How are You Going to Adapt to the Coronavirus Recession?
by Digital Kites, on 25 September, 2020
The coronavirus pandemic has caused havoc on the global economy and world business seem to be plummeting day by day.
So, in this time of downturn crisis, staying calm and optimistic is not easy and one of our biggest questions right now is, ‘How to market in the times of Coronavirus recession or market downturn?’
Here are 14 areas to double down on during this challenging time, from e-commerce to marketing events:
1. Stay positive, the market may be slow but it will survive.
No two downturns are the same. But at the end of the day, by putting proactive measures in place, you can come back stronger once the crisis subsides. Be optimistic that the entire market will return to business as usual at some point in the near future.
2. Inform your customers
Remember opening up the online delivery portals and reading- “Our deliveries are shut down due to the Government mandate on covid-19 pandemic. We’ll be back soon.”? Yes! This is a time to connect to your customers like never before. So let them know what your current situation is, what you are offering, your delivery practices and schedules. Also, be sure to reinforce that you are using the best sanitary measures to give everyone that piece of mind.
3. Optimise and increase your online presence
As there are less people walking around the streets and stores than before, many of us are turning more of our attention to the internet and online media. Staying isolated is leading us to curb our needs by finding it online. This is a great avenue to jump start your online channels - online conversions are currently higher than ever before!
4. Grab new sales channels
If you can’t sell via physical channels, go for ecommerce. Grocery channels like big basket and food deliveries like Swiggy and Zomato are reviving back to cater to their audience after a major shutdown. Similarly try to convert more on social media such as Facebook and LinkedIn against your personal channels. No matter what, your business must go on!
5. Help your audience where you can
More and more people are staying indoors and with limited travel and socialising it's a difficult time for many. In this sensitive time, you can show empathy and reach out a helping hand wherever and whenever you can. We're all in it together.
6. Focus on your long-term investment business plan
If you are in B2B sales, long term investment is a done deal. Recognise and re-evaluate your processes and operations and pay attention to long term objectives, because this could only be a short-term slowdown for you. So, ease out!
7. Keep up with your competitors
Optimise your website and content regularly. Take care of SEO. You know everyone is online on their devices and utilise this opportunity. So, take proper insights from your audience regarding their fluctuating needs and behaviours. Surpass your competitors with your content, SEO strategies, audience insights and all that makes you ahead of them.
8. Make sure your customers know you care
In this time of adversity, why not consider your product base and put up special promos and discounts? In addition, this will make your users feel that you care for their economic situation especially at this hour when earning and sustenance has become difficult.
9. Research, research and more research
Researching your target audience is non-negotiable when it comes to pitching to sponsors. You need to clearly define which sponsors you are targeting, their marketing objectives, and how sponsoring your event will meet these. Knowing how your event will bring a sponsor value and identifying your assets to a lead straight away will secure a solid partnership.
10. Create case studies with sponsors
Creating case studies from previous sponsorships provides social proof that working with your brand is a positive and lucrative experience - particularly if your previous sponsors are large names within the space, this offers credibility to future pitches. Like testimonials, case studies reinforce the notion that partnering with you is a savvy and notable business move.
11. Communication is key
Bagging a valuable sponsor is all about collaborative communication. It is vital that you communicate your content strategy with a potential sponsor, as well as any campaign initiatives you’ve got up your sleeve, and the opportunities for exposure that your event will offer. Keeping business objectives aligned between marketers ensures that everyone benefits from a sponsorship deal.
12. Get down with data
You’ve got to back up your pitch with data. Numbers that predict a successful event ensure sponsors that it is a promising advertising opportunity. Your proposal should include attendance rates, predictions, and previous engagement statistics. Pitching with raw data reflects your dedication to getting things done professionally, and this only results in positive exposure.
13. Create the right sponsorship package
Creating an appealing sponsorship package is key to enticing sponsors. Your package should include a broad range of creative, up-to-date options. Instead of offering up one monetary sum, devise different, personalised offers that cater to a sponsor’s individual business objectives.
14. Making the most from your sponsors
You’ve successfully bagged your sponsors. So, how do you make the most of their presence at your marketing event? This all boils down to investing in a first-rate event venue. whether that be an online platform or in-person (socially distanced). No pressure — but, it’s true. In ensuring that your sponsors have spacious exhibitor profiles where they can showcase their brand to leads effectively, and that their brand message is enhanced across all of your digital content strategies, your sponsors are guaranteed a class-A experience.
At MarTech Alliance, we tend to dabble in a martech event or two. Find our more about our event series: https://www.martechalliance.com/events/anti-conference/sponsorship