Things are difficult but not impossible.
Remember, some of the biggest brands have been built on the back of economic challenges – from Apple and MailChimp to Airbnb and Groupon.
So, if you’re facing difficulties to keep your business afloat, don’t lose hope. There are ways to survive, thrive, and, inevitably, thrive.
In the previous post of this 2-part series, we covered the 5 things startups need to survive the ongoing crisis. Here are the remaining five things they need in their arsenal:
6. A Relevant Brand Story
The relevance of storytelling has been established well and beyond. Just ask the top digital marketing agencies in USA and the extensive investments they make in storytelling for their clients.
For whatever reason, till now, if you have kept your brand’s story silent, it’s time to change that approach.
Storytelling is a key element of brand building.
Stories add a humane touch to the brand. It enables people to understand and connect with the business. It makes the brand more trustworthy.
So, foremost, outline a relevant story of your brand that’s authentic and interesting… A story that establishes how your company came into being, why it exists, what problems it solves, and why people can trust this name.
Proper storytelling will add to your brand-building efforts, even enhancing the returns from your communication with consumers.
7. A Product Worth People’s Money
This is as basic as it gets.
It even goes without mentioning.
During the boom, a business might get away with a bad product. Consumers, with high purchasing power, can purchase any kind of product to “try”. But that’s not the case during the recession.
If you don’t have good products, no matter which company you hire for SEO services San Jose, what stories you tell to the audience, and what social media campaigns you run – you’ll be met with disappointments.
So, above all, make sure you have the right products that are worth customers’ money.
8. A Redefined Marketing Strategy
Due to the pandemic and the recession we’re in, a lot has changed… And a lot more will change in the coming months.
If you’re still working with the same digital marketing strategy that you outlined in the pre-COVID-19 world, you’re making a BIG mistake. The new world of today and tomorrow cannot be matched with the strategies of yesterday,
In fact, we covered this topic in-depth in a separate post. Give this a quick read: The Biggest Digital Marketing Mistake Brands Are Making During This Pandemic
In short, in the face of new challenges when consumer behavior, preference, and financial standing are changing, you need to redefine your digital marketing strategy to make it more relevant and effective for the now.
9. Rigorous Cost Optimization
There’s a big difference between cost-cutting and cost optimization. Sadly, so many companies confuse between the two. Don’t be one of them!
Of course, you need to get rid of unnecessary expenses. But it’s important you sensibly identify which are those “unnecessary expenses” and which aren’t. Further, the existing essential expenses must be optimized to make the most of every penny spent.
For instance, so many businesses right now are cutting back on their digital marketing spending, treating it as something “unnecessary”. They are wrong.
Digital marketing spending is the fuel your startup’s engine requires right now. It’s also an investment that must be effectively optimized so that every cent works like a dollar.
So, mark out the distinctions between cost-cutting and cost optimization. Take rigorous measures to ensure your spending in digital marketing is resulting in maximum ROI.
10. The Ability to Hold The Breath For Longer
It will all inevitably get better. And businesses will again thrive. However, there’s some time between that and now. In this phase, startups must do all they can to ethically survive. This might mean increasing the spending on business essentials. Settling for poor or no profit for a period. Seeing the reserve capital decline. Becoming less liquid.
This all requires you to hold your breath and make compromises in your dreams.
It requires you to become more sensible and responsible.
It requires you to get in the survival mode to endure this difficult phase.
Can you do that? The startups that can will survive this storm and emerge much stronger.
Prepare Yourself (And Your Business)
These are 10 things a startup needs right now to survive the ongoing crisis.
If you didn’t read the previous post of this 2-part series, please read 10 things startups need to survive the ongoing crisis (part 1).
Hang in there. Stay calm. Work along with a thoughtful plan. And take care of your employees and partners. It’s not easy, yes, but persist through and your startup will just be fine.