Contagion is soaring across the globe, bringing havoc in the global economy. In such a situation, the general masses are concerned about their lives and focusing on purchasing essential items only. The changing consumer trend has greatly affected businesses dealing in non-essential items. Due to less market demands, companies are facing liquidity crunch and struggling to survive this hailstorm.
Even doing business promotion seems an ineffective technique now as consumer needs are focused on basic amenities only. Corporations have to modify their business models and transit products into essential items. Besides this, there is a series of other marketing techniques that can be used.
Trim Down Marketing Budget
Marketing is essential for business recognition although it would not work in the present picture.The consumers are presently splurging on essential commodities and overbuying them for future use. They are totally ignoring non-essential items, thereby, promoting non-essential commodities is futile. Thus, companies should not invest money on marketing and divert that money into other sectors. However, they should keep in mind that marketing should not be stopped entirely as then, it will hinder chances of gaining potential customers in the offing.
Use this Opportunity
An unprecedented situation like this has not arrived before, corporations and small businesses were not prepared to tackle Corona-led recession. This adversity can be taken as an example and companies can formulate business plans to handle this situation. Also, enterprises should scrutinise changing consumer behaviour like their engagement and tastes. They can access such data from big data companies and accordingly, plan ways to target the audience in new ways.
For instance, if the consumers are spending more time on the Internet and social media, then the companies can target them digitally. A company talks about its product and services, and represents it as an essential item for a certain age group. In this manner, it can create prospective customers for the business.
Targeting Potential Customers
Once corporations formulate new business plans and find their target audience, then the next step involves differentiating the audience by considering their potential. Consumers with high propensity to buy products of the company should be given more focus than other leads.
While targeting this group, the company should offer them first-hand knowledge about its products and services. It should focus on brand awareness and accordingly, put adverts on the Internet, social media and other offline marketing sources.