Covid -19 Lockdown | Do I market NOW or LATER?
Lets talk about the Elephant in the room. Getting too many calls, whatsapp with regards questions about; should we be marketing NOW?
As there is more availability of the target audience. So the following should help you identify whether to go ahead now or later? Also what sector and shelf life of business does matter. However that; we will discuss later the point is. YES & NO depending on the following
- Are you in a business which has less of repeat customers?
- Do you have many repeat customers?
- Which product / service industry are you in?
- Can you reach to the customer or the customer has to reach you?
Lets start lights, camera and ACTION!!!
Am I business to customer or business to business ?
Incase you are business to customer, have low repeat customers, in a product / service industry that would be considered as essential products / services and you have short shelf life. You need to market NOW
Incase you are business to business, have high repeat customers, which are not in essentials, your product / services have a short shelf life. You need to market NOW, give discounts and convert inventory to cash / receivables
Incase you are business to customer, high repeat customers, which are not in essentials, your product / service have a longer shelf life, cost of acquisition is higher than retaining. Do not advertise but connect with your customers, through emails, calls, video calls and offer upfront offers if possible.
Incase you are business to business, Low repeat customers, your product / services are in essentials, your product / service has a longer shelf life, you can sustain for next couple of months. You do not invest in advertising but heavily on retaining the customers.
All in all, it is basic overview where do you fit in? Keep yourself in the quadrant and then lets plan for coming 60 days from lockdown. In times like these reaching out to customers, team members, making sure you are keeping healthy and not spreading the sad news is of critical in nature. You will have to start sharing the good news.
Everyone is aware of what is happening, so instead of just thinking about current, what happens when the businesses starts to revive? What is the post Covid -19 Status quo for your business? Are we ready to service, our customers?
Can we reach out to our customers instead of asking them to reach to us for services / products? Can we figure out which of our products / services are not needed in the near future and divert all the resources the ones which are needed?
What is the differentiation factor we have to promote?
What is possibility of expanding our reach, areas of expertise, product / service?
Can we make any upfront offers, can we work with flexi plans ?
Ideally lets open, explore our business models in the lockdown.
Some business sectors would take far more longer (3-6 months) to cope up compared to businesses which would take (1-2 months) in either way there is a possible stall. What is the new service / product we can add?
Can we add the music to the circus? (Blue Ocean Strategy) Or do we plan to manufacture telephones in the age of mobile phones (Red Ocean strategy)
In conclusion, there will be surge in the services, the best way to prepare is to convert delivery of services digitally.
Also use the lockdown to train you teams and prepare post covid – 19 and lastly please stay at home.
We can schedule a call to further understand the business and take a call which way should we head, you can reach out to me @ 8308333000 or write to me firstname.lastname@example.org