But remember: business is a key cornerstone and pillar of our society. As a business leader, you have a moral obligation to go out there and make things happen, because you have signed up to lead through good times and the bad.
Now is the time to put fear aside and focus on creative ways to get your business through this challenging economic climate. People are relying on you: not just your own family or your community, but your employees and your team’s families too.
True leaders are created in the most challenging of times. As Warren Buffet said: “Only when the tide goes out, do you discover who’s swimming naked.” If you’re in a position where coronavirus has exposed you and your business, then it’s time to do everything in your power to change the situation.
Take advantage of new opportunities
Of course, changing the situation is easier said than done. But the one thing we know for certain is that there are a certain number of advantages that have arisen during the current crisis: cheaper advertising, reduced competition and more customers spending far more time online than ever before.
Since lockdown began, there has been a 40% decrease in the cost to reach 1,000 people on Facebook and Instagram. There are more eyeballs on these platforms than ever before, while at the same time, advertisers are being fearful and pulling their ads down. Both of those factors are opening up a whole bunch of inventory that has not previously been available.
Now is the time to invest in your business, invest in your mindset, and invest in the things that will put you in a far better position to weather out the storm and come out the other side stronger than ever.
Don’t just take my word for it. Uber, Pinterest, Airbnb, Slack and Lyft were all formed during or around the Global Financial Crisis, and were able to take advantage of reduced competition, cheaper office space and partners more open to signing a quick deal. Amazon’s sales grew by 28% between 2007-2009 thanks to the launch of the Kindle in 2007. If they can do it, there’s no reason your business can’t too.
How to invest in your marketing
Everyone still needs more clients and more customers, in fact, they need them now more than ever. The only thing that’s changed is the vehicle that you use to deliver information to those customers. Use your common sense: a 12 month SEO strategy might not be the way forward when things are changing so rapidly.
Instead, it might be a quick 30 or 90 day paid traffic campaign to bring immediate leads to your products or services. Of course, every business is different, and you should adjust the plan to your own specific needs.
One of the best ways to get started is through something as simple as Google Trends data. Type in the three to four keywords that have something to do with your industry, and simply have a look at what's happening to the search data. Property investment, guitar lessons... a lot of industries that you wouldn’t necessarily predict are getting unprecedented amounts of traffic.
Look at the last 12 months, look at the last 30 days, and see what’s happening to the traffic. If there has been a huge surge, Google Ads is going to be a fantastic channel for you to get out there and start acquiring leads and customers.
Facebook Ads are another great way to push the right message at the right time, and to create content that’s incredibly relevant to what people are going through right now. Not only is Facebook traffic up, but the cost to reach people is very, very cheap.
In testing times, the hardest of steel is made in the hottest of fires. If you want to show the people around you that they can rely on you, you need to prove you’re not just the person who will be there through the good times when everything is easy. Have a plan, market your business like crazy, and keep pushing forward.
Sabri Suby is the founder of Australia’s fastest-growing digital marketing agency, King Kong, and author of international bestseller Sell Like Crazy. Having originally founded King Kong in 2014 from his bedroom, Sabri has bootstrapped the company since day one and in under five years has successfully built a team of 63 specialists and a company valued at $30million with a growth rate of 312 per cent. As a pioneer in the digital marketing arena, his business has impacted more than 250,000 businesses in 42 different countries and has generated in excess of $1.3 billion in sales for him and his clients.