The fact is, nothing will ever be the same. Never. And what do many businesses usually do in the efforts to rebuild? Well, different entrepreneurs opt for different strategies, yet a great majority will think around the issues of down-sizing. Whether that is a smart move needs to be explored.
Grant Cardone in ‘If You’re Not First, You’re Last: Sales Strategies to Dominate Your Market and Beat Your Competition,’ posits,
One of the first things individuals and businesses do during periods of contraction is reducing their advertising and marketing. Big mistake. Now is the time to hammer your business into the marketplace with cost-effective marketing plans that let the world know who you are, what you do, and what you have to offer. Despite your tendency to want to save money in any way possible, now is not the time to retreat. Let your competitors’ contract to the point that they no longer exist while you press your bet, and if you are going down, go down swinging.
This right here is something to think about. What do you think can happen if you and/or your business actually took advantage of the crisis? When everybody is in panic and very few fear risking whatever little they have and you bulldoze your way up. There’s no telling what benefits can be reaped by those who risk during these times.
One way of successfully marketing during this crisis situation is thinking like a predator. Predators are driven by hunger and that is their advantage over their prey. No matter how hard it can get, predators know that they have got to keep stalking their next meal.
As it is said, “A hyena stomach is never full”. As a predator, staying hungry is non-negotiable. Engaging in violent pursuits of the prey is another non-negotiable.
It turns out that a similar mindset is essential for effective marketing, both during and post-crisis situations.
In other words, “It’s especially important now to be at the fore in your clients’—and potential clients’—minds. While this expand-and-conquer action is completely counterintuitive to all the bad news, you must effectively and aggressively market yourself and your business if you are going to survive, prosper, and capture market share from your competitors” Grant Cardone.
Remember, many of your undisputable competitors are also rebuilding and when the time comes they’ll topple the market. Grant further highlights the fact that, “Obviously, you want to be smart about this tactic and avoid spending money on strategies that don’t work. When things get slow, increase the amount of time you spend on marketing and prospecting for new business. You’re usually able to get the best price for traditional advertising and marketing campaigns during slowdowns since other people are doing less advertising”.
Now is the time to fiercely rebuild and gain ground before everyone else comes into the field.