This is a time like few of us have ever experienced. With the novel coronavirus COVID-19 sweeping the world at a rapid pace, fear and confusion are running rampant.
But that’s not all, businesses are feeling the pain and fear as well. A recent poll by CNBC showed that among businesses that said they were hurting from the coronavirus, “42% reported seeing slower sales, while 39% were experiencing supply-chain disruptions.”
With containment of the coronavirus being order of the day, many events, big and small, are being postponed or canceled. Customers have begun to hoard supplies, leaving vendors and suppliers in a pinch. This is sending some businesses scrambling to make up for lost revenue, and others overwhelmed and short-staffed, as employees call in sick or need to stay home with kids as schools close.
In my own city of Austin, TX, the South By Southwest festival which typically draws more than 400,000 people from 100+ counties, had to be canceled less than a week before its scheduled start date, leaving vendors with lots of supplies and no customers.
The ripple effect is felt far and wide.
Show people you care.
Before we panic about lost revenue and a drop in the Dow, let’s first remember: we’re all in this together. COVID-19 is an equal opportunity virus and the human cost is much greater than any financial loss.
When Chip and Joanna Gaines, of Magnolia fame, made the decision to cancel their Spring at the Silos event, they kindly offered to reimburse vendors. Magnolia also chose to promote their vendors on the Magnolia social media sites.
Cater to your customer’s coronavirus situation.
There are ways to assist customers who are taking precautions and still keep your business flowing. Free delivery is a way small businesses in my area are keeping business up and running. Reassuring your customers that you’re taking additional coronavirus safety precautions, so they will feel better about doing business with you, is another way to show you care about their health. This local restaurant is offering curbside pickup:
Create special offerings to stimulate business.
With more time spent at home, people are going to be online and on social media. Special discounts, such as what is happening in the travel industry right now, keep business moving and the economy flowing. It’s the perfect time to use social media and email marketing to keep people updated on your deals.
Listen to your customers.
People are voicing their coronavirus concerns and frustrations on social media. Tune in and do a little social listening to hear their frustrations. What can you do to address their concerns? As always, good marketing comes from meeting a need.
Be transparent.
As I mentioned earlier, the virus is a great equalizer. Show people the human side of your business and of you! What does your life look like now? Are you stuck at home? What is going on in your life? People connect with other people–it helps them know, like and trust you.
Need more staff? Many service industry employees need more hours!
Some businesses are getting swamped with business while having fewer employees. (Have you been in a grocery store this week?) Still, other small businesses have the unfortunate task of laying off employees for the short term but don’t want to lose them for the long term. Connect with staffing agencies in your area to pull in some temporary help. Many local small business Facebook groups are sharing staff availability too. Sharing staff on a temporary basis is a win-win for all.
Let values–not fear–guide your decision-making.
We’re all in this together. Help your team, your neighbors, your family, customers, and strangers. Now is the time to pull together and pray for each other.
If your business is facing economic hardship, the SBA is offering guidance and funding availability as well.
Wash your hands.
Often. This guy can help you out with that too.
