To Market or Not to Market? Is There An Answer?
Everything we read, see and hear lately seems to be about the unprecedented uncertainty of these times.
This won’t exactly be one of those articles, but it is relevant. With weeks of varying levels of shutdown, and days of unrest and justified anger in our cities, many businesses are wondering what to do when it comes to marketing and advertising.
The gut reaction is to stop everything and hold on to marketing funds in case they’re needed. Then the studies come out. There is literally a century of studies on advertising during a depression, a recession, wartime, 9/11 and every other disruptive event the world throws at our businesses. A good synopsis can be found here and actual research here.
Web Chat Audio: Covid Market
During the pandemic, there has definitely been an increase in the sales of non-essential goods. This tells us that our customers are still out there, still active and buying, and still looking for us. The increase in sales at Wayfair is a great example of the fact that people want comfort in what they know. They know you, so be there for them.
Rather than talk about how your traditional advertising plan should continue, maybe even increase, I want to discuss all those other projects that were in the hopper three months ago and that you may have put on hold. It’s likely that if it was a good project in March, it’s still a good project in June. What types of projects am I talking about?
PEOPLE ARE ONLINE MORE THAN EVER.
Were you preparing to update your website?
That’s a project you shouldn’t put off, as people are online now more than ever. Your message and presence are likely under more scrutiny now than they were in March. At Vela Agency, we took the time to redesign and relaunch our website in recent weeks. You’ll never spend better money than you will on a good website update.
CONSIDER DIGITAL ASSETS.
Were you planning to revamp, update or create marketing materials
(maybe for your B2B clients) and think that you should wait, because you’re not even able to call on those clients now? Well, they’re still out there and trying to keep their businesses going too. Those materials could make the difference in your sales success. Consider digital assets if you hadn’t before.
BE WHERE YOUR CUSTOMER IS.
Is it time to assess your digital presence and how that can help propel your business forward?
The increase in sales of non-essential goods points strongly to the fact that consumers are still out there and wielding their purchasing power with companies that can serve them now. Of course, the vast majority of these sales are online. I’m not saying you should move all your assets to digital. Those TV ads are getting a lot of eyes now, with everyone home, but the digital world is exploding with users at the moment. Be where your customer is. Meet them where they are.
CONSIDER YOUR PRESENCE.
Speaking of that, what about social media?
If you had posts scheduled in advance, you better review them and consider updating your messaging. Or increasing your presence. At Vela Agency, we wanted to be a resource to our clients and the community, so we started a #WhatHappensAfter blog article and video series. We decided to do it inside of a week and had it up and running two weeks later. It was time consuming, took a lot of thought, involved almost everyone in the agency, and we couldn’t be happier with the results. So much so that we’re beginning Volume 2 of that initiative next week.
Right now, there is less clutter in advertising and potentially lower costs.
It may be time for your organization to reposition or rebrand. It’s likely the best time to work on your important projects. You may need to rethink some of your messaging as well as where that messaging gets used.
Marketing in any form – advertising, reaching out to B2B customers, etc. – is an investment. Just because the market is in a weird place doesn’t mean we pull our investments. Indeed, it’s a buyer’s market, or better stated, it’s an innovator’s and brave person’s market.
I’ll say again that what was a good project in March is likely still a good project for June. People are looking for some reassurance and hope. That includes consumers and your B2B partners. They are all juggling the whats, wheres, whens and hows of working in the coming weeks. What better way to help them than to be there, showing up with your products and services and keeping things humming along as best as you can in support of their businesses.
Want to learn more about Vela’s capabilities to help your team be successful? Contact us today.
While you are clicking, check out some of our #WhatHappensAfter content:
We offered our tips on how to do a communications audit; how to adapt to changes in the customer journey; what to say in your messages; and how to find the right channels for sharing them. You can find all #WhatHappensAfter content and related videos on the Vela website.