Starting a business during a crisis? Here are five marketing considerations

It is said that within every crisis there are opportunities and no doubt, there are entrepreneurs who are at this moment, busy identifying, analyzing and taking advantage of the many opportunities that the crisis of the coronavirus (COVID-19) presents.  On the other side of the spectrum though, consumers are laser focused on the issues surrounding corona, many of them adopting a wait and see approach to buying and developing new consumer relationships.  Where the two meet however, is heavily dependent on how the entrepreneur positions the business with potential customers during this period.

While there will be many elements to consider when starting the business, it is paramount that the marketing campaign takes into consideration the current climate for its ideal customer.

The following are five marketing considerations as you carve the marketing campaign for your new business venture:

1.     Have a clear communication strategy – The question of ‘why should I buy it’ must be clearly answered to in your communication strategy.  The Harvard Business Review in its article ‘How to Market in a Downturn’ places consumers into four categories based on their economic status during a downturn; the slam-on-the-break, the pained-but-patient, the comfortably well-off and the live-for-today.  These categories range from those who are hardest hit by the pandemic to those who experience no change in their situation.  Your communication strategy must use clear language that is succinct, to describe the new offering, what it will do, who it is for, the cost and its benefits.  No fluff nor jargon necessary.

2.     Define your ideal customer avatar – With any new product offering, a small business owner must be able to demographically say exactly who their target customer is; i.e. your customer avatar.  By defining your avatar you are able to determine where your customer gets their messages about new products, what vocabulary and tone your marketing should take and what solutions you should be providing for them.  Elements used to define your avatar should include; age range, gender, location, economic status and income level, profession or industry, religious affiliation or lack thereof, employment status, hobbies and special interests and relationship status.

3.     Incorporate Digital – There is a digital explosion that has happened during the coronavirus that is indescribable.  Problem is; the digital space is crowded.  Nevertheless, it is the place to be.  For a new business or a new product seeking relevance in the marketplace at this time, a digital strategy is imperative.  It is also imperative to include mobile in your marketing strategy.  Remember gadgets and devices are always either in the consumer’s hand or close by.  Once you know your avatar, they will get your message notification.

4.     Have a plan for short, medium & long-term marketing – Because we are operating in crisis mode, it is important to have a defined marketing plan.  It is recommended that you design your marketing campaign with short, medium and long-term goals.  Short term marketing goals are usually one to three months and must be scalable and adaptable.  As previously mentioned in digital is trending.  It is less expensive than traditional media and very scalable.  PR may also be considered in your short-term plan.  It provides you with an opportunity to speak directly to your avatar using media such as radio/TV interviews, press releases and blog entries on your website.  Medium-term goals should be based on how the conditions progress; adjust as necessary to succeed.  For now, hold off on the long-term marketing goals; let’s see how the current conditions pan out.

5.     Deliver what you promise – There is nothing worse than over-promising and under-delivering or not delivering at all.   As a small business owner, your personal brand and credibility is tied to your business and as such it is important that your word i.e. promise becomes your bond.  Failure to deliver what you promise will leave you with a bunch of unhappy customers and your reputation may also be irreparably damaged thereby affecting your ability to operate any kind of business.  Make your word, your bond.