The economic fallout as a result of Covid-19 has raised a number of concerns among my entrepreneur friends. Some have decided to pause all of their marketing for the time being, while others decided not to introduce any new products until the pandemic is over.
This has reminded me of when I started my entrepreneurial journey and faced my first financial challenge. I thought that when times were tough I shouldn’t be spending money on marketing. When facing uncertainty, cutting costs and withholding all “unnecessary” payments sounded like the right thing to do.
But then my mentor gave me great advice. He told me that while I didn’t have control over the financial situation I was facing, I did have some control over marketing and it wasn’t wise for me to become invisible when I needed customers most.
He asked me to improvise, and to look for ways to continue marketing my business even when my advertising budget was low. I went back to basics, and used WhatsApp to send offers and advertise my business to my contact list. I leveraged my email list and my social media pages. Through that, I was introduced to new clients, and I worked on a few projects that helped me recover from my financial situation.
As we are facing times of uncertainty, more and more entrepreneurs are wondering whether they should pause advertising their business. Should they be advertising at all when their consumers aren’t buying? The answer would be yes.
I’ll give you two reasons why you should market your business even during slow economic periods.
It will help you to stand out
Slow periods require us to evaluate our expenses, and for many entrepreneurs, marketing and advertising budgets are the first expenses that should go. Your competitors are probably thinking the same thing. They, too, may be withholding their advertising spend, which gives you more reason to be visible.
Marketing could be done in a creative way that won’t strain your budget. Consider social media marketing, asking your friends to do a shout out on social media for your business, or sending an email to your customer list. This is where PR comes in handy. Approach relevant blogs, magazines and newspapers and seek an opportunity for an interview, or tell them about an interesting product or feature you are offering.
With so many people staying at home and consuming content, many publications are supporting small businesses and entrepreneurs as their way of being socially responsible and giving back to the economy. You could also approach social media influencers to do a shout out for you. Some regional social influencers have pledged to support small business owners during the pandemic, and that is a good opportunity to expose your business to a wider audience.
Think of it as a long-term investment
A friend of mine just moved in to a new house, and because of the pandemic and her fear of catching the virus, she decided to postpone fully furnishing it for the time being. While she’s not shopping right now, she is browsing many furniture store websites, and narrowing her options. She sends me photos of sets she loves, and tells me how she would like to purchase this piece or that piece a few months down the line. Just like my friend, while many people aren’t shopping right now, it doesn’t mean that they aren’t looking and taking notes. This is why you should think of marketing as a form of a long-term investment that can take a while to yield rewards. The key is to be patient, consistent and to continue raising brand awareness in a creative way that will make potential customers remember you.
Though the pandemic has forced us to take things slowly, reprioritise and cut unnecessary expenses, marketing shouldn’t be on top of that list. Take advantage of the fact that so many businesses are withholding advertising spend, and that media and social influencers supporting businesses to stand out and easily be seen by potential clients.
Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi
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UAE currency: the story behind the money in your pockets
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
The view from The National
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The specs
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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