Should you stop business marketing due to Corona virus?
History is a great teacher. If you look at past situations that resemble the current situation you will get a tremendous amount of insight into what you should and should not be doing when it comes to looking after your most important asset next to your family, that is your business.
The Corona virus itself, may be new but these type of situations are peppered throughout our recent history. An event that captures everyone’s attention and for a wide variety of reasons changes everyone’s and every businesses business strategies.
The one that comes to mind is 9/11. The event itself was horrific but one of the outcomes of the event, which the terrorists had accounted for, was that the American economy ground to a halt. People did not go to malls in fear of Al-Qaeda, many businesses withdrew their advertising initiatives and in short we collectively stopped doing what had made us successful.
This is a very human response but when you look at it closely it is a response that is bad for business and ultimately bad for you and your family.
Every downturn is just an opportunity to take advantage of.
When the stock market falls and there is a huge sell-off the ones selling are the lambs being lead to the slaughter. Those larger buyers and savvy investors are waiting for these occurrences to happen so they can swoop in and buy the stocks that a month ago were trading at $20 that are now for sale at $10. They know that if the stock had value at $20 and is now for sale at $10, the chances it will be back at $20 is very, very good. History has proven this to be the case.
The exact same principal applies to marketing at these times.
During 9/11 many small and mid-sized businesses cut their marketing and advertising budgets drastically. Their “logic” was that since people were not spending like they were before Sept. 11th that advertising was a poor investment. The companies that did this made a fatal mistake. Here’s why.
Now’s the time to cut through the clutter.
Let’s face it, nowhere near everyone is going to take this advice to heart. There will be those that cut back marketing and as a result fade in their target clients minds.
However, those that market harder at these times take advantage of an opportunity that does not come around often. They have less advertising competition and as such their message is shown or heard more often.
Marketing at these times show’s your customers you are confident, a winner.
No one wants to associate themselves with a loser or someone who is so insecure that they do what the rest of the “sheeple” do. Especially when it comes to marketing.
Customer, clients and consumers LOVE to associate themselves with a winner. In 2020 I can guarantee you more people will buy Tom Brady and the New England Patriots jerseys than say the Miami Dolphins jerseys. It is quite simply human nature. Most people want to be part of a winning team. (yes I know New England did not win this year, but my point is simple, they continued to market and sell their swag).