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We’ve all seen the tragic, human cost of the pandemic unfolding and the heroic work of those working on the front line.
Commercially, as countries start to sketch out their plans to ease certain restrictions, we can get a better idea of the business disruption we’re likely to see between now and next year. With that in mind, and to help you plan ahead, here are some specific marketing challenges, which business owners will need to overcome.
I’ve split them into 2 groups (business to business and business to consumer), though you may find some overlap.
If you sell products or services to businesses.
- Those offering design, branding and so-called ‘soft skills’ training may find prospects holding back on investment, until things settle down.
- It’s likely that a number of the businesses you serve will cease trading. This will vary depending on the industries you sell into.
- If your customers have been scaling back or reducing staff numbers, this could reduce the frequency or size of their requirement / future orders from you.
- With almost every business taking a financial hit from the pandemic, you will encounter more price resistance than before.
- Leading on from the previous point, your low cost competitors are likely to be a greater threat to your business than they were.
- Some of your competitors will be a lot more active with their marketing. Most will rely on DIY marketing and have little effect on your business. However, some may get expert help and eat into your market share.
If you sell direct to consumers.
- Many consumers will be forced to scale back on non-essential products and services. This is less of an issue if you sell into the expensive end of your market, or the low cost end of the market. It’s a bigger concern if you sell into the middle of the market.
- If most of your customers are elderly, many will be required to stay in lockdown until a vaccine or cure for COVID-19 is developed. You’ll need to create a safe way to serve your customers. Then, you’ll need to market your new approach clearly.
- Those offering so-called ‘soft skills’ training may find customers and prospective customers less willing to invest, until their financial situation is more certain.
- Restaurants, coffee shops and cafés, etc., are likely to be required to provide social distancing for customers, until a vaccine or cure is developed. This means you’ll have a smaller capacity, fewer tables / fewer seats and probably fewer customers. You’ll need to work hard on increasing the average order amount.
Issues like these will impact millions of business owners, but you don’t need to be one of them. Everything here can be overcome successfully, if marketed correctly. Everything.
So get to work now on the areas that are likely to impact your business. And give yourself the advantage of adapting to the new needs of your customers, before your competitors do.