The US Congress has doled out 2 Trillion US dollars as stimulus checks amid the coronavirus pandemic. Millions of Americans will receive these checks; in fact, many people have already confirmed receipt of these funds. For the records, single persons will get $1200 while married couples will receive as much as $2400.
As this 2-Trillion-dollar-stimulus-fund is being disbursed, economists are already looking at how this will affect the total economy and the buying power of every receptor of this fund. What you should be thinking about however is how this fund will affect your sales in these times, and what your next marketing strategy should be.
Although the stimulus package is supposed to encourage customers to make purchases, it has not achieved its aim as many people have since postponed all optional purchases and don’t seem like they will be back any time soon. It now behooves on businesses to gain customers’ attention one way or the order and make sales despite the situation.
Many brands are trying to catch up; from giving out discounts daily to introducing new products. You might be wondering what creative ways by which you can gain the customer’s attention. Here are some strategies your brand can start using today:
• Influencer demo videos
• New product promotion
• New business model for existing businesses
• Pure discount strategy
Let’s take a look at how you can make these strategies work for your business.
Influencer demo video
Right now, customer confidence and interest are very low and there is little that can improve their interest level; influencers happen to fall within this category. Influencer marketing is a great way to encourage consumer purchase decisions. They would be more moved to get a product endorsed, promoted and marketed by an influencer they follow than a company’s ad or promotional post.
Wali is a complete autopilot influencer platform. No more recruiting, no more negotiation on your end. Learn more at https://mywali.co/influencer.html
New products promotion
The old Pareto Principle can still be applied across many industries: 80 percent of your revenue comes from 20 percent of your customers. New products could be seen as more favorable to a brand’s loyal customers. Thus, this strategy could also help brands attract customer attention. Give your customers something they’ve never seen or tried before. It will be hard to turn down a new product from a brand you’ve always loved; not when you have what it takes to purchase the product and find out for yourself how much you would love it.
Existing well-known business trying a new business strategy
Try a new strategy with your brand or business. For example, personalize your products, explore the potential of your brand and products, and then project it to your customer in a unique manner. Gain insight into what matters most to your customer in times like this and get it across to them.
Pure discount strategy
It is common practice to offer discounts, coupons, free shipping, promo codes, and BOGOF to boost the sales of your product. We shared some of our tips for a pure discount strategy on what-to-do-and-what-not-do in our last post. Click here to read about it if you are interested.
What now?
We can find some similarities in the history of economics. In both 2009 and 2008, there were bills passed for stimuli checks; $14.2 billion for 2009 and $120 billion in the fiscal year 2008. 2020 has however seen the biggest stimulus package, and without a doubt, this 2 trillion US dollars will matter especially to manage the inflation and prevent depression.
However, to what degree this stimulus fund will help is an open question. We’d love to hear from you. Let us know what your assumption on how much 2 trillion US dollar will matter for your business.