It’s critical to realize that a dramatic shift away from “normalcy” will create changes in consumer needs and thought processes. Ever since 2008, the global economy has largely been surging. Such high growth numbers meant everybody, from everyday people to large corporations, enjoyed an economic boom, with a tremendous amount of money flowing. This meant everyday consumers were less concerned about the costs of products and services – a mentality that has taken a complete one-eighty since the beginning of the coronavirus pandemic.
How can you attract clients during a recession or during times of crisis?
During a recession or a time of crisis, the value of a dollar becomes crucial. Many clients simply don’t have the amount of disposable income that they had previously because they have reduced working hours, been furloughed, or become unemployed. In addition, social distancing has led consumers all around the globe staying home, which makes it essential to reach them online.
There are two high-level ways to respond to these changes: companies can offer deep discounts or repackage product offerings to create new products.
At Samuel & Co Trading, we’re lucky because so many of our training materials are hosted online already. With so much of the workforce unemployed and forced to maintain social distancing, we saw an opportunity to offer a free online beginner’s trading course. It gives people a chance to dip their toes into the space while piquing their interest in our more advanced, paid courses.
Samuel & Co Trading also recognized that maintaining relationships is key, whether it’s students in our existing training courses or potential clients. During this pandemic, we strive to maintain relationships and grow interest through our online presence, whether it’s through social media or weekly live webinars.
How does your strategy change?
The product and service offerings of many companies need to be reconsidered or repackaged. It’s unclear how long COVID-19 is going to keep people at home, so online offerings are crucial.
More importantly, traditional means of marketing to customers may need to change as well. Social media and online ads will reach more people now than ever before. For some industries, simply preventing losses from spiraling out of control may be the best possible scenario. It’s absolutely essential for a business to evaluate their current situation and plan for a socially distanced future. Simply waiting for normalcy to return is no longer a valid strategy.
At Samuel & Co Trading, the company has shifted strategy and attracted thousands of visitors by offering free weekly training webinars, giving people the opportunity to retrain or learn valuable new skills while in lockdown. By offering these services through live webinars, they’re also helping to lift morale during this uncertain period of isolation.
How are brands attracting paying clients right now?
Some businesses have attracted customers by being on the cutting edge of addressing the coronavirus. For example, some mom-and-pop grocery stores have seen a growth in shoppers. While part of the initial growth is due solely to proximity, some of these stores have more recurring business due to faster online deliveries, visible sanitation efforts, and better customer relationships.
Building goodwill with the public is another way to attract clients, such as taking a stand to help aid healthcare workers and hospitals fight coronavirus. Large corporations have already started doing this, such as free coffee and discounted food from Pret a Manger and Subway for medical workers. United Airlines gave medical workers free round trip flights to New York City, which is experiencing the most severe outbreak of the pandemic. This positive messaging might only attract a small number of paying clients now, but the goodwill it creates for these companies can draw many more clients to them in the future.
For Samuel & Co , the company wants to turn a period of isolation from one of stasis to one of growth. They aim to build trust with people by teaching them new skills, and we see this as a way to give back to their audience during this hard time.
Furthermore, Samuel Leach is doing what he can to give back personally. Each week, he is using Instagram Live to make live donations of £500-1000 to front line health workers, and chose random winners to receive free Friday night takeaway in another giveaway.
This week, Sam is using an Instagram Live giveaway to pay monthly rent or mortgge payments for three people going through tough times.
More than just surviving
Ultimately, surviving or growing in the current pandemic requires a company to be true to their brand and purpose. Every single interaction with customers and business partners is a chance to demonstrate how your company stands out. People are paying attention to how corporations are responding, whether they’re giving much-needed aid or stubbornly refusing to accommodate shifting needs. Keep in mind that accommodating for the coronavirus pandemic is not just something one needs to do for customers, but also to protect and provide for your own employees.
Read more from Samuel Leach on Medium