What Should A Company Do To Revive The Economic Slowdown?

By Author: Nilay Ankur
Total Articles: 93
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Nobody is happy at this time. Things are either moving bad or worst. There is very much negativity out there. Nobody knows how things will turn up Etc. This is what is happening all around us due to the lockdown. It seems like nothing is moving and people are stuck. When people are stuck it certainly means that businesses will also take a hit. Let’s be clear. We know all these things. But as an entrepreneur, you cannot sit and wait to end this. The entire marketing community is in shock. But that is what makes the best out of the entrepreneur. Many entrepreneurs strive for the hustle and that characteristic is going to work. An entrepreneur never thinks about short term problem, they always think about bigger opportunities.
Many philosophers put the light on a crisis. They tried to draw our attention to this situation as a fighter who is down in the battle. An entrepreneur has to think like a fighter who is down on the field and then there are only two things that can be done.
Either give up or fight it out till last breath. It depends on the mindset of the fighter. Nobody goes inside a ring or ground to lose the ...
... battle. They go with a motive to win the battle. But, is that so easy? No, not. It is difficult and it has to be difficult. That is why it is called a battle. First of all, an entrepreneur needs to win the battle inside their mind.
Nothing is more important this time than the mindset. Businesses need to have the right approach and mindset. What is the right approach? The right approach can help businesses think about growth in the long term. The right approach has to be divided into two-part.
IMMEDIATE:
A business has to address the problem immediately. Like fund-related problems, problems related to their operational costs. Cash flow problem, Defining a new market segment, etc. Many organizations are going lean in terms of employees as well. Many organizations are cutting down their employee’s salaries. I completely understand that it is important, but is it the solution to the right set of a problem moving ahead!
Keeping the present condition in mind, the solution for an immediate problem or smaller problem can be immediate. But to keep things afloat, the solution has to be very solid with future impact.
LONG TERM:
The solution for short term problems would be for a shorter period. We all know that market is going to open ad the market is going to revive again. As much the immediate problem seems big enough, the real challenge and opportunity lie in addressing long term problems. The impact of this lockdown is going to be long term by changing consumer behaviours as well.
Let’s take the example of social behaviour. We all realize that the impact of COVID-19 is not going to end soon. Keeping social distancing is going to be very important for people. Or else we can say, this is going to be the only way to fight this virus. So, even though the lockdown is going to get over, people have to form a social habit. It is directly related to businesses and marketing.
All the promotional activity related to the crowd has to be avoided shortly. The entire audience for entertainment or any content consumption will become dependent upon social media as well as OTT platforms. And when people shift in more personalized ways of viewing things, the marketing has to target the same platforms. Marketing or advertising campaigns have to be developed keeping the same in mind. Hence, we can see how social distancing is going to impact consumer behaviour.
So, digital marketing is going to play an exceptional role in reviving businesses.
An entrepreneur with a fighting instinct will always grab these opportunities for changing times and move forward. Many companies still feel that marketing is an additional cost.
I will try to put forward another point to prove that marketing can’t be added but it should be a priority for the businesses.
At this moment many companies are not realizing but their customer base is shifting. Your market competitors are going to slow down their marketing activity citing the same situation. And you as an entrepreneur should move into this direction. The whole game is about market share and market share has been defined by the customer base.
A customer base can be increased by only letting people know about the offerings. Once your competitors stop this exercise, you are offered an opportunity. The opportunity is about the new market, audience. Once you take the right approach and reach them with clear communication, the result often is astonishing.
This situation presents you with an opportunity to reach to customer base.
But this itself is not enough. Many times, People ask me questions like what marketing techniques should they use? What are the other things which they should keep in mind while deciding? What factors do matter or how to know the right time of marketing?
I will try to answer all the questions but before answering all the possible questions, I would like to focus on the most important issue. That is attitude. Yes, you read it right. Consider any marketing activity, it should begin with the right attitude.
Let’s understand it clearly, what is the right attitude?
The right attitude means taking things slowly and judging improvement on many scales. A company should never expect magic from the marketing agency. To be precise, MAGIC DOES NOT EXIST. To begin with, every activity takes some time to create an impact.
Let’s understand the same with an example:
Have you bought anything just after watching any advertisement just once? Have you got convinced just by speaking to the salesman on the first go? Have you seen buildings being built in a day? No, it is not possible. The same goes for marketing. It is not possible. To increase buying behaviour in customers, the brand has to create that recall factor in mind and then the behaviour gets generated. This is an important lesson and it has to be clear from the beginning. That is why the right attitude is the key to success.
Let’s address another issue. When to start marketing?
Very simple right now, at this moment may be. Yes absolutely right. Just ask yourself, if Edison; who created bulb, would not have shared the same with the world, would the world have known the same? No, not. Marketing is everything and everything is marketing. Yes, everything is marketing.
When you wake up in the morning and you brush your teeth. The toothpaste brand which you are using is also there because of the marketing. Please try to understand even though the product is there and you don’t make a conscious decision and plan to make it visible or heard. It is going to be a loss.
Even though you created something exceptional and you do tell people about it, it is useless. In a simpler form, marketing is about telling people about the brand. Asking people to trust you and then keep that trust in you.
Now comes the question of what kind of marketing activity should you begin within the very first place?
This question is important. So the answer goes like this. Have you seen a ship flying in the sky? As a ship cannot fly, similarly the marketing channel or activities can be decided according to the need of the brand.
As mentioned earlier, we need to plan it very carefully.
In most cases, digital marketing is apt for clients to need. Digital marketing, combined with social media marketing can be useful for most of the brands.
But always remember a doctor can only treat a patient right once the patient sees the doctor in person.
So, to recognize the problem area and get a suggestion on the best marketing campaigns, you need to get in touch with us. Our experts can guide you better and help you with the situation.
While concluding this blog, I would like to request everyone to understand the importance of marketing. If you don’t move at this time, you will lose out on time. A smart person will never let time decide things for them. A smart person will always try to take control of the situation and then act accordingly.
I have another message for the entrepreneurs specifically. I know this is a difficult time. Don’t lose hope. This is the time that will decide your character. This is a character-building time and you can very well do it. Just don’t think only about the present, think about the future. Think about the future and what the future is going to offer.
As an entrepreneur your vision is everything. This journey is going to lonely with many sleepless nights. But you are going to sail through this tide. You have always sailed the tide. More importantly, keep trying and keep focusing on economic slowdown; Things are going to fall back to place again.
Please keep in mind; you are going to survive at any cost.

Source:- https://twenty7inc.in/what-should-a-company-do-to-revive-the-economic-slowdown/