9th June 2020
The road to recovery
How hackneyed the term ‘new normal’ sounds. Yet it is ill-defined. The economic picture has never been so mixed. Some sectors in healthcare or food & drink are booming, our hospitality industry is in lockdown / survival mode and other business sectors are somewhere on the spectrum in between. Many do not yet have a confirmed date for re-opening, so the ‘new normal’ isn’t yet established. As we emerge from hibernation, most of us are unsure about the future.
If your business is getting started again, there will be many things to think about. Cashflow, grants or loans, staffing and furlough, risk assessments, signage etc may be top of the list. Successful marketing is the only activity that will bring in vital cash. Is it on your to do list?
Marketing was probably the first thing you cut when lockdown started. Those businesses that were able to retrench and reduce marketing activity to keep a presence in their marketplace, will now be better placed to take advantage of the opening process. If you gave up marketing activity altogether, you may well be behind those competitors that had the resources to keep going. Whatever your history, now is the time to review future marketing.
The challenge is balance. How to achieve balance between the need to bring in new business without breaking the bank in the process? What environmental changes have happened over the lockdown period? Will the increased use of technology make a difference? Will there be legal challenges in terms of keeping everyone Covid-secure? Are your existing or new consumers going to be nervous about spending on your products or services at the same level as they did before? Lack of business confidence and tight cashflow in your customers’ business could leave your order book looking thinner for several more months. Or it may be that demand is going to be exceptionally high and this may present challenges of shortages of stock or capacity.
Whatever your precise situation, good marketing and clear communication will help you make the most of any opportunities that present themselves. Measuring results quickly will be key to good decision-making. Priorities and the balance of activities may need to change but will only be effective if you’ve already got good communication channels in place. Whilst hoping for a smooth road to recovery, my guess is that there will be bumps ahead for many businesses.
The marketing specialists at Aardvark have a limited number of free hourly sessions when we can discuss your plans and ‘sense check’ them with you. If you would like to take advantage of one of these review sessions and get ahead of your competitors, call Gill on 07790 341 239 to get your date in the diary.
Not opening just yet? Read our 5 marketing actions for business survival here