The recent pandemic and recession have impacted small businesses everywhere.
Unfortunately, consumer demand is down thus hurting most small businesses’ revenue.
Yet we are still generating results for our clients even through this economic crisis.
Here is a quick look at some results our clients are currently seeing:
One of our manufacturing clients just generated 607 leads in just 2 weeks!
Another client of ours owns an e-commerce store & sells hair and skincare products.
They are currently seeing 12x their ROAS!
And these are recent results I’m sharing,
meaning these clients are seeing success in the middle of this recession.
I’ll show you exactly what you need to focus on to survive the economic downturn..
I’m going to show you exactly how we’re helping our small business clients generate revenue
without government assistance or additional funding.
With everything going on in the current economic crisis, businesses are doing everything they can to stay afloat right now.
From government shutdowns to staggering unemployment rates, to declining consumer spending and more,
business owners are desperately trying to figure out how they’re going to survive.
Being a small business ourselves, we completely understand the hardships (and fear!) businesses are facing in this economic climate.
Recently, one of our clients asked us to pause their digital advertisements due to the pandemic.
He was afraid people would stop purchasing, so he wanted to stop his advertisements and preserve cash.
But our team identified an opportunity!
So, we reassured them to stick with the plan..
And shortly after, they saw 241 qualified leads. .
So today, I’m going to give you 3 simple steps to follow for surviving this recession.
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Ok, so lets jump in by defining what a recession is.
Technically, a recession is two-quarters of negative GDP.
In other words, when the country’s revenue declines for 6 straight months then we call it a recession.
So how does this impact business?
Well… usually when companies revenues decline then they have to cut back on their people.
This then leads to higher unemployment and higher unemployment leads to lower consumer spending.
Skit: Hey, I can get you a really good deal on this car… Uhhh nah right now bro.
Typically, a recession is caused by some kind of behavioral change.
But this time is different.
We are in the midst of a pandemic which is forcing companies to close.
And when they close, unemployment goes up and when… Well… you get it.
But the US government is pumping trillions of dollars into the economy to keep consumer morale high.
And actually, according to XYZ consumers, today have even more disposable income than they had prior to the pandemic.
So companies like Amazon, Shopify, and Netflix are on a huge bull run.
So it’s time to position your business to join the ride.
Let’s go ahead and jump in with step #1
Now, I know this can seem vague or not super marketing-related,
but trust me, this is the first step that lays the foundation for the other two.
While we completely understand the loss around the recent pandemic, great results are never achieved from decisions driven by panic.
Let your competitors be the ones to stop operations while you try to get ahead.
When the pandemic first started, we had a client who wanted to scale back their budget…
But the data showed us otherwise.
And in the last couple of weeks, they have generated 61 purchases, making over 7x their ROAS!
If you’re not sure what ROAS is then I’ll link a video in the description about how to calculate your marketing budget..
Even if you don’t have a huge ad budget to utilize right now, a little goes a long way in digital marketing.
You can reach hundreds of targeted people with just a few dollars!
So the key takeaway here is that fear is not an accurate measurement of success or potential.
So don’t panic.
Let data and a clear strategy drive your marketing decisions.
Let’s move on to priority #2
Adjust Your Business Model
The goal of any successful business should be to solve the problems of their customers.
Now is the time to rethink exactly what your audience problems are.
This recession has caused some key behavioral changes that are likely to last for the next 6-12 months.
Some examples are:
People are spending more time outside.
People are working from home more.
People are spending even more time on their electronic devices.
People are looking for a safe way to have a good time.
So you want to meet your customers where they are.
Think about how your business can adjust to some of these behavioral changes.
Some of our clients are turning studio classes into virtual classes.
Workshops into Zoom consulting calls.
In-person events into virtual events.
Physical car washes into mobile car washes.
Setting your company up for these changes in behavior
will diversify your business risk exposure now and in the future.
Let’s move on to step #3
Start or Continue with Digital Marketing
People are online now more than ever!
People are working from home full time if they can, younger kids are being homeschooled and older kids are taking college classes online.
With so many people spending extended periods at home in front of a screen,
you want to stay in front of where they are already scrolling.
Now, one question we’ve seen floating around during all this is: Is it wrong to market or profit during this pandemic?
While we understand the reasoning behind the question, the answer is no and here’s why:
Consumers and businesses need each other right now.
Though it may feel insensitive to be operational during this time, the reality is that people need the goods and services you provide!
Even businesses that don’t necessarily offer “essentials” are still doing their part to help their community
by offering delivery, providing at-home solutions, donating a percentage of profits appropriately, providing helpful information across their digital platforms, etc.
We help support local economies, state economies, and the country overall.
Small businesses are what make our economy go-round.
Lastly and most importantly,
there’s a difference between making money FROM a crisis and making money DURING a crisis.
Understand that you continuing to market your business through this pandemic is not the equivalent to capitalizing on the circumstances.
For example, you’re not increasing prices on something in high demand like hand sanitizer during this period.
That would be an example of making money from a crisis, whereas marketing your business is simply making money during a crisis.
While we absolutely understand the sensitivity surrounding this economic downturn and the case-by-case needs of business owners, we want to encourage any that can market their business to continue doing so in order to see sales now and after this pandemic is over.
So in summary, in order to come out of this economic downturn successfully,
you just have to follow these 3 steps:
Don’t Panic, Adjust Your Business Model & Continue Marketing.
As soon as you implement those 3 steps, you’ll be on your way to seeing results & ROI.