A: It might be a good time to check in with a foundational principle of marketing – that retaining customers is always going to be cheaper and easier than obtaining new ones. 

Touch base with your current customers (either by actually asking them via survey or other channels like customer service, or by looking at site, email, purchasing, etc. data) and get a pulse on what they are needing or feeling. If you have a large array of products, you can experiment with bundling products together, highlight lesser-known products, highlight the cheaper end of your product selection, and produce product content marketing that speaks to their needs. 

If you have the budget, and your product/services truly do have value during this time (“value” is actually quite broad – even if your products bring joy at a basic level – that still holds value right now), then you should experiment with prospecting and trying to find new customers. Most companies are cutting back on advertising right now – so you may be able to find better rates, and the competition may have slowed down right now. A few things to make note of: 

  • You will still have to experiment and evolve quickly, as prospecting isn’t a “set it and forget it” tactic. You may want to test more quickly (shorter testing period, smaller demos) than you normally do, so you can get guiding information more quickly. 
  • You maybe have to change how you view KPIs with prospecting. Right now, people are hesitant to shop – but they are still interested in learning about new brands. If previously you counted a conversion as a sale, right now – it could be something like an email capture.
  • Your tone and messaging is important during this time. When introducing the brand to new audiences, you don’t want to come off as self-serving. Test driving to specific products (or bundles – see above), but also drive to other parts of your site if relevant, like a blog where you may address corona related topics. 
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