A recession. It was predicted to come soon, but we didn’t expect it to happen like this. The coronavirus has not discriminated against any businesses, from large corporations to local diners, there is no shortage of struggle.
The visible struggle we are seeing highlights businesses that are making smart, business saving moves. For example, The Knotty Nail in Des Moines is a craft store and most of its business revolves around group parties and events (yeah really can’t happen with the current social distancing restrictions.) So it’s something that you’d expect to be hit hard with these current events, right?
However, their smart marketing moves, flexibility, and savvy social media usage has put them on the map as the go-to quarantine craft.
They did not hesitate during this time many businesses would, and hit the ground running offering curbside pickup and 20% off do-it-yourself kits. Every week they even come out with new kits which opens them up for customers repurchasing their products often. They then offer live instruction on their Facebook of crafts that can get a little tricky.
Customers are loving these fun activities, and posting their finished products on social media! This is an amazing opportunity for them because 74% of consumers say that word of mouth marketing is a key influence when they make purchasing decisions (bigcommerce.com).
And let’s be real, who isn’t
1. Spending an ungodly amount of time on social media right now
2. Looking for anything to keep yourself busy
With these smart marketing moves, no one is surprised they are selling out like crazy even in these beginning stages of a recession.
What can your business take from this success story?
Don’t give up
Simply becoming complacent during this time is one of the WORST things you can do. Yes, you do have to comply with social distancing procedures and place the importance of public health as your #1 priority, but taking these as an excuse to do nothing will kill your business.
Get creative
Without a creative mind behind the Knotty Nail, they would’ve thought “Oh if we cant do group event’s any more we need to shut down.” But obviously that didn’t happen. With quick thinking, you can determine what the public needs right now, and how you can fill that need safely, and conveniently.
Hit marketing hard
This isn’t our first recession. We need to take advice from those who have thrived during these situations. This article was what inspired us to write this post in the first place. It is an insightful look from the 2008 recession which takes a look at the Great Depression for pointers to help their current businesses stay afloat.
It was a time when several companies benefited from aggressive marketing while their rivals cut back. A good example of that would be Kellogg besting C.W. Post during that time. Consumers didn’t stop spending during the Depression; most just looked for better deals, and the companies providing those better deals came out stronger after the Depression ended. When spending picked up, consumer loyalty to those companies remained.
How Brands Thrived During the Great Depression by Dave Chase
Reach out to your community
Right now, many people are looking to give some love to their favorite local businesses. Engage with your community and they will be happy to support you if you support them in return.
#CedarValleyStrong
Stay safe and stay healthy ❤️️
Does COVID-19 have you working from home? Check out our recent blog post to learn some tips on how to do so effectively!
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