During the COVID-19 crisis, businesses will need to rely on digital strategies more than ever. As all channels related to live events, conferences, and in-person advertising disappear, face-to-face businesses will face immense challenges, and a strong digital presence can make or break a business during these times.
The Cons to COVID-19
Business-to-business (B2B) companies will be hit especially hard, as their success and sales strategies rely heavily on annual trade shows and expeditions. Companies in legacy industries that are not digitally native and smaller companies that are used to word-of-mouth referrals might have less sophisticated digital growth strategies.
Companies with little to no internet presence may find themselves in the business of investing in social media, content marketing, and SEO strategies to help enhance their lead generation during this time. While COVID-19 has been tragic to so many businesses, it’s important to focus on growth and the opportunities ahead.
Adaptability is Key
Adaptability is a key factor in resilience. B2B suppliers in slow-to-digital industries can adapt to digital marketing, taking advantage of opportunities to make noise in an otherwise quiet space. The private lending industry’s standard is face-to-face networking, and while we know this will be a continued great source for referrals and growth in the future, you can adapt by opening new communication channels online and through social media. No one knows how long this will last and if it will lead to lasting change, but we do know that in-person meetings won’t be the norm for quite some time – so prepare accordingly.
These are unprecedented times, but we are not unprepared. The increase of remote working tools, like Slack, Zoom and Microsoft Teams, can help companies stay connected to clients and employees. Companies can use this time to make or update websites and launch and create digital campaigns, all of which can help them reach new leads.
Lenders and Brokers who usually spend hours on the road, at sales visits, and events have more time to focus on digital strategies. Research where your borrowers and investors spend time online, and what tactics would reach them most effectively. If your organization previously put minimal efforts into digital channels, now is the time to revisit them and examine how you can make digital work for you.
Lenders and Service Providers who are worried about losing the networking opportunities the conference circuit typically offers can look to immersive virtual events to fill that gap. Businesses can also look at advancing their use of live social platforms, like those offered by Facebook or LinkedIn.
While the coming weeks and months will be challenging for any company, businesses that take a strategic approach to digital marketing will see its long-term value, even when the world returns to normal.
If you would like a free consultation on how Geraci Media can help you with your digital strategies, please reach out here.