Why you should Increase your Marketing, Sales and Operations Budget During COVID-19

This pandemic is creating so much fear, anxiety and hype that no one really knows what is going on. On one hand we hear about people dying and the numbers increasing and on the other, we hear about a decline in numbers and certain countries getting better. Regardless of the beautiful politics we’re so blessed with today, businesses are acting like a deer stuck in the headlights - shocked and not sure what to do. 

It’s understandable to want to cut expenses, layoff employees and freeze all major decision making in a time of uncertainty but, when was the future ever guaranteed to begin with? 

Mainstream media will always have new stories that break, distort the perception of reality and alter market conditions. We never have nor will we ever live in a “future-proof” kind of world. 

Actually, based on my understanding of historical patterns, technological advancements and collective consciousness, I believe it’s quite possible but, that’s besides the point. 

Hitting the breaks on your business now is like giving up the need to breathe, without oxygen you’re eventually going to die. 

The only way to move forward and get ahead of the curve is to put the headlines aside, make a digital transformation and adjust your marketing and sales efforts. In fact, there are a lot of reasons why this needs to happen and right now is the perfect time. 

According to a study by Gartner, 

• 85% of enterprise decision-makers say they have a time frame of two years to make significant inroads into digital transformation or they will fall behind their competitors and suffer financially. 
• 56% of CEOs said digital improvements have led to revenue growth and 2/3 of global CEOs will start focusing on digital strategies by the end of 2019. 
• And, 34% of companies have already undergone a digital transformation while 44% of companies have started to move towards a digital-first approach 

People are Online Now More than Ever 

Have you heard of the “I’m bored in the house and I’m in the house bored” song that's gone viral, have you seen the influx of Tiger King memes, and do you even know how to pull off the smoking toilet prank?

Okay, maybe I'm spending a little too much time on TikTok lately but whether you're on Facebook, Linkedin, Instagram or any other platform, this is a time when content creators come alive and thrive.

Everyone is craving entertainment and running a small paid ads campaign that promotes content, a webinar, a product or service can help a company gain a lot of exposure fairly quickly. Furthermore, creating useful, valuable, and engaging organic content that is in alignment with the buyers journey is even better.

You could even create interactive infographics, gamification, SMART Content and hav a fully dynamic website. I’m pretty sure I lost you towards the end there. So, let me break it down. 

SMART Content is also referred to as dynamic content which changes based on the interests or past behavior of the viewer. It’s designed to offer a more relevant and personalized experience to your website visitors - one that basic static content can’t provide. 

For example, you could segment your pages to provide a different experience for your leads versus your customers. 

This is especially helpful for brands who have vendors and end consumers but don’t know how to market to them separately. You could have your website say “Welcome back Jason, can we reorder the AK47 by XYZ Farms for you?” or maybe the website recognizes a customers past buying behavior and recommends similar products or an augmented reality figure pops up and starts singing Happy Birthday and discounts the transaction. That’s two separate people being served two different yet, highly relevant and personalized messages on one platform. 

Can you see the light now?  

We can program every single piece of content, form, call-to-action, website, video, email list, landing page and so much more to function this way at such a high level that it’s almost unbelievable. In fact, I don’t think most people understand how deep we can really go with “hyper-personalization”. 

This is only the beginning of where programming, machine learning, and AI meets marketing, sales, customer service and entire operations which is why I am so psyched to be leading one of the few companies who's at the forefront of both industries.  

It’s also the perfect time to build a following 

Much like all social media platforms, you can either choose to be a content creator or a consumer. Being a creator means you create content specifically for business purposes and being a consumer means you’re just wasting time watching, reading, and consuming other people's stuff or you’re trying to get people to pay attention to yours.

Either way, in a time of distress, most people look for content that makes them either laugh, inspires them or solves their problems. No matter what you produce, it should provide some kind of value. Whether it’s an offer, a course, podcast, download, video, webinar, or interview, make sure you’re part of the solution and not feeding into the problem. 

Adopting this philosophy and remaining consistent with it will attract way more attention and engagement than you could ever imagine. It’ll also help build trust and relationships which are needed for sales and customer loyalty. 

Don’t pull the plug

I get it, you might want to wait till the storm passes and ride the wave but, there’s more sets in the ocean that are going to keep on coming. We’ve had regulations, travel restrictions, the vape crisis, banking limits, the pharma issue, packaging and so many other ripples but, unfortunately the future is full of these unforeseen events. 

When you build momentum, you build a following and that's how people trust you. They want you to be consistent, to follow through and to meet or exceed their expectations. They need you to be that guiding light to show them the way. Once you turn this off, they won’t trust you anymore and you’ll have to re-earn their loyalty. 

Not only that but, your cash flow will start to decrease and the whole empire will just start to crumble and go to sh*t. 

Re-inventing the Wheel 

Times like these force businesses to think outside of the box. I’ve seen so many creative ideas come to fruition within a very short period of time. 

For example, Jeff Fenster and the team at Everbowl came up with a concept called “laterbowls” these are for consumers who like Acai bowls and would like to have them at home while in quarantine. You can buy them in bulk online and get them delivered to your door.

Eventhi moved their 420 cannabis friendly HiDay to a 24hr live streaming event to give event organizers and event-goers a chance to tune in and still be a part of the cannabis community and culture even if it means doing it from our own homes. Their event features organizers such as Yoga instructors, chefs, artists and more. 

The Arcview Group has stepped up their digital game and brought together CEO’s from Caliva, Weedmaps, Eaze, and a few other well known cannabis companies in an online webinar to educate investors on the market. 

CannaTechGlobal hosted an online panel talking about finance in the industry.

MJHybrid Solutions is hosting an online webinar to help dispensaries and budtenders learn how to use best sales practices. 

The NACB is hosting a virtual happy hour for members and the community to come together and engage with each other. 

There are just so many ways to be creative right now, it's more important than ever to invest in digital and good content marketing. You just have to make sure you're doing it right.

Recessions are Honestly the BEST Time to Shine

Unfortunately, no one knows how long we’re going to be in this mess or what it’s going to take to recover but, it's more important than ever to remember that loyal customers are the primary, enduring source of cash flow and organic growth. Marketing and sales isn't optional - it's essential to bringing in revenue.

Contrary to popular belief, recessions are actually a really good time for businesses to gain solid ground and increase market share. 

In fact, there's plenty of proof! 

According to Forbes:

"...there have been a number of studies going back nearly one century that point out the advantages of maintaining or even increasing ad budgets during a weaker economy. Those advertisers that maintained or grew their ad spending increased sales and market share during the recession and afterwards."

As the “noise level” drops and competitors cut back on their ad spend, the cost of ads as a whole drops too which means it’s super cheap to run a campaign and get in front of a lot of people. 

So, where do you go from here? 

Well, if cashflow isn’t an issue and you’re in a position to adapt, then by all means double down as it will pay off in the months and years to come. But, if on the other hand, you’re in survival mode and in no way shape or form to take on the rogue wave, then do what you have to do but, just know that there is a light at the end of the tunnel. It may seem a little far right now but, we are going to bounce back from this with 10X better leadership skills and way more sustainable business models.