Let's not sugar-coat the facts: Business is bad this year. The Malaysian economy is projected to shrink by about 10.9%. During the MCO, we saw many small and big businesses shut down and our shopping malls got empty. Experts keep warning that an economic recession is coming, some even claiming it will be worse than the 1997 Asian Financial Crisis. At AdEasy, we've had a few scary moments this year ourselves. For a while, we were in what I would call "survival mode" – watching our costs closely and trying to keep our team motivated.
Worse still, we know that it's not over yet. The repercussions of Covid-19 are likely to stay with us until well into next year. With all the uncertainty and instability, how can businesses stay alive and negotiate these challenging times? One way is to keep the customers you already have:
There is no better time to build up your customer loyalty than during a crisis. Customers are just like you and me – anxious and uncertain – and they're looking for familiarity and comfort in an unpredictable environment. Give them a reason to stay loyal to your company. Some loyalty programmes, like Grab Rewards, operate based on collecting points or badges to unlock benefits. Often, points lead to exclusive member tiers (Silver, Gold, Platinum, etc), with VIP early-bird access and even better rewards, etc. Others come in the form of a monthly "membership" that customers have to sign up for (think about a monthly transport pass or a mobile data plan, for example). On our side, we've recently introduced AdEasy PLUS – a monthly plan that offers subscribers a different bundle of digital out-of-home (OOH) ad spaces every month at a fraction of the price. Whatever you choose, the purpose is the same: Lock customers in so that they choose YOU over your competition.
Don't be stingy with your rewards. Thank customers with a small reward each time they make a transaction with your company – for creating an account, for following you on social media, for subscribing to your newsletter, for making their first, second, third purchase... During the MCO lockdown, Hong-Kong-based beauty e-commerce website YesStyle.com offered all new members instant "Silver" access with an instant 6% discount on all purchases. This strategy effectively locks in new customers by giving them instant gratification, and gives them a reason to continue buying from you – instead of from your competitors.
We at AdEasy launched our first ever email newsletter this month! Why did we do this? Because we wanted to get more personal with our users. Email newsletters may seem old-school, but data shows that they are still the most effective channel for conversions. This is because emails are still more personal than social media. The best newsletters make use of customer data and address you personally by your name. They congratulate you on your birthday. They recognise your interests and past purchasing habits, and can be optimised to offer a more tailored shopping experience. Unlike social media, you can segment your email target audience effectively by age, gender, geography, purchasing habits, and more. Create an email mailing list and start making use of customer information, such as birthdays and purchasing habits.
When crafting your marketing and communications, focus on how your business, service, promo, or product is helpful during these times. Since lockdown began in March, I've noticed 2 types of communications. The first type pretends nothing has changed and continues selling as usual. The second type changes its tone, softens up, and starts telling you what it plans to do to mitigate the terrible effects of Covid-19. Some businesses pledge to donate a percentage of each purchase towards hospitals, virus research units, or charities. Some, like The Edge Malaysia, started a fundraiser to support healthcare workers and more, raising over RM 25 million by the end of June. On our side, we started #AdEasyJagaSME – an initiative that celebrates and supports local Malaysian businesses. In tough times, we need to stay positive and help each other out. And hopefully, we will be remembered well by customers for it.
Out of sight, out of mind. As more people stay at home, more people have free time to surf on social media. Consider increasing the frequency of your posts during this time. Also, if you haven't already, consider placing your products directly on social platforms and opening up new channels of communication between customers and your sales staff. During the RMCO, Maxis encouraged all of its shops and branches to create social media accounts. The objective? To stay "discoverable" by customers and to stay in touch. Branches of a big brand don't usually have a dedicated social media presence, but kick-starting this strategy during the RMCO allowed regular customers to easily look up changed opening hours and contact sales staff of a specific branch via WhatsApp before even entering the store. Here's one example!
Can't meet your customers face-to-face? Diversify your delivery and transaction methods! Consider less conventional transaction methods such as taking orders via WhatsApp, social media, phone order, or more. Even the local vegetable seller in my neighbourhood has started taking orders via WhatsApp and Facebook. He usually runs a vegetable stall at the pasar pagi, but during lockdown, he stepped up his game and started delivering orders directly to customers' homes. Always with a mask on, of course!
Have you tried new ways of reaching new customers this year? Share your experience with us by mentioning or linking this blog post on our social channels!