Few were ready for a catastrophe the magnitude of COVID-19, and many feel that the pain of unemployment. Yet somehow, women faced the brunt of this impact the most with an unemployment rate three percentage points higher than men’s (16.2% to 13.5%).
Rebuilding in the wake of a novel event takes a special approach for anyone, but even more so for women who have careers, businesses, and futures on the line. Just so how does one even know where to start?
Marketing expert and CEO of Tola Marketing + Creative, Cassandra Shuck, has been building companies in the face of adversity since her initial jewelry company at age 7 while enduring abuse in the home. After dropping out of high school at 16 to test into University with a perfect score, Shuck utilized her normal business intuition to build her successful, female-focused marketing and advertising agency, among other profitable endeavors.
As venture into a new normal with different rules and social practices, Shuck is guiding her clients on the best way best to rebuild their businesses stronger and adapt to a new business landscape.
Here are her tips about how to construct a stronger business article COVID-19.
- Take A Look At Your Infrastructure
“There are several places owners should review beginning with their business processes, human resources, operational tools, and product quality,” says Shuck. “You may want to adjust your touchpoints or delivery process, adjust to a remote workforce to cut costs, or limit or alter your product line according to availability.”
During times of crisis, business issues become amplified, which means problems that may have surfaced in 5-10 years are coming to fruition now instead. As everything is getting back to a new normal, businesses need to recalibrate to their new environments. It’s important to assume some of the changes that were initiated by COVID-19 may wind up being permanent.
- Get Your New Financial Plan
“Consider a fresh financial plan and determine where cash is being allocated. Plans created before COVID-19 will have to be altered– just as business plans and infrastructures are shifting, the need for financial planning will also have to be altered for future aspirations,” indicates Shuck. “There are several places companies can look for alternative funding sources and in times like these, there’s not any shame in getting creative! Crowdfunding using platforms such as Indiegogo or even Kickstarter are fantastic sources if you’ve got a solid following of supporters. Microlenders, for example, Kiva and Accion, provide small loans to companies with relatively low-interest rates. Meanwhile, for the more traditional route, an EIDL loan with rates around 3.5% can help provide funding to companies that suffered from COVID-19.”
- Diversify Your Marketing Mix
“Many companies hit the hardest by COVID-19 were omnichannel focused. Companies that focused primarily on either social media, paid advertisements, or a referral network are experiencing funnels and prospects drying up as a result of a shift in the advertising landscape,” explains by Shuck. “In our new market, it is crucial to create a varied marketing mix of four sources–called the 25% Rule — never to rely on one advertising source for more than 25% of your company prospects.”
Reach out to market influencers as well — they have created engaged followers and communities that continue to be active and buying. With in-person occasions on hold, do not be afraid to jump on connection calls with potential partners to present useful info or friendly advice. Whether you can make the sale or not, you’ll have made a friend in the business.
“Referrals are powerful–do not underestimate the power of doing a fantastic job. If you are dependable and provide an amazing service or good, make sure your clients know you appreciate any and all referrals,” notes Shuck.
- Lean Into Paid Advertising Right Today
“Marketing costs right now are very affordable and at a record low. It’s a wonderful opportunity for companies to test out new markets, new messaging, and new product lines to maintain this ever-changing landscape,” says Shuck.
“An excellent starting point for paid social media marketing is advertisement retargeting. This service goes after users that have already demonstrated an interest in your product.” Shuck recommends trying out AdRoll, where her clients have had some great wins. Another tactic is correcting your ad strategy for optimization on mobile.
“For many businesses, the majority of online traffic comes from customers using their mobile devices. Adjusting the proportion of your advertisements that target cellular users can raise you to attain tremendously,” says Shuck.
No matter what adversity your company faces, these tips will help you navigate it perfectly.