As times passes and the world continues to expand and evolve, so too will the expectations of consumers. Veteran businesses have learned over time how to identify the movements of ebbs and flows in the market and how to travel with them. However, no one was able to prepare for the current economic situation, and the needs of customers didn’t change slowly in a way that business owners could moderate. So, how are they marketing to customers who now have different needs than before?
Identify Your Customers’ Challenges
To give your customers what they need, you must communicate with them. Understanding their situation is the first step to providing a solution. Use your social media channels to reach out to your audience, and dig deep to discern what will help them. Try to focus some of your CTAs on encouraging communication as opposed to creating conversions.
Respond to the Challenges
A closed restaurant in Portland is spending its time finding unconventional ways to serve its customers. They began selling their ingredients and hosting online cooking classes that allowed individuals to follow the instructions of a professional chef. When they simply offered takeout and delivery, the restaurant made $500 a day. When they started this new marketing strategy by way of cooking classes, they saw their revenue jump up to $5,000 a day.
Another industry that has had to change its trajectory is film. Since theaters are closed, films previously scheduled for release are instead being made available to rent via online streaming services. The average charge for film rentals sits at around $20, which is roughly the equivalent of the price of two movie theater tickets. Moving forward, releasing movies online and in theaters at the same time may become a standard format.
Don’t Capitalize on Hard Times
Unfortunately, some businesses are attempting to use this recession as an opportunity to stay afloat in ways that seem disingenuous. Price-gouging on some necessities is one example of this. Some businesses have also been encouraging customers to spend their stimulus checks on their nonessential products instead of on necessities. These strategies may provide short-term results that will help your business stay afloat for now, but they won’t sustain you when the recession ends. You’ll see better long-term results by building customer loyalty via empathy and promotions.
We noted above how a couple industries are finding creative ways to adjust. How you choose to reshape your business at this time depends on your industry and how you can use it to serve the community. Spend some time looking at how other businesses in your industry are adapting, and use this as a stepping stone to climb out of these difficult times.