Kim Voon offers some advice to companies wrestling with fear and uncertainty from Covid-19 and business owners who are taking a ‘wait and see’ approach to marketing.
The CEO of digital marketing agency, Insight Online, Kim Voon, says that having struggled with astronomical business debt himself he is all too familiar with the paralysis that comes from feeling trapped with no idea where to turn — and it’s a consequence of Covid-19 that could do more damage to businesses than the lockdown itself.
Voon says he is currently witnessing a prevailing ‘let’s wait and see’ approach from a large number of businesses when it comes to their marketing, which he believes is a clear signal that indecisiveness across all the parts of a business could exact the most damaging toll.
“The real enemy that will cost your business, your staff and the economy, is fear. Having shouldered massive debt to build my company, I can understand how insidious fear is. Now is not the time for dithering.
“A common failing of so many people is that they miss the opportunities that come their way because fear and doubt has blinded them, even though they have the resources to take advantage of those opportunities.”
Voon cites the example of an Auckland client which is an online retailer that is currently do record levels of businesses, but management are reluctant to do something bold – such as borrow to expand capacity. Instead they’re talking about cutting back (at a time when they’re doing record level sales).
“Fear and indecision are suffocating and unfortunately, that’s exactly what it will do to a business.”
Voon offers the following advice to companies wrestling with fear and uncertainty.
1. Consult others
“At times when I’ve faced my darkest fears in business, and my biggest decisions, I talked to everybody who will listen. Businesses coaches, consultants, colleagues, family, friends, associates; it doesn’t matter. Talk widely.”
Voon believes it is important to talk to somebody who can be objective. “When I get stuck, or I’m feeling anxious, I talk to as many people as possible — experts, coaches, family, friends, colleagues and business associates. Hearing the opinions of others helps me to get clearer. Talk to people. You’re not alone. “
2. Gather the facts
“Gather the facts. Do your research and you will quickly learn that accumulating knowledge grows your confidence. Awareness and knowledge – projections, predictions, and expert opinions – position us to recognise opportunities.
“We enjoy a good book as much for the ideas it stimulates as for the content. With knowledge and discussion, you make your ideas better.”
3. Make a crisis recovery plan
Voon says business owners and marketers should have a written plan for the post Covid-19 recovery, rather than living day-to-day and hoping for Government handouts.
“We get stressed because these negative thoughts dominate our thinking. Things like ‘my clients may leave me’ and ‘customers won’t shop because they’re scared of the virus’. Take those negative scenarios and come up with a plan to deal with each and every one.
“Concrete steps keep you moving forward. Taking action helps your mental health too,” Voon says.
4. Don’t put off sales and marketing
Voon says many marketers and business owners may be rethinking the merits of marketing when people can’t buy, but that’s not seeing marketing and sales activity for what they are.
“Marketing is a qualitative long-term investment that gathers momentum over time. One of the hardest things to do is recover from a loss of momentum.
“It will take six to 12 months to rebuild your marketing momentum. Carry on marketing in some way, even if it’s just a couple of emails and a press release,” Voon says.
For more information visit: https://insightonline.co.nz/
