Bill Gates, the founder of Microsoft and one of the world’s richest individuals, described the COVID-19 pandemic as a “nightmare scenario” in a recent interview. This sentiment resonates with many, including your consumers.
These are uncertain times. The pandemic has disrupted businesses worldwide, creating financial challenges and forcing many companies—especially small businesses—to struggle to stay afloat. If you’ve been following the news, you’d know the crisis isn’t ending anytime soon. As a result, businesses are battling to maintain their revenue streams while facing the very real risk of shutting down.
It goes without saying that this period is tough. Businesses are losing revenue, unemployment rates are rising, and economic insecurity is growing. Consumers are feeling the impact, particularly as the Naira continues to lose value, reducing their purchasing power.
Adapting Your Marketing Strategy
In times like this, your primary goal as a business should be survival—keeping your revenue steady. Advertising may seem like the logical move, but it must be done with sensitivity and empathy. Understanding consumer emotions is crucial; seeing the world through their eyes can give you a competitive advantage.
Consumers have long been sceptical of advertisers, even before the pandemic. So, how do you market your business while acknowledging financial hardships? How do you advertise responsibly, knowing that many people are struggling?
According to BusinessDay, major telecom operators in Nigeria have reported a surge in data usage during the lockdown. This means more people are online than ever before, spending hours glued to their screens. Any smart marketer knows this also means consumers are being exposed to more ads than usual.
How to Leverage This Opportunity
Hard selling is always annoying—pandemic or not. Instead, focus on emotional selling. The problem isn’t advertising itself but how it’s done. Thoughtless advertising at a time like this can harm your brand. Your messaging should reflect the current reality, demonstrating an understanding of what your audience truly values right now.
Ask yourself: Are you keeping your audience safe, informed, educated, or entertained? Evaluate your business across all touchpoints and identify how you can provide real value.
For example, instead of aggressively selling your product, shift your messaging to promote positivity. Create content that keeps consumers engaged with meaningful activities. Some products—especially luxury items—may not be in high demand now, but that doesn’t mean they won’t be in the future. The key is positioning your brand as a solution provider, not just a seller. Consumers will remember your efforts and reward you with their loyalty when the situation improves.
Should You Cut Your Advertising Budget?
In economic downturns, many businesses slash marketing budgets to cut costs. This is a mistake. When the market is thriving, you should advertise. When it’s struggling, you must advertise even more.
Reducing your ad spend now could mean losing market share to competitors who continue investing in their visibility. If your competitors maintain or even increase their advertising efforts while you scale back, they will have an easier time winning over your potential customers. Staying visible now can position you for faster recovery when the economy rebounds.
Should You Change Your Brand Strategy?
Your brand is at the heart of your business, and maintaining its core identity is crucial during tough times. You might be tempted to adjust your brand messaging or reposition your business to attract a different audience that is currently spending more. However, this can backfire.
Market conditions are constantly changing. If you drastically alter your brand’s voice or target audience now, you may alienate your loyal customers. When things return to normal, regaining their trust could be difficult. It’s like a cheating partner bumping into their ex at a mall—awkward and damaging. Sudden shifts in brand identity can confuse your audience and create long-term distrust.
The Power of Empathy
The golden rule—“treat others as you would like to be treated”—should guide your business decisions during this crisis. Empathy is not just a feel-good principle; it’s a powerful business strategy.
Take the time to truly listen to your customers. Engage with them, understand their concerns, and reflect this understanding in your messaging. Consumers appreciate brands that show they care, and they will remember those that stood by them in difficult times.
This empathy should also extend to your employees. Your staff are your most valuable stakeholders. When they feel valued and respected, they become brand ambassadors, delivering better customer experiences. A motivated workforce attracts more business than a frustrated one.
Conclusion
Stay true to your brand and trust that your marketing efforts will not go to waste. Focus on building connections with your audience rather than obsessing over conversion metrics. Shift your attention to brand awareness and engagement, knowing that this investment will pay off in the long run.
When the pandemic ends, consumers will remember the brands that supported them—not the ones that disappeared.
