As we get deeper and deeper into the COVID-19 closure of life as we know it, business owners seem to be falling into two categories:
- Bury your head in the sand and wait for the storm to blow over
- Evaluate EVERYTHING and focus on the core of your business to strengthen your foundation
So, the first category doesn’t work for me. It leaves too much up to forces beyond my control. I am an active business owner, so I want to be ACTIVE during a time when others like to sit and wait. At Happy Hour Media, here is what we are evaluating:
Vendor Relationships – Who are the partners that realize the stressfulness of the current situation and are willing to find creative ways to help our clients and us through it?
Client Strategies – For those currently open, is their messaging on-point with the current pain points of today’s market? Have we renegotiated media buys, rethought strategy and tactics to match up to current consumer behaviors? For our clients who unfortunately are not allowed to operate under the current Stay-at-home orders, what is their relaunch strategy and message? How quick can we get it to market? Can we at a moment’s notice if timelines shift?
Cash is King – What spending is necessary and core to the business, and what is optional and non-essential? What are current things that we are outsourcing, but have the bandwidth to bring in-house versus what are services we’re doing in-house but could outsource for less?
Investing in Ourselves – As a marketing agency, the LAST thing we ever focus on is our own brand, because we invest everything we have into our clients. This slowdown has allowed us to allocate internal resources to focusing on our brand, messaging, and assets.
So, what are you doing? What will your company look like when we come out of this? I was speaking with one of my best friends and mentors this morning, and he told me, “Chris, remember this time we’re in right now. Remember the struggles and how you adapt, because there WILL be another downturn, so build something that lasts.” I am confident in our team and our clients. We have a strong foundation and are evolving and adapting in this ever-changing market.
My conclusion, COVID-19 sucks! The health impacts are scary for our loved ones. The financial impact it’s having on businesses, their employees and their families is unlike anything I’ve ever seen. But I am confident that WE ARE resilient. You didn’t start a business if you can’t stomach some turmoil, and your employees are watching your leadership now more than ever. What a great way to show strength AND compassion to those who have helped build you up!
From Happy Hour Media, if we can assist in pivoting your messaging, adjusting your strategy to the current market, or plug in at the operational level to increase efficiency, we are here to help you EVALUATE EVERYTHING!
Chris Holcomb – Partner/COO