The coronavirus pandemic has sent shockwaves through the economy that have affected every business in America from Main Street to Wall Street. Small businesses have found themselves asking what they can do to hold on in these uncertain times.
While there is no magic bullet that can solve this crisis for every industry, there are still steps that we can all take to weather the storm while looking forward.
As a trusted thought-leader in the world of franchise marketing for more than twenty years, 919 Marketing works with many small businesses throughout the country and has seen the impact of this crisis firsthand. 919 Marketing CEO David Chapman spoke to Ken Smith of WRAL on how the impact has affected North Carolina small businesses and brands across the country.
Chapman says that since founding 919 Marketing 22 years ago, he has encountered many world crises, but none on the level of what we see today.
“I’ve never seen anything quite so profound as this,” says Chapman. “There’s not a business that we work with that hasn’t been touched in a very dramatic way by this.”
Small Businesses Bear the Brunt of Coronavirus Impact
919 Marketing’s family of clients include many national restaurant franchise chains, such as Golden Corral. Chapman explains how small businesses, particularly franchises, have struggled during these difficult times.
“It’s tragic,” he says. “If you think about it from a restaurant perspective, franchising covers franchises, service businesses, you name it. I can’t tell you one company that we work with around the country that hasn’t been affected.”
As franchises are independently owned and operated, these individual locations are small businesses that have experienced the full impact of the nationwide shutdown.
“They’re all small businesses,” Chapman says. “Think about North Carolina. What I’ve seen recently is that there are over 800,00 small businesses in North Carolina alone.”
Chapman went on to express how many small businesses and people have been impacted and need community support now more than ever.
“I’m doing everything I can to support local businesses and franchise brands,” he says.
He recommends purchasing take-out and delivery from local businesses where possible to provide more direct revenue for those who need it.
Unprecedented Times Call for Innovative Thinking
While the world learns how to deal with our unprecedented circumstances, companies must ask themselves if they will face the challenge head-on or cut costs and try to wait out the storm. Chapman went on to explain how businesses have a say in how they choose to deal with the situation.
“From a marketing perspective, there are only two ways you can go,” he says. “You can either re-trench or you can take it as a way to do some things you maybe haven’t done in the past from a marketing perspective to get ahead when things go fast again.”
This focus on the future is a major part of what franchises can do now to support the long-term health of their business. By thinking outside the box for franchise marketing solutions, Chapman and 919 Marketing are positioning clients for future success and helping them to navigate our current economic landscape in these troubled times.
Franchises Must Focus on Future Opportunities
Chapman says that while navigating the current climate is important for everyone, businesses must also look toward the future.
“We’re encouraging our clients at 919 not to sit back and retrench, but think about what you could be doing now that could really catapult your business when the dust settles.”
Exploring new franchise marketing opportunities will be critical when it comes to franchises ensuring they not only bounce back from the current challenge, but emerge stronger than ever. Learn more about how you can find solutions to your marketing problems and prepare your business today for the challenges of tomorrow.