One sentence BIG IDEA:
How to Keep Your Marketing Business Afloat During COVID-19
Why is this relevant to marketers?
The COVID-19 pandemic is not only resulting in tragic loss of life, but it is also devastating businesses all across the globe. Marketing firms are particularly vulnerable to economic downturns. So how can you keep your marketing business afloat during the COVID-19 crisis? Below are six ideas to help your marketing business weather the COVID-19 crisis.
1. Go above and beyond for existing clients.
Don’t worry about going over hours. Provide additional services at no cost. Now is the time to knock it out of the park for clients. If they do well, you do well. If you get them through this, they will be loyal clients long-term.
2. Adapt existing services.
Create both low and high price point services to help fill in the gaps if budgets get cut. Have temporary scaled-back options for clients who need to cut their budget instead of losing the client completely.
3. Add new services and products.
4. Keep marketing.
Look for prospects in recession-hardy verticals. During COVID-19, this includes healthcare companies, select manufacturers, and technology companies. Do a search for businesses that are still hiring to see what businesses might also still have a budget for marketing.
Look for online speaking opportunities.
Invest in your own marketing.
5. Use metrics to show value.
Update clients more frequently than usual with metrics that show value.
6. Help someone.
Lots of businesses and organizations need help right now. Find ways your organization can help others, including do pro bono work, raise money to donate, manufacture needed supplies, such as masks, face shields, etc.
Challenge for Marketers:
Choose two ideas from the list above and create a written plan for how you will implement them immediately.
Sources: For more information on how to build a long-term strategy for weathering an economic downturn, visit the SowGrow Marketing Council Forum post below.