If the last few weeks have taught us anything, it’s that a couple of old adages have rung true; (a) scarcity creates demand and (b) hype and hysteria sell newspapers.
But we’ve been through this before; the Global Financial Crisis, housing market crashes, and European sovereign debt crisis, to name a few.
So what have we learned?
You probably feel like events around COVID-19 are unfolding at high speed, and they are. The direction we’re heading in is constantly changing and the future appears incredibly uncertain.
But is it all just bad news? To be blunt, no it’s not. Already we’re hearing positive news from at home and around the world.
- Tests have been developed that take hours, not days to determine results.
- New cases in South Korea are declining.
- It looks likely that an antibody has been found.
- China closed down its last ‘purpose-built’ COVID-19 hospital.
- Supply chains are stabilising with the increased demand and it’s estimated that in about 2-3 weeks, we will return to normal stock levels.
This means there is light at the end of the tunnel.
In spite of all the panic, we know what’s going to happen. The economic impact of COVID-19 will pass and when it does, I want you to be ready.
This is your chance
For some of us in business and leadership roles, it’s rare that we’re given an opportunity like this to stop for a moment, have a break and rework our plan for the changing climate. This is your opportunity to set yourself and your organisation apart from those who ‘hesitated and hoped for the best’.
How can you come out of this stronger?
Make your presence known – Unfortunately, not all businesses will make it through. A lot of them will be your competitors. Their customers can become your customers if you advertise for them.
Build a strategy to ‘trade out of this’ – My team and I have been working night and day to help organisations reposition themselves. You can too.
Fix the fundamentals – A strong brand will help you convert new customers more easily. If your brand is lacking, incomplete or not working, use this opportunity to fix it.
Your website is your new storefront – With customers most likely not going to be visiting you in person, your website will be responsible for giving the first impression of your business. Make sure it gives a good one, and if it doesn’t, now’s the time to rebuild it.
Your campaigns will be cheaper and easier – As your competitors temporarily (or permanently) shut down, your campaign costs are going to be lower than they’ve ever been. There’s also less competition and your message will get through more clearly.
Remember, money is still circulating – Not all industries are affected by this equally and in fact, some are booming. Make use of that opportunity where you can.
I’m committed to getting through this with you
I’m as committed as you are to fighting through this. In over 10 years of running Emroy Creative Group, I’ve always felt driven to help our customers when times are tough, to help them turn things around. If you need special consideration, such as extended payment terms or deferred deposits to get projects started, I’m here for you.
Looking forward to seeing a stronger and better version of you and your business.