By now, many of us have had a friend or family member test positive for the virus. Some of us know people who have died. No matter your race, gender or economic status, the coronavirus has invaded all of our lives. That also rings true in business. Large corporations have filed for bankruptcy while small businesses have been hit hard throughout the country with many closing their doors for good. More than 72,800 businesses have permanently closed in the United States since March. In Texas, more than 6,500 businesses have permanently closed (almost 2,000 businesses in Dallas alone) since March 1, according to Yelp’s Local Economic Impact Report that was published in June. Many more businesses have closed since June with thousands of others struggling to survive. One of those struggling businesses in the Dallas area is in the southern suburb of Duncanville. Phyllis Lambert, a 71-year-old who has owned and operated a small jewelry store for more than 30 years, said she’s about to go out of business, according to a mid-August story in The Dallas Morning News.
Like many other businesses, her store, Gold N Things, is closing its doors because of the impact of COVID-19. She said her revenue has been cut in half and she’s now holding a going-out-of-business sale with the expectation of shutting down for good in September. “It’s the economy and the pandemic,” Lambert told The Dallas Morning News. “I’m a luxury, not a necessity.” Many business owners can be empathetic of Lambert’s reality. She’s obviously done well to make it 30 years. But unfortunately Lambert also appears to be in the same boat as some other struggling business owners in that she’s ignored the importance of building a strong online presence for her business. A quick review of her website via Ahrefs.com reveals that www.goldnthings.net is nearly invisible to search engines. Its domain rating is only 3 (out of 100) and its monthly organic traffic is just 64 site visitors. It appears that Lambert also hasn’t invested in any pay-per-click (PPC) online advertising.
History Shows If You Cut Less During Down Times You’ll Gain More in Better Times
Historically, businesses that have chosen a more progressive strategy of refocusing spending during a recession have outperformed businesses that made sweeping cuts, according to studies that analyzed recent recessions outlined in a blog post Thursday by CXL.com. One study that focused on what happened during a recession affected a company’s performance after the recession. The study found that “successful leaders, trading lower short-term profitability for long-term gain, refocused rather than cut spending.” A Harvard Business Review study of 4,700 public companies analyzed three years before, during and after recessions. The study identified the percentage of companies that outperformed their rivals: 21 percent for businesses that opted for a prevention focus (more cost-cutting) and 37 percent for a more progressive focus. The study found that “firms that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest profitability (21 percent) of pulling ahead of the competition when times get better.” Furthermore, a Bain report found that getting it right during the lean years has a huge impact on a company’s growth rate after the economy improves.
1. Connect With Your Customers on Social Media During a Critical Moment
We’re all dealing with the impact the coronavirus outbreak has had on our lives whether you’ve tested positive or not. We’re all taking precautions. We’re locked in our homes and our kids aren’t in school. We can’t visit our friends. We can’t eat at our favorite restaurants or go out to the movies. Sure, all minor conveniences but jarring nonetheless. This is a time to really show empathy to others and help out where you can. This is a time we all need to be sensitive — and not too salesy or pushy — but it’s a great opportunity for your brand to stand out during a difficult time. More people are on social media now while stuck at home, scanning for updates and trying to stay connected in a suddenly isolated nation.
2. Make Sure Your Business Can Be Found Online
In case you haven’t noticed, more people are online right now than in their cars or walking the sidewalks. Search traffic has increased significantly over the past week and will continue to climb as we hunker down. We’re all glued to our computers and phones looking for updates within our community. We’re also looking for entertainment and ways to pass the time. For many, that includes shopping online.
Anything online right now will be consumed more than ever before. This is not the time to be hidden online. You should be using search engine optimization (SEO) strategies to climb to the top of Google’s search engine results pages (SERPs) so your business can be easily found. This is not a time for a business to go into a shell and poke out your head every few days to see if the sun has come out.
3. Pay-Per-Click (PPC) Advertising is a Smart Move Right Now
With more people at home in front of their screens, it’s a great opportunity for businesses to use PPC marketing to connect with their customers and gain a competitive advantage. Oh, and it’s a great chance to save some money within your digital marketing budget. On average, cost-per-clicks have decreased by 6 percent across all verticals since last week, according to Thrive senior PPC manager Jacob Wulff. And CPC is likely to continue to decrease in the coming week, reducing the amount of money an advertiser pays a publisher for every ad click. That gives your business another opportunity to scoop up that lost market share from others pulling back during this time.
4. Stay Ahead or Jump In Front of Your Competition
SEO helps your business increase organic traffic to your website and move past your competition. You want to be on the front page of the Google SERPs — and at the top of the list — so that when your customers search for certain keywords you’re the company they end up calling. To climb to the top of the SERPs takes time and strategic optimization strategies. If you don’t continue to optimize your website and content daily, you lose valuable ground in the search results and your freefall could cost your business thousands of dollars in lost revenue.
5. Prepare Your Business For the Bounce-Back Surge
As we noted earlier, the coronavirus outbreak should fade (just as it has in China) after a few months. That’s when normalcy returns and consumers’ spending habits stabilize. You have to remember that SEO is more of a long-term strategy. What you do today for your SEO campaign will affect your organic search traffic two months from now. Pausing your SEO campaign now could have a detrimental impact on your revenue potential two months from now when the coronavirus starts to become a distant memory.
6. Unique Circumstances Provide Opportunities for a Special Offer
During this uncertain time period, you have the opportunity to show support for your customer base by offering special discounts that will keep your revenue flowing. Identify your product-market fit and create a special offer. Many people are at home browsing, looking for discounts to save money during a time of unrest. It’s a great way to engage with your customers and keep a steady stream of revenue that will keep your doors open. You can push out your special offers through pay-per-click (PPC) advertising and social media.
7. Local SEO is now More Relevant; So Are Your Online Reviews
We’ve all reduced our travel and are staying close to home. In the rare times when we do leave our house, we’re looking for nearby destinations for services and supplies. So you want to make sure your business is using local SEO strategies to optimize your website for “near me” searches. You want customers in your geo region to be able to easily find you online so they turn to you first. At a time when we’re all looking for more convenience, this gives your business a chance to provide assistance during a critical time for families. Another way to boost your local SEO during this time is to not forget about the importance of adding positive reviews. During the coronavirus, online reputation management is as important as ever because this is a great time to really connect with your target audience during a chaotic time. To provide the right service or product for people during a stressful time like this — when they need it most during this COVID-19 pandemic — is likely to be rewarded with a glowing review.
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