Coronavirus has become one daunting rollercoaster for small businesses with all the unforeseen twists and turns coming their way. Study shows that more than 100,000 SMEs have already gone out of business and 7.5 billion are at risk of closing. Under such distressing circumstances, what does the future hold for small businesses?
SMEs all over the world are finding themselves in a rapidly-changing environment. They need to make prompt business decisions to help their businesses stay afloat. Employing creative solutions is the need of the hour, with the pandemic throwing unprecedented contortions in the way of small businesses. While the first instinct of many business owners is to cut down costs, your marketing budget should not necessarily be the one taking the brunt. If you have a product or service that can closely meet the needs of consumers, you need to invest in smart marketing strategies that will get the word out to your target customers.
If you’re not sure how digital marketing can help your business to curb losses during Covid-19, here are some ways that illustrate how effective digital marketing strategies will not only help your small business gain profits but also help it become more resilient.
Let’s take the example of a quick-witted local book store that implemented smart digital marketing strategies to its rescue. When in March, the government ordered the closing of all the “non-essential” businesses in the state, restaurants, hotels, salons, theatres, book stores had to close like thousands of other businesses. While many business owners were bewailing their closed business, this local bookstore was swift to take action.
The bookstore understood how everyone would need something to spend their time at home during the lockdown. So, they started sending out e-mails to their present and potential customers regarding book recommendations, online book launches, online readings, and other such online events. This helped them spread the word out for their business to new customers and develop a better relationship with the present ones.
As far as the cash flow problems were concerned, the book store curated a list of e-books for their customers to buy, and they updated the list every week. Customers showed a great response to this business model and were keen to buy new books every week. The store used their Instagram handle as a book reading group that received a sweeping response as well.
So, learning from the local bookstore and many such small businesses who leveraged digital marketing to their rescue, here is what you need to do:
1. Invest in Digital Marketing
First of all, small businesses need to understand that Covid-19 is not the end. While the situations are definitely challenging, you need to keep an eye on the hidden opportunities.
Most of your competitors are going to sit back and relax, it is an idol time for you to take the lead. Investing in marketing strategies will help you even past the crisis, for the years to come. So, make astute business decisions.
2. Rethink Your Marketing Approach
Many B2B businesses were dependent on tradeshows and exhibitions to attract potential clients. As social distancing has become the new norm, in-person contact needs to be replaced with online marketing. You need to look for ways to shift your business operations online and divert your budget to digital marketing.
3. Spruce Your Website
Websites tend to get neglected during the regular business hustle. Now is the right time to rebrand or rebuild your website. The only way of bringing your website back to life is to do a thorough website audit. Update the content on your website, test the landing pages, and add new features on your website that makes it more user-friendly, like many businesses are creating relevant audio (podcasts) and video content, and posting it on their website.
Also, do some keyword research and update your SEO to organically outrank your competitors. You can reallocate your marketing funnel by stopping Google Ads and shifting your budget to Search Engine Optimization (SEO).
The unprecedented situation has given us a chance to reinvent what we sell and force a positive change upon our businesses. Embracing the shift will help your business emerge more resilient and stronger than ever.
So if you want to flourish through the lockdown, you need to employ digital marketing for your assistance. Also if you are looking for some jargon-free advice, why not consult DNA Growth?
DNA Growth is a global professional services provider specializing in Business and Financial Planning, F&A Outsourcing, and Digital Marketing Solutions. We have a cumulative company experience of over 50 years and a wide client base in Dubai. We provide an array of digital marketing services such as Social Media Management, Website Development, Search Engine Optimization, and various analytical services to clients across diverse industries. Our strong regional understanding, a commitment to excellence, and an expert team help us deliver marketing solutions surpassing customer expectations.
For any inquiries related to business and financial planning services for small businesses – Talk to our financial consultants at +91 98886 67447 (India) | +971 56149 8070 (Dubai) or visit our official website: www.dnagrowth.com for more details.