Fear, panic, and knee-jerk reactions. They’re the three things that media and news outlets thrive on, and three surefire ways to lose revenue within your business. Although a worldwide increase in levels of anxiety and uncertainty is probably good news for stocks of media outlets, it often leads to a decline in productivity and profitability for the rest of the workforce. 

We want to guide you through these challenging times by giving you three business mistakes to avoid during the Coronavirus outbreak: 

1. Lowering Your Prices

Unless you’re selling essential healthcare items like soap or rubber gloves, you’re probably not seeing a dramatic increase in your sales right now. Business owners are likely starting to sweat a little at this point, wondering how long these downward trends may continue. 

Pause to take a breath for a moment. Just because your business is feeling pressure, it doesn’t mean you need to share that feeling with your customers. In times of panic, everyone wants to look to a trusted and resolute leader. Step up and put on a brave face (fake it if you need to!)–be a market leader, not a follower. By maintaining your pricing, you maintain your value. 

2. Cutting Your Marketing Spend

Effectively marketing your business is the best way to ensure you’re consistently attracting new customers and retaining the greatest amount of your existing customer base. However, marketing is oftentimes one of the first things that many businesses cut when things seem uneasy.

Unfortunately, making cuts to your marketing department directly impacts your bottom line. Instead of reducing marketing budgets, try to reevaluate your current initiatives and see how you can better spend that money. Identify what’s working best, and what’s struggling to generate leads. Wherever you can, transfer effective tactics to areas where there is room for improvement, or simply double down on your most effective marketing initiatives! 

3. Thinking Short-Term

It’s going to be very easy to get caught up in all the uncertainty over the next few months. As much as you can, avoid the mistake of only thinking in the short-term. Yes, you will likely need to make some short-term adjustments while markets are unsteady, but don’t let a few chaotic months derail years of growth. 

As always, the success of your business is dependent on your long-term strategic plan. Focus on your corporate goals and objectives, and coordinate with your team to rally behind them. Sometimes, the best move the captain of any ship can make is to simply adjust the sails. 

It’s hard to stay strong when there’s fear in the air…especially if you’re short-handed and are worried not only about your business, but about the health of your employees. Nevertheless, it’s times like these where great leaders are needed the most.

Now’s the time to plan for the worst–but hope for the best! Take time to identify the health and trajectory of your overall business, your budget, your staffing, your sales and marketing, and your operations. What are your plans if the world’s economy falls into a recession? Do you have a plan to keep your head afloat? 

If you’re unsure of where your marketing stands, reach out and let us know. Vonazon is here to be your strategic partner and help guide you down the right track. Now is a great time to take advantage of our complimentary
Digital Marketing Evaluation and get crucial insight on where your strengths and weaknesses lie.  It’s time to ensure you don’t make these top three business mistakes to avoid during the coronavirus outbreak.