Why MSPs Must Continue to Invest in Marketing in a Crappy Economy
Are all of your competitors hiding their heads in the sand and waiting for the economy to improve? That's the perfect time to find new clients during difficult times.
There is a significant difference between companies that thrive and merely survive during an economic downturn. The current COVID-19 crisis has proven detrimental for companies from nearly all industries -- except for places that are considered essential such as hospitals, financial institutions, grocery, and home improvement stores and restaurants. Millions of other small to mid-size businesses are struggling to stay afloat, with staff members consigned to working remotely -- if at all. The temptation during this type of environment is to hunker down and protect your cash to ensure you're able to bankroll operations in the future. Still, it is that indeed the best use of resources at your disposal? Consider what happens when you shift the paradigm and rev up your marketing engine and prepare to thrive in the coming months and years.
Reinforce Brand Awareness
In economic boom times, advertising can get pretty pricey -- putting it out of the realm of possibility for smaller businesses to afford. With a downturn insight, companies look for ways to slash their advertising budgets, but you can take advantage of this trend to quickly capture great prices on advertising. This helps reinforce awareness of your brand in the marketplace. Plus, with fewer clients and potentially more time on your hands in the short-term, what better time to complete those marketing or branding projects you've been putting off for months or even years?
Educate Your Community
People are scared and confused during any sort of crisis, and one that involves a dramatic shift to the way we do business, such as the current need to work remotely, can make it even worse. As an IT managed services provider, you are in a unique position to share your years of experience with your community, providing insight into best-practices for remote operations and details on how to avoid a cybersecurity crisis. This type of community education is marketing -- you're building trust and awareness in your brand in a way that will encourage businesses to look to you in the future for how to manage other technical needs. While you may not be gaining new paying customers by the handful at the moment, you are planting a seed that you can expect to flower into new opportunities in the months to come.
Differentiate from Your Competitors
There is a greater need for trusted and reliable IT services and consultants than ever before, so don't let the opportunity to expand your universe pass you by! As the world turns to a remote workforce, there is a deeper level of acceptance for working with organizations that are outside your geographic realm. This could open up new markets for your business, allowing you to target companies in your chosen vertical that are far beyond the borders of your city or state. Continually sharing information that is valuable for your community is the ideal way to differentiate yourself from competitors who may be focused on protecting their client base as opposed to providing proactive support for organizations.
Review Your Focus
Sure, you may have lost a few clients or have some that are unable to pay due to the impact of coronavirus on their revenue. While that could easily pull your company into a downward spiral that results in losing valuable staff members, why not put these talented individuals to work on a different problem, instead? Now is the ideal opportunity to dig deep into your business and analyze the activities that generate the most topline and bottom-line revenue and look for ways to balance or enhance your offerings as a result. This could mean a more in-depth focus on cybersecurity, risk management, and compliance or a need to reduce some of your less-lucrative offerings. Once you make these shifts, take the time to update your website, pitch decks, and marketing materials to match!
If you are feeling the pressure to ease back on marketing activities during the COVID-19 crisis, keep pushing through! The companies that are present and sharing their knowledge with the community now will be the ones companies turn to for support when budgets begin to expand. While the coronavirus situation has caused repercussions throughout the business community, there are still plenty of pockets of opportunity that you can explore as the company begins to reopen for business. Want to learn more about how to boost your leads, revenue, and optimize business development operations? Contact the professionals at Ulistic at {phone} to schedule your complimentary business review or request a time online to walk through your current and recommended business strategies for success.
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