How can you maintain sales and revenue during a crisis?

During crisis, we need to understand if the demand still persists for our business. If yes, then focus on the most important products and push them. Cut down on any unnecessary or less beneficial costs. Try creating options for consumers, for eg: lower cost, variants so that we are still in demand. If no, then work on generating the demand through right marketing tactics post building a product which is different from the previous one

Assess if it is really a crisis. Sounds obvious but it takes tremendous marketing character to not act every time there is something that comes up. If, in your assessment it is truly a crisis do understand the root cause of the same. Respond authentically and be fact based yet empathetic in your response. Aim to be seen as acknowledging an issue, looking for a solution and truly doing something about the issue.

Communicate with current users as they are the 80 in the 80-20 rule. How can you help them out, what is their biggest problem? Are you down or is everyone down? Who is up. Every answer begs another question!

What drowns a company is falling profits. If you as management follow the equation : Revenue-Profit=Cost you will insulate your organization using the good times against the bad times. When there is surplus it ensures salaries and payments to suppliers are protected during bad times. Having said that, Revenue from loyal clients is at the core of what can save you during a crisis.

Crisis = Ventas bajas Realmente lo primero que hay que evaluar es la razón de la crisis. Toda la categoría está cayendo o solo eres tú? Hay algún segmento en el que no participes que esté dinamizándose? Qué competidor está creciendo? Todas estas preguntas las debes evaluar desde la posición de mercado que ocupes como marca (líder o no líder) y adaptar tu oferta acorde. Durante 10 a?os en marketing he manejado múltiples crisis: 1. Se dinamiza un segmento nuevo en el que no participas. Solución: si así se decide, desarrollas nuevos productos para el segmento 2. Se apertura un nuevo canal de consumo que antes no manejabas. Solución, se completa un levantamiento completo del canal y se ajusta la oferta en función a los competidores

During seasonality issues it’s hard to sell. Going back to existing consumers to find references is the best way to zoom through the tough phase.

A crisis can offer an incredible boost to revenue or be the complete demise of a company. It all depends on how management choses to deal with things - either as an opportunity or as a problem. Pivoting to supply products and services that are needed during a crisis could possibly save a company and at the same time help a lot of people. On the other hand. Sitting back and accepting that business is down doesn't do the company, staff, nor customers any justice.

In times of crisis, communication is the lifeline connecting your brand to stakeholders, especially customers. Acknowledge the situation, convey genuine concern, and assure them of your dedicated efforts. Honesty, transparency, and consistency in messages are the pillars of effective communication. Steer clear of false promises, blame games, or neglecting feedback. Demonstrate genuine care for your customers, emphasizing the value you place on their loyalty and trust. It's not just about weathering the storm; it's about reinforcing the bonds that withstand it.

Understand and acknowledge the challenges your customers face, and tailor your communication to convey how your adapted offerings specifically address their current needs. Empathy in your messaging fosters a deeper connection and trust, showing customers that you are not just selling a product or service, but genuinely seeking to assist them through difficult times. This approach not only enhances customer loyalty but also strengthens your brand's reputation as customer-centric and responsive in times of need.

The biggest key takeaway we learned in managing brands during VUCA times like COVID, is to learn how to adjust what you are delivering to your customers to be able to stay relevant. The emotional benefits are usually more important to highlight at this time, beyond the functional benefits of your product or service. Also another best practice is to go beyond selling. How can you help educate and support the customers through these times? Is it through helping them be more aware, or giving them tools to adapt, whatever it requires I think what’s important is your listening to what they really need first. And sales will follow if you put your clients’ hearts and struggles into consideration.

Be careful that you are not taking advantage of the situation and making it look like an offer that's really ripping people off during a bad time. With the way social media works everything is recorded permanently and the effect is amplified. It might just blow up in your face. A good rule of thumb is asking yourself: would you take this offer if someone else offered it to you?

Scenario: Amid the crisis, "Culinary Connection" adapts by analyzing customer behavior shifts. Identifying effective channels becomes crucial, ensuring responsiveness and personalization. Social media, email, and content marketing emerge as lifelines. With engaging content and targeted messages, "Culinary Connection" revives customer engagement, forming a virtual culinary haven. This strategic channel optimization not only informs but also entertains, creating a resilient connection that withstands the challenges of the times.

In navigating a crisis, optimizing communication channels is paramount. Understand shifts in customer behavior, habits, and preferences influenced by the crisis. Choose channels that are not just effective but efficient and convenient for your audience. Responsiveness, interactivity, and personalization are the keys to meaningful communication. Harness the influence of social media, email marketing, and content strategies. It's not just about reaching customers; it's about educating, informing, and even entertaining them during challenging times.

Key Metric Tracking: Monitor vital sales and revenue metrics: conversion rate, average order value, customer retention, and lifetime value. Data-Driven Evaluation: Utilize data to assess strengths, weaknesses, and pinpoint areas for improvement. Strategic Testing: Experiment with diverse strategies, learning from both successes and failures. Tactical Adaptation: Adjust tactics based on insights gained, optimizing performance in real-time. Continuous Learning Loop: Establish a continuous learning loop, refining approaches through ongoing testing and analysis. Iterative Improvement: Iterate and enhance strategies iteratively, aligning with evolving market dynamics.

Post-Crisis Insight: Foresee market shifts, understanding changed customer behavior and competition dynamics. Vision Alignment: Align the restaurant's vision, mission, and values with the transformed market landscape. Adapted Value Proposition: Tailor the value proposition to stand out in response to evolved market demands. Renewed Goals: Renew objectives, setting achievable targets for a resilient recovery. Strategic Map: Craft a detailed recovery plan, outlining essential initiatives. Timely Execution: Establish a structured timeline, implementing milestones for recovery progress.

To sum up the above, and. Lot of people didn’t mention. Maintain an adequate level of marketing to stay in touch with your audience and customers, make sure existing customer base still satisfied with your product or service and you are still delivering to your promise. Look at areas where you can add value and show commitment to your customers success , during those times image and perception is the most important asset that will pay off once market picks up again.

En mi país, Argentina, vivimos constantemente en crisis. Si hay una sola cosa que puedo aportar diría que la clave es la creatividad. Y cuando hablo de creatividad no me refiero a avisos interesantes o videos que te vuelan la cabeza. Me refiero a ser creativo en todos los aspectos del negocio. Es entender y ponerse en el lugar del otro. Mirar desde sus ojos para entender que es lo que necesita y como podemos ayudarlo. Puede que sea con una oferta o que simplemente sea haciéndole ver el valor agregado que tengo. No hay fórmulas mágicas, es cuestión de pensar, probar y volver a accionar.

Focus on providing added value with incentives or promotions, like discounts, free shipping or extended return policies. Evaluating existing marketing channels by adjusting them accordinly leverages digital solutions within communication paths promoting direct links between business persona with its clients ensuring seamless interactions even with limited accessibility where most transactions happen online rather than physical stores. Communicate effectively with customers about changes or updates related specifically how they're adapting during a crisis; building trust among consumers who recognize efforts made towards making things easier increasing loyalty over time based off past experiences reflecting commitment in face of adversity.