Today, the whole world is in a state of unprecedented turmoil. Every sector of the global economy is bearing the burden of the COVID-19 pandemic. Businesses have been shaken to their cores. And, tech startups are no exception. According to Forbes, there has been a tale of bad fortunes for US startups that have shut down since December 2019.
Due to financial uncertainty, several startup companies are looking for ways to cut costs; marketing budget and talent are the first to be cut. While it is understood to see a knee-jerk reaction from the companies that have just started their journey, stopping all the marketing activity is the worst thing you could do! How?
Well, no one knows how long will this challenging period last or what the ‘normal’ will look like. If you stop lead generation or nurturing your customer relationships, probably you would have lost momentum by the time the situation gets better. Your target audience or customers may or may not remember that you exist!
Thus, for startups or small businesses to survive, it is crucial to learn how to tackle the challenges and manage the repercussions of the pandemic. Below is what you can do right now-
Rise And Learn
The best marketers are the ones who continuously learn, evolve, and react to the markets to meet the needs of their target audience. It’s time to learn from the marketers who have adapted their strategies to suit their audience’s needs better.
Create A Smart Strategy
Review your marketing spend, its results, and redistribute the budget to focus more on the channels that have started performing better. You can reduce your event budget and use the remaining to run a digital campaign. If you must reduce your overall spend, ‘reduce’ the marketing cost instead of cutting it out.
Of course, your marketing costs need to align with the revenue and stay consistent with the CAC (customer acquisition cost). However, in today’s difficult times, it is more important for tech startups to shine on marketing and product delivery.
So, pay attention to the key channels and offer a viable marketing product to keep your leads pipeline open. Maintain communication with the existing customers and assure that you are there to help them by offering the best service.
Optimize Your Website For Generating Leads
Most businesses are open now. Therefore, it is necessary to grab the interests of the prospects and manage your B2B sales leads funnel. Here, good marketing automation set up and lead nurture flows can help you. Don’t continue sending the automated emails, though. Update the content and email strategy first.
Update the content so that shows empathy; something your audience can relate with. Furthermore, your audience may not be going to the office these days. So, check the email send times too.
Continue Pitching For New Investments
While the startups in the process of fundraising may find it challenging, improving investor relations is the need of the hour. You don’t have time to sit and wait for the opportunities to knock at your door. It’s time that you reinforce the communication with potential, as well as existing investors.
With good communication, you would be able to get your tech startup through the tough times. The potential investors would appreciate that you reach out to them, which helps nurture your relationship with them.
It doesn’t mean that you should stop paying your invoices. Be ready to be flexible regarding the costs. Consider how your startup partners and clients are faring. If the budget is tight, you can exchange services, for example, writing a couple of blogs for your client. The client, in turn, can provide you with testimonials or case study to minimize financial stress.
Downturns don’t mean an all doom situation. This is high time to keep your spirits up, analyze, and prepare to come back stronger as the situation gets better. Redefine your goals, update your content, create new ideas to execute in the upcoming year.