Ensure the survival of your business in lure of the COVID-19 crisis swarming the nation by using these 5 tips in your company today.
Hysteria…Uncertainty…Panic…
Breakthrough! Don’t let the media’s words paint the picture of your company, you decide the words that describe your company…so be something more during this time of crisis…be meticulous, be rational, and be attentive. These 3 elements are the foundation for the 5 tips for surviving a crisis.
Navigate the COVID-19 health crisis with the following 5 tips to help maintain your business, to get the upper hand on your competition, to have a thriving business afterwards.
5. Remember Your Value
Approach the crisis first from the balcony. World renowned negotiator William Ury elaborates on approaching the balcony by stating “The point being that neutrally observing and identifying your thoughts and emotions (without condemning yourself for it) helps you stay in place. And not get carried away by them” (HOW TO CONDUCT DIFFICULT NEGOTIATIONS: THE SIX STEPS, 2016). This crucial step provides a different lens when performing a brand audit to realign the company’s focus; because, before you can provide value to your customers and/or partners, you must know your value. Ignyte Brands, a marketing agency, weighs in on the topic in their blog from this year titled “5 ways to Recession-Proof Your Brand” stating, “Understanding exactly how these behavior shifts will affect your industry (and ultimately your business) is key to making the most of an economic downturn”. Predicting the behaviors of your target market and recalibrating your marketing efforts to provide them with value can make a difference during a crisis for your business.
4. Advertise, Advertise, Advertise!
If advertising informs your customers and aids in generating new clientele (more income), then why is it always the first expense to be cut? In a state of panic, EVERYONE’s knee-jerk reaction is to cut everything, but remember you’re not in a panic. Cut through the “noise” of your competition by being the only one still being featured on billboards or other OOH (out of home) media, TV ads, and social media. Be persistent and intentional with where your advertising dollars are going. An inspiring story of this is the popular cereal brand Kellogg when the company surpassed its competition, Post, during the events of the Great Depression in the 1930s. The beloved cereal Rice Krispies was heavily advertised during the financial crisis, however, with the right marketing strategy and a great tag line, Snap, Crackle, and Pop became a household saying even to this day. To learn more about this powerful success story of overcoming business struggles with advertising read more here. While your competition isn’t advertising, use this time to build a creative ad campaign to informing the public that your company is open and ready to help.
3. Cash is King
A business is only as valuable as the team running it and the cash coming in. Generate more leads and maintain current clientele by starting with developing a healthy team environment by providing value. Proceed by collaborating with each department head/team to take inventory of the products, time, resources, and needs for them. Gain insights on where every dollar is being spent in operations. Begin to monitor inventory, and cash flow. At the end of the day cash is king.
2. Invest in Current Clients and Partnerships
Search for opportunity to be impactful in the community to build stronger bonds with clients and partners. In an effort to show their appreciation for the heroes of our communities, this past Saturday March 28th in the Duluth, the Law Offices of Gary Martin Hays & Associates, P.C. graciously fund raised over $2,000 to cater Strange Taco, a local Lawrenceville restaurant, for the amazing medical staff at Eastside Medical Center for Taco Tuesday. Continue to be present and involved in the community. Exclaim your gratitude for their business over the years and present a call to action to encourage involvement in making a difference. Developing those long-lasting relationships during tough times will flourish when times are good. The last action to take is to go silent. Consumers need to that they can trust you and that you are willing to help.
1. Focus On What People Are Going To, Not What They Are Going Through
Together we can overcome! Focus on helping customers overcome their biggest struggle…getting back a sense of normalcy. Right now, the world in a frenzy, but that does not mean your company has to be. Discover what it is that the market needs to return to normal and then work to provide that in your industry. Due to COVID-19 people are in isolation, so provide something to help connect them to family, friends, and your business. Along these lines, Netflix released a new feature available as a Google Chrome extension named Netflix Party, a feature that allows users to share sessions online to watch movies/tv shows with others…together. Another example is Instagram having a “FaceTime” like feature to be able to talk to your followers through a video call. The point of these features to provide consumers with where they want to be which is together. Therefore, provide a product or service that provides the consumer with a way to get back to normal, and together we can overcome this crisis.
Breakthrough! Survive the crisis and come out successful. Decide the outcome of your business’s success during this crisis and future ones to come. Utilize the business’s voice to remind your audience that even though everything seems chaotic that you are here to help them get to where are going to, and that together we can overcome this crisis.