As we all know, COVID-19 has changed the way society has functioned as we’re accustomed to. Businesses of all sizes have been impacted, with many industries clinging on by a thread. As a digital agency, we’ve seen firsthand how businesses have been impacted, especially when it comes to their marketing budgets. Does this mean as an agency you should be losing all your business? No. Does this mean that as an agency you should adapt in order to support your clients? Absolutely. While we work from home, abiding by the stay-at-home order here in Atlanta, Georgia, we wanted to compile a list of ways AdToro is not only keeping our heads above water but also supporting our clients in this time of need.
1. Be Understanding
More than ever, clients need your full understanding of their business. Like most agencies, we support restaurant and service industry clients amongst many others. It only takes driving one lap around your local city to see just how the restaurant industry is being impacted. Some businesses are lucky and have drive-thru lines that are filled. Other businesses are shutting their doors for good. If your client needs to adjust their media spend, put their ad spend on pause, or needs to put their advertising on hold we recommend letting them. Depending on your payment model this could impact your agency bottom line. However, by showing good will towards your client’s needs you’ll be more likely to retain them once COVID-19 is under control and society goes back to functioning the way we’re used to.
2. Now Is Not a Time For Price Increases or Inside Sales
While some industries are flourishing (e-commerce), there may be a desire to up-sell when a client wants to try a new strategy. We strongly advise against this. Now is the time to get creative with your client. If sales are down or inventory is low and they want to use this time to build awareness, for example Google Display, it would be against our recommendation to charge additional dollars. Show your client that you have the best interest of their organization at heart and be a good partner. Once business is back to usual, then open up conversations about charging extra. Your client will better recognize you as a partner and not a vendor.
3. If All Else Fails and Clients Are Pausing Their Media Spend, Look at Taking Federal Relief
If all your clients are leaving/putting their ad spend on hold, think about taking federal relief instead of closing shop or laying off employees. The Small Business Administration is currently offering special loans to small businesses that have been impacted by COVID-19. You can visit their website here.
Right now is a tough time for everyone. Not only are we facing new challenges in business, we have the more pressing issue of actually dealing with the virus from a health standpoint. Though this blog is about how COVID-19 is affecting business, we think it’s important to include the health ramifications.
About COVID-19
COVID-19 is a respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was first identified during an investigation into an outbreak in Wuhan, China. Risk of infection with COVID-19 is higher for people who are in close contact of someone known to have COVID-19, for example healthcare workers, or household members. Other people at higher risk for infection are those who live in or have recently been in an area with ongoing spread of COVID-19. Common symptoms are fever, cough and shortness of breath. As of April 13th, the number of confirmed cases globally are 1,909,884 and the number of deaths globally are 118,516.
