Tales of how businesses adapt during downturns.
The next few months will be a challenging time for many businesses, ours included. We are starting to see how this pandemic will affect the economy over the coming months. We’re only a couple of weeks in, and we’ve already had many conversations with our clients about their thoughts, worries, ideas, and strategies to soldier on.
Your customers needs are shifting, and how you deliver your products or services needs to shift along with those.
For some sectors, such as local bars and restaurants, there is almost no way to avoid an enormous hit to your business. For others, your best bet is to stay connected to your customers and listen to what they need. Your customers needs are shifting, and how you deliver your products or services needs to shift along with those.
Avoid slamming on the brakes.
According to a study by Harvard Business Review that analyzed how over 4200 companies fared before, during, and after a recession, companies that focused solely on cost-cutting fared the worst. A balanced approach has shown to be the best course of action in past recessions. Cutting costs in one sector and increasing them in others where there’s potential opportunity will be a winning strategy. Of course, that’s easier said than done.
Because we work with businesses across many industries, we are in a unique position to see how companies are adapting to face these new economic uncertainties.
Adapting our clients’ strategies in response to COVID-19.
- Moldman, a mold remediation company, is advertising new virtual inspections and consulting for DIY mold removal.
- American Parkinson’s Disease Association, a national nonprofit organization, is connecting with people from afar. They are focusing messaging on their online resources, virtual support groups, and downloadable educational material.
- Brix, a local catering company, is promoting temporary discounts for event planners confirming events that are happening later in the year, to help sustain their business in the long term.
- Ink Factory, a visual note-taking company that supports meetings & events, is educating clients about their virtual services. Their virtual graphic recording can support and strengthen how their clients communicate, even remotely.
- A regional hospital group is raising awareness of their online symptom checker through search and display ads. They are also promoting free COVID-19 medical information through Google display ads.
- Bradford Systems listened to their clients who are challenged by employees working from home, unable to access work files. Bradford System is working to quickly digitize paper files for their clients to make them available to remote employees.
- A local CBT treatment center is undergoing a huge push to transition in-person therapy sessions to virtual sessions. We’re setting up a campaign to help.
Lean into your community.
Right now we are discussing how our business can adapt, evolve, and do what needs to be done to prosper during these times.
A big part of that will mean helping our clients and members of our business community through this unprecedented business cycle. It can be lonely being a small or medium-sized business owner, especially now.
Lean on your network of experts and kick ideas around. Don’t get stuck in a bubble of panic. We are online marketing experts and enjoy discussing strategy with clients and friends in our business community.
How is your business planning to change during these times? We’d love to hear your stories.
Reach out to info@pilotdigital.com to tell us your story.
