss. In fact, some movies may even do better on-demand.
But not every company is Universal Studios, with segmented product offerings and millions in the bank to cover their losses. What about YOUR business? People may be temporarily spending less now, but that won’t last. Businesses still need services, and consumers still want things.
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