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Well, everyone is officially freaking out.
The coronavirus is spreading and businesses, events, restaurants, you name it are shutting down and closing. Needless to say, most, if not all small business owners, have the same fear in their gut: “What the hell am I going to do for money?”
This is something that we are all facing. But the entertainment industry is usually the market that is hit first. People cancel events, shoots, projects, and go into panic and freeze mode. It reminds me a lot of how the holidays are. Around Christmas time people just stop working. Even when they get an email, a simple response is out of the question. This situation is a lot like that business-wise. People are scared for their business, and they should be.
Since I’m in the same boat I wanted to share what we are doing at C&I Studios to combat this.
First, we have to practice what we preach. So, we increased our marketing spend on our business, our advertising budget, our SEO budget up, and content budget. You name it, we are putting more money into it.
Because a massive amount of consumers are just sitting at home on the internet browsing their phones. When they are tired of reading news articles about this coronavirus they are looking at products and brands online that interest them. This is where your marketing comes into play.
We aren’t just spending more because we are a marketing company and that sounds good. No, we actually need it to work. We still have projects in the works and are expecting more contracts to be signed. Business will ramp back up in time, and when it does and the economy rebounds you’ll want your business to be ready for the uptick. Ours will be.
Change is good for brand growth, which means this is a great time to adapt and modernize your brand.
I was thinking about the restaurant industry… If you are a restaurant owner, you’re probably freaking out. The lunch rush is gone; the dinner rush is gone. So, what can you do? Well, Uber Eats and Postmates are skyrocketing right now. Everyone is at home ordering in because they have limited options.
Now more than ever, your video content, photo content and social media are THE MOST IMPORTANT PART OF YOUR BUSINESS. How you present your business online is why people will Postmates from you rather than another restaurant. You have to continue working on building and marketing your brand if you want to stand out and profit. Run some sales, promote discounts, create specials and market them to people in your area. This is the time.
Life goes on. People are still spending money. If you don’t think they are, check out grocery stores, Target, and Walmart. And, yes, people are scared, but a lot of people are also shopping online. So why aren’t they shopping at your store? This is when your digital presence matters more than anything. If you aren’t selling then it’s time to make some moves.
Finally, work on YOUR BUSINESS. You have been so focused on your company’s operations that you are now being forced to think outside the box. Now is the best time to do all those web changes you’ve wanted to do, or setup that campaign, or make that video production project happen. This is the time to plan. Will it all cost money? Yes, but if you don’t get ahead, you will be left behind. Some restaurants and business will remain in business because they will adapt. Others will die because they didn’t want to do anything. That’s the biggest difference right now.
Thankfully all of this can be done from your home communicating with your Advertising and Marketing Agency. Products and commercials can be shot without getting 10 people together. Web projects can be done remotely. Things can happen, you just have reset your mindset from fearful and reactionary to proactive.
Don’t just think about how you can make your business survive; think about how you can make it kick ass. Set yourself up for when the coronavirus is done. When life returns to normal you should be in a position to implement the projects that you created during this lull in business. Not picking up the pieces once it passes.
We will get through this. Do you remember what it was like when you started your company? Good. Stay scrappy, get strategic, and spend money where you know you need to. It doesn’t matter what you sell and who you sell to. If no one knows about your business, then no one cares.