A global crisis can cripple a company’s marketing team or motivate it to thrive. In the case of the COVID-19 pandemic, many companies have already laid off their entire marketing staff. On the other hand, some are more agile and are coming up with new ways to engage their customers.
Entrepreneurs need to keep going if they want to stay in business. Being conservative is the best option when the situation is uncertain. However, it is also essential to balance the need to keep customers informed and entertained during times of crisis.
Studies have shown that the best approach to managing an uncertain economic situation is to increase your marketing budget. Doing so will allow you to keep up with your competitors and avoid getting caught flat-footed once the economy starts to recover. Despite the global crisis, most consumers are still receptive to marketing. According to a study by the American Advertising Agencies, over half of the consumers said they are happy to hear about brands’ efforts in helping their communities. It is crucial to consider the various factors that affect people’s lives in times like these.
Have Empathy For Customers
The effects of the global pandemic have been widely acknowledged. A study conducted by Reach3 Insights revealed that 76% of consumers had changed their habits and routines after the outbreak. 89% of them said they intend on keeping some of these changes. On the other hand, 36% of consumers are planning to try new products.
It is crucial to consider the various factors that affect people’s lives in times like these. According to a study by Gartner, CMOs should be proactive in monitoring their customers’ purchasing needs and behaviors.
Despite the importance of moving forward, businesses must act with genuine empathy. You can do this by various forms of research and customer engagement. Many companies have already established programs that can help them understand their customers’ changing behavior.
Tell Authentic Stories and Give Back
Some companies have already created effective campaigns that talk about the pandemic. For instance, Dove has created a spot highlighting healthcare workers’ courage. Some companies, such as Burger King and Budweiser, have also been encouraging people to stay home to prevent the spread. Despite the positive effects of storytelling at this time, marketers must still push their companies to do more. This is the perfect time to give back to the communities that they serve.
Everyone has the potential to contribute to their communities. It is, therefore, crucial that companies ask themselves what they can do to help. There are many forms of giving back. Companies such as Apple have been working on creating protective equipment in tech. In Canada, Save-on-Foods and big-box retailers such as Walmart have also increased their employees’ wages to show their appreciation for their efforts.
Nike is following the lead of other software companies by temporarily reducing the subscription fees for its apps to help people stay healthy while they’re quarantined. Although these actions may not increase sales, they will help build goodwill and drive long-term loyalty. Doing something nice for the world can help companies get through the pandemic.