It’s likely that you’ve heard it said that now is a good time to be marketing. Whether it’s direct mail, email, or mobile, here are three reasons why now is a particularly good time to be more proactive about your marketing strategies.
1. Many high value customers have been dormant and need to be reactivated.
It’s likely that you have some high value customers that suspended their purchase activity when the COVID-19 outbreak started. Now is a great time to reactivate them and encourage them to visit a store or purchase online and get back into their normal routine. Consumers who were once hesitant to spend money are starting to feel more confident. They are starting to think about making purchases they had put on hold. They are also starting to feel more confident about truly discretionary purchases. This is also a great way to move inventory that may be leftover pre-closure.
2. Your competitors have pulled back.
Any time there is an economic slowdown, it’s a good time to increase your marketing spend. This is because most of your competitors are pulling back. If you continue to invest in ongoing customer communication, this makes yours the loudest voice in the marketplace. Your commitment says, “We’re stronger than this economic slowdown. You can count on us!” When the market bounces back, you’re in a much better position than companies that had gone silent. You probably have gained some of their customers, too.
If you’re one of those companies that has pulled back, it’s not too late. Get out there and make your presence felt.
3. There is lots of flux in the marketplace.
Any time there is change, there is opportunity. Some companies are closing. New companies are opening. Others are rethinking their business strategies. Consumers are rethinking their brand relationships, too. With so much in flux, this is a great time to gain new customers and lure your competitors’ customers away. But make sure that you’re shoring up your own customer relationships, too. You don’t want to lose customers to a competitor who is thinking the same thing.
Think about how you can capitalize on the opportunities in the marketplace to gain new customers and solidify relationships with current ones. Whether you’re thinking about a direct mail or multichannel prospecting campaign, customer retention campaign, or drip marketing, don’t let this opportunity pass you by!