Future business depends on it now
The mandated economic shutdown has affected many American businesses in ways that have never been experienced before. This is a time of economic uncertainties that will follow us well past the first year of the 20th century. The situation has created an unintentional economic downturn that will separate the smart forward-looking businesses from the businesses that are stuck in the past. It is not about getting back to work as much as how are we going to keep back at work.
Do you think automation is a thing of the future? I have news for you it is a thing of the present. Many people will not even have the choice to return to work after all this is over. The business model of the past will not be the business model of the future. Advertising and marketing will change along with the business model. It will take years before the market stabilizes and businesses will feel confident enough, to again market the way they did. The marketing industry before COVID supported a feel-good, everybody happy, I’ll find the money kind of buyer. It has all changed. The company that employed the graphic designer to create advertising graphics will be replaced with simple clip art. Don’t think so? Watch and see.
There is no more fancy, feel-good Nancy money to blow on these flowers and frills. The economy has been damaged to the point that a recession would be a good thing. It is down to damage control, trying to control the damage that has been done to small business in America. Advertising and marketing have always been loss leaders. There are only certain situations that allow you to recoup your advertising budget straight off the bottom line. The accountant’s job now is going to be to cut the fluff. Many advertising experts are reinforcing core purpose advertising for businesses during COVID.
That may work we’ll have to see after all the economic dust settles. The ramifications of state and federal governments’ social-economic stimulus actions are going to cut deep into other social programs. There is not enough money to go around after the initial COVID expenditures are called in. The money will run out and that is what the smaller businesses are going to be left with. Times are going to get hard. Yes, businesses will need to advertise. However, it will be a while before the right market is realized and the average American consumer will be comfortable buying a big-ticket item because it looks nice and smells good.
1% of the population holds most of the cash in America. It is going to take more than 1% to get America’s economy back on a solid foundation. Most consumers are going to stash some cash for the next COVID outbreak. That will stymie the economy for a little while and that’s for the people who will have a job after all this settles down. Marketing ideas during the COVID outbreak are very simple and straight forward. Stay inside, stay safe, and wait for the government to tell you what to do next. The problem with that is the government is unsure what to do next.
Advertising and marketing ideas during COVID are especially difficult when so much anxiety and uncertainty about our current situation is all people are thinking about. Remain in front of your potential customers and try to ease their fears with messages of hope and resilience. That would be the best marketing strategy during the COVID outbreak. We are in very turbulent economic waters right now with all eyes on the shore.