This will be my take on COVID-19, the economy and the effect it will have on your business and ads.
Firstly, I hope this message finds you and your loved ones safe and well.
It is a long post but I think it’ll be helpful.
I wrote this to instil a ray of hope into you and give you actionable tips to what I think could help you win in these challenging times.
The first fundamental thing you need to understand so you can make use of any of this information is:
Just because the market shifts, it doesn’t mean there isn’t a market. People are still spending money, even if they won’t have as much as they had before, they will just be spending it elsewhere than where they were before.
Where the money shifts to, is where there are places you can (ethically) capitalise on.
To get an accurate overview of our situation; let’s start with the three main origins of the changes I can see that will affect your business:
- The COVID-19 virus.
- The subsequent change in the economy
- Social media usage
Let’s talk about some main things I estimate will happen to some degree, the opportunities that’ll present themselves:
1. The shift in the market
I’ll start with the most uncomfortable part.
We don’t know to what degree the economy will dip further. I think it’s likely to get worse since we have no solution to the virus (at least at the time of writing this piece.)
Then also because there’s less value being created because fewer people are working, so less money is moving hands.
What I see this means, consumers will be stretched for cash, and, they will spend less on luxuries and focus more on the essentials to life.
If that happens, that means you need to focus less on selling non-essential goods and services.
Focus more on what people need to live, and to survive.
Talk about those challenges more in your marketing.
Like: Making money, food, water, safety, security, rest, health and so on.
2. Self employment on the rise
Unfortunately, people are likely to get laid off. It’s happening already.
When people’s usual income stream is interrupted, they look elsewhere. That might be self employment, and it’s especially likely to be if they struggle to find a new job.
This is an obvious market that’ll grow if you reposition or develop a product to suit this need, I see it doing well.
3. Health services grow in demand
Maybe most obviously, the need for health services will grow. I think it’s a little more nuanced than that though.
Hospitals are going to be under more pressure.
I think it’ll be harder for people to get their normal health needs met via their usual means. The only thing I can see happening, in that case, is that they will seek solutions in other places.
People who have the money could consider private healthcare.
Alternative health practices could also increase over this time as people are more conscious.
If you can make your product fit more of a health solution, it’ll probably work well.
I see counselling or related mental health practices increase due to the inevitable increase in general life stressors.
If you focus on how you can help people deal with hard situations. On how you can help them stay healthy, I think you’ll see a good uptake of your offers.
4. Attention is getting cheaper and more plentiful
Why? People are spending more time on social media due to not being able to go outside/ not being able to work.
Meaning, how much Facebook charges you to show an ad to someone will be cheaper (simple supply and demand). Now’s a great time to advertise.
That coupled with the more challenging times, means people are looking for solutions. They want to solve their problems more now than ever.
So, you’ll like see an increase of consumption of content, your VSL’s, videos, leadmagnets, emails and the rest of your funnel is likely to be consumed more at this time than before.
Leads should get cheaper.
5. Lower sales %
Yes, as a result of these times I can see it getting less sales. Especially if you don’t market effectively and if you don’t have solutions to genuine sales objections.
Your marketing and your sales will need to work harder. For example, more follow-ups, more emails in your automation, more proof of results, more second calls, more impressions on your retargeting ads and more (and different) offers.
The more you can prove you can help someone, the better you’ll do.
So so think to your self, what are the misinterpretations or misperceived problems people mention when they say they can’t do business with you now? What is the right mindset they need to have to make the right decision for themselves?
Talk about those points in your marketing, it’ll make your sales calls go smoother.
6. Making smart investments
Some of the worlds smartest investors like Warren Buffet say “invest when the markets are down.” I agree, to a point.
However, the returns you can get from investments are much lower than the returns on investments into your business, if your business is set up properly for it.
In this sense, properly set up business means: you can sell on the phone, you solve peoples genuine problems and you know (or can figure out) which problems you solve.
If that sounds like you, I think you’re better off investing in ads and creating an audience.
The “fb ad market” is down right now and the attention is underpriced.
Building your email list will be a great asset you walk out of this momentary season with. That, and making sales in the process 🙂
*Obviously, please don’t take this as financial advice. I’m not a qualified financial advisor.*
7. Summarising what’s important
The important thing is, as I said earlier. Focus on how to solve your prospects problems, and especially their new problems.
As I say a lot, businesses are built on building problems. As long as you actually help, and focus on how to create a plan that’ll work in these current times, you’re good.
Don’t be scared of it, this is an opportunity to help people who are in need. This is an opportunity to help the world a better place.
It’s my belief that entrepreneurs like us, are the reasons why we have such freedom and luxury in a large part of the world.
I would pride yourself on that, it’ll help you stick it through any hard times that might come.
Hope you find ways to ethically capitalise on the situation and help other people in need in these potentially challenging times.
I’d be happy to help you, we can talk here: