Marketing in the time of COVID-19
Let’s address the elephant in the room – COVID-19 and its impact on businesses and their Marketing efforts.
Yes, businesses and economic activity in Laos are seeing a slow-down.
Yes, sales are being impacted and cost cutting is prominent.
As a marketing firm, we see various strategies being implemented in the different business sectors in Laos to keep the business afloat.
While each business has different requirements, we’ve noticed an approach that has worked for our clients. As we know, sales and marketing are not the same, but they are highly interlinked and when done tactfully they can greatly influence each other and overall revenue generation. It is often a game of push and pull. You can either push your product or service for people to buy, or you can generate interest in such a way that people approach your business to buy the product or service.
A push strategy would include discounts, promotions and limited time offers. A pull strategy includes engagement, entertainment, and information with regards to the product or service. The push strategy is a desperate effort to get the stock moving. The pull strategy is a patient and long-term approach to grow interest and eventual purchase.
In these times, a push strategy can seem lucrative and essential, but actually – it could be hurting your business in the long-run. This is especially true for businesses with proper cash flow management. If a business is facing liquidity issues or cash crunch in the current situation, a push strategy is required to keep afloat. However, if that is not the case, then a pull strategy is a stronger approach.
Marketing enables a pull strategy by building up interest in the product, service and brand of the business. During slow periods, it is absolutely necessary to build “the pull” because there are fewer business competitors that will use this approach and therefore you enjoy higher visibility. The benefits of this visibility will be prominent when the market sentiment improves. It is like building a strong foundation for long term growth.
As times are changing, we expect a “new normal” however there’s no concrete path visible for the future ahead because this new normal is yet to come. The current impact of the situation is still being molded, consumer behaviors and consumption patterns are changing and will continue to change drastically in the coming few months. Investing in marketing now for businesses would mean that they are evolving as a brand with their consumers. The focus essentially shifts from your product or service to the need it is fulfilling – “I want a phone” can be approached as “I need to talk to someone” – and that journey of getting a phone to talk to someone is the bridge that marketing brings to a business.
We at J&C Marketing believe that the market is evolving, and now is the time to evolve your communication as well. We applaud our clients for having this growth mindset towards their business.
J&C Marketing would also like to welcome Toyota Lao, Modern Lao Homes, Bunnasia, Mekong Farms, and Loca as our new clients in the last few months. We are delighted to work with them and strengthen their marketing efforts through this difficult time.
If you are seeking out marketing services for your business, you can count on us to manage your Marketing Strategy, Facebook Page, Instagram Ads, Google Ads, Audio & Video Ad scripts, Flyers, Brochures, and all Branding materials.
For more information, please contact 030 5533394 or 020 97747580.