Let's face it. Change is upon us. With the national pandemic, the spread in the market place is becoming more drastic. Many people have received the call for furlough or unemployment. As unfortunate as these situations are for some people, it is creating lucrative opportunities for others.
If you're interested in getting ahead of your competitors, you have come to the right place! As the economy is adjusting to a new reality, every industry has a unique set of new challenges to overcome. In this article, we highlight tips and tactics applicable to businesses hailing from different sectors.
Social Media engagement
Even though Google Adsense and television advertisements have seen a decrease in demand, social media, and all other forms of free content have a serious opportunity. This opportunity is from the surge of content people are consuming right now. With the pandemic in full effect and stay at home orders gone nationwide, users are consuming more content than ever before.
To stay top of mind amongst your target audience, push out daily content that entertains or informs your audience. So go ahead, fire up all social media accounts. And start posting! Your desired audience is on most of these platforms, and they are waiting for you.
Deliveries when no one can come to the store
Companies that are traditional brick and mortar storefronts have made the switch to accommodate the current situation. In recent weeks, several companies have made the transition from in-store pick up to delivering at their customer's doorsteps.
These 15 major food chains realized how much value they could provide to their customers during this time. So they quickly set up a system where they could deliver food to anyone in a close area, enabling them to stay open and keep business running, almost as usual.
By making your business accessible to online ordering and leveraging third-party services to fulfill delivery, you can keep your business running and generating revenue.
Help your audience when they need it most
The federal government has done many things to help out the citizens during this crisis. The government even extended the deadline of taxes for 2019 until July 2020. With the delay of taxes, Turbo Tax has decided to offer its services for free.
It is morally correct to help people out in these bad times, but when things turn around and become better, everyone who used the services Turbo Tax released for free will seriously consider paying for it.
The customers might even enjoy Turbo Tax services more than their previous alternative. Heck, these potential customers will probably not want to switch to different tax software to avoid going through the headache of relearning anything.
If you are a SaaS company, consider heavily discounting or even giving away your service for free. This display of generosity will entice your audience to use your service. They will remember how much they appreciated your hospitality during these times. And when our world starts to become healthy again, these customers will consider you first for the service you so gratefully offered for free.
As difficult as it is right now, I sure hope you are doing something to remain active! It will help you be more productive with your time while leading you to live a happier and healthier lifestyle.
With all of the public gyms shutting down, people are increasingly searching for gym equipment they can order and exercise at home, which has led to a surge in sales.
In New York, Syracuse Fitness, an at-home fitness equipment store, experienced a 625% increase in sales overnight! When every public gym shut its doors, all of the gym fanatics decided it was time to buy some at-home equipment. So if you offer an at-home alternative to any outside or public activity, it is time to start pushing that!
One final thought
You're probably thinking how great it is that these companies are growing, but wondering how you can improve your business.
Well, here are some actionable steps to get you started. First things first have an abundance mindset! The companies who plan to capture more of the market share than previously had will benefit from their efforts. In this article, Mark Ritson does a brilliant job outlining what brands can do to increase market share in times of recession.
Many business owners and marketing managers are left wondering whether to reduce marketing budgets to save money, or to increase marketing budgets to generate more revenue. While most companies choose to reduce their marketing budgets, the companies that have the means to increase keep spending have an opportunity to profit from this crisis. Considering most companies are planning to slow their spend to survive these times, a lot of the market share is available.
Now is the time to get ahead of your competitors. Be the leader in your industry, and jump at some of these opportunities! Which tactic will you try first? Let me know in the comment section below, and book a call to get started with your marketing team today.