It is a worrying time for businesses right now, and the immediate temptation is to slash advertising spend, or focus on sales promotions, but short term thinking is not the answer.
Now more than ever, we need effective, long-term marketing to keep the wheels of business turning. As Professor Mark Ritson writes in Marketing Week:
“This virus, too, shall pass. At some point consumers will return to the streets, the cafes and the various other activities that they have been denied during the dark days ahead. Keep the brand light burning, because the cost of snuffing it out for the rest of 2020 and then trying to reignite it next year is gigantic.”
That’s fine for the big brands, but what about the small businesses, and the sole traders you might ask?
Well, in the midst of the uncertainty, the truth is that people are still spending – and there are certain businesses set to flourish during the lockdown.
If you are in e-commerce, and in particular, gifting, homewares, books and tech, these sectors are seeing a real uplift right now.
If you are not in e-commerce, is now the time to pivot?
Could your product or service be sold or streamed online via a subscription model?
Could you use this time to build that website, or online platform; to create useful content, courses, or other digital content.
Using digital advertising such as Facebook Ads, Google Ads, SEO and Email Marketing, you can reach your customers directly, and, with more inventory (as there are more people online) and less advertisers (as the bricks and mortar businesses are closed) the costs involved to get your products seen are significantly reduced.
The opportunities are still out there
Back in 2008, during the financial crash, we created a document urging businesses to zig whilst others zagged, and we thought now was a good time to share it again. Click the link to download your PDF: https://www.justthinksocial.co.uk/advanced-thinking
Just Think are still open for business
We are working from home and speaking to clients via Zoom conference. If you would like to chat strategy, click to book a call: https://go.oncehub.com/audit
Stay safe, and take care of each other,
If your company has yet to embrace AI, you’re in a race against the clock. And by my calculations, you have just three years left.
How did I arrive at 2024 as the deadline for AI adoption? My prediction — formulated with KUNGFU.AI advisor Paco Nathan — is rooted in us noticing that many futurists’ J curves show innovations typically have a 12-to-15-year window of opportunity, a period between when a technology emerges and when it reaches the point of widespread adoption.
While AI can be traced to the mid-1950s and machine learning dates back to the late 1970s, the concept of deep learning was popularized by the “AlexNet” paper published in 2012. Of course, it’s not just machine learning that started the clock ticking.
Though cloud computing was initially introduced in 2006, it didn’t take off until 2010 or so. The rise of data engineering can also be traced to the same year. The original paper for Apache Spark was published in 2010, and it became foundational for so much of today’s distributed data infrastructure.