Mar 27, 2020
What can we all do to weather the storm?
Business in the time of COVID-19. A landscape of shifting sands and stormy seas.
Of course, the future is unknown, but there are concrete things you can do now to ensure your business fares better than most.
Weathering the storm is of the utmost priority.
So, how can we best adjust to our current climate? And what practical actions can we take to safely reach the other side?
Adapt to the new normal, fast
Firewalkers can walk across hot coals without getting burned. Their trick? Moving quickly – really quickly. The same logic applies here.
Businesses who are quick off the mark and heading in the right direction will be ahead of the game. If you’re not adapting, something’s up. Put simply, no-one can operate as they normally did.
The companies quickest off the mark have been those who spotted the opportunity to pivot, and did so rapidly.
We saw this with LVMH, the French luxury goods company behind Louis Vuitton, who made the snap decision to start manufacturing hand sanitiser, free of charge, for the use of French hospitals and public services. More pragmatic pivots include restaurants who have closed their doors and transitioned to delivery.
Don’t lose sight of your reputation
In times of crisis, consumers will remember how companies acted. We’ve seen examples of this already.
CEO of Topshop, Philip Green, made the decision to abruptly let his workers go without pay. This decision incited a furious social media backlash with claims Green abandoned his staff. Some Twitter users called for a complete boycott of all Green’s stores.
Another infamous decision was Mike Ashley’s refusal to close his Sports Direct stores, claiming they offered ‘essential services.’ His sudden U-turn in response to widespread criticism looks likely to tarnish his reputation – for how long is yet to be seen.
The short-term scramble to avoid hemorrhaging may seem the number one priority, but, as in the cases of Green and Ashley, if not handled correctly will certainly cause more harm than good.
Marks and Spencer, a beloved legacy brand, have widespread customer loyalty spanning generations and a solid reputation. The M&S brand survived recessions and two world wars, always prioritizing their values above everything else. During World War Two they helped to patent the design for utility clothing and raise funds for the RAF.
Customer loyalty doesn’t solve every problem, but it can act as a life-jacket when the storm hits – and in the aftermath that follows.
Now is the time for content
It is content marketing’s time to shine.
Just when you thought you were already swimming in content, your inbox full to the brim, now will come the time when companies really step it up.
With a population almost guaranteed to be behind their screens most of the day, content marketing is a cheap, quick way to directly contact potential clients.
Communication during turbulent times is hugely important, but it may be overwhelming when you feel swamped. Maybe we can help. As our resident copywriter, I would be more than happy to create bespoke content for you (for emails, website, banners, social media) absolutely free.
Contact me on jess@financestream.co for more details.
Remember: this too shall pass
Getting bogged down in the day-to-day can be overwhelming. Try and remember perspective and envision the post-virus world that will inevitably come about. Think about how your customers will be reacting and acting in this world and try and anticipate their needs. Remember that demand will return eventually.
Stay safe!
Jess Cawdron
Copywriting & Marketing
jess@financestream.co
