Covid-19 And Closeout of 2020


Published: October 12, 2020

We will not see crowds like this in 2020-Why? This is the year of the Pandemic!

The fourth quarter is known as the time retailers work to close out their business on the upswing. And use every marketing strategy in their arsenal, leaving nothing for the next year for it all counts now to close out the year, with good sales to care of any sales deficiencies of the current year. But that will not happen this year; 2020. Millions of people are out of work, and millions more have files for unemployment benefits to feed their families. Businesses have gone out of business by closing up their shops of filing for bankruptcies.

Social distancing, the wearing of masks, and gloves and not being in the crowded situation seen by the photo above, is of the past and not for 2020 forth quarter. Now, merchants must find new ways to make sales-new innovative marketing strategies imposed to survive or go broke. The eatery and hospitality industries have been the hardest hit, and half of these businesses will close for good, never to reopen again. So what is the merchant to do? The answer; go digital!

Digital Marketing

There are two categories of marketing, (1) traditional, what was known int the 20th century, and the other (2) digital that came about in the 21st century. Traditional deals with television, radio, newspaper, and advertisements of many sorts to get customers’ attention. Or, better yet, non-internet application to the marketing process. Whereas, digital deals with email, websites, Search Engine Optimization (SEO), social media, or anything that deals with the internet would be called digital marketing.

Digital marketing is a necessity for any business in the 21st century. Consumers are online and researching products, companies, and other events as well. So when they go to search engines to find out about a product or service or individual,  if they can’t find your business if you are not in this digital marketing space, they can’t do business with due to the channels they visit or patronize. Additionally, just how many people do you know who do not have an email address? So you are already using it, why not use it to be more profitable in your business?

The days of the 20th century are gone, and the ways of the 21st century are here now, and if one does not find a way to implement digital marketing into their marketing mix, it will be hard for them to turn a profit. Small businesses having an internet presence can start with having a website. Having a professionally designed website can be had about a thousand dollars with payment options. However, each website is unique, and what one webmaster has on their site does not necessarily mean you should have the same due to businesses are different. You need to differentiate-be different from your competitor.

Lack of Capital

Thus, COVID-19 and the loss of sales to the retail community due to the forced shutdown of small companies nationwide, so the question is how retailers rebound and require the deals lost after the second and third quarter of 2020. The fourth quarter has traditionally been when retailers used this time to recoup the prior quarter’s misfortunes. So how will this manifest if we have social distancing? The answer is using various digital marketing tactics and strategies.

As entrepreneurs-small business owners, our creative intellect will move the fourth quarter of 2020 to a sales bonanza when focusing on marketing. And having the capital to implement into a marketing plan is a must, for it is always about that working budget called working capital that the entrepreneur-small business owners use for the marketing concept. Without a budget or marketing plan, the reality of new sales is futile. New methodologies retailers need to face, and the utilization of 21st-century marketing best practices, are the way to boost sales in the closing quarter of 2020.

Tracking-Customer Relationship Management (CRM)


A CRM system is a software program that tracks and shows the interaction of past, present, and future interaction between entrepreneurs-small business owners and their customers or prospective clients or customers. This type of software is needed in the building of relationships between small business-customer interactions. The business planning and the various marketing techniques made streamlined with this software.

This is another tool that small businesses need in their tool chest to maneuver out of their present dilemma-lack of sales. There are many CRM in the marketplace, and we use HubSpot as our primary CRM system along with ACT and Dynamic 365. The multiplicity of using these three gives a different perspective on how we look at prospects from a 360-degree marketing profile. Each system has its strength and weakness and is used to manage better marketing activities.

Consequently, the use of such a tool will benefit the merchant in sales in the fourth quarter of 2020. And let’s face it, any instrument used to turn quarter two and three around into a cost-effective close of 2020 should be welcome. These are suggestions on how to solve the problem of lack of sales and boost the finishing out of 2020.

Website

And finally, as a small business consultant, I have given four remedies to a current situation that most small businesses have currently in the United States. This reduced sales phenomenon is something that can be turned around using technology. It is not a quick fix, but a fix none to less. First of all, the merchant must learn the how-to-of this digital marketing process over traditional marketing, which takes time or brings in a consulting agency like mine to help with the process.

However, having a website will give the merchant an opportunity of getting visitors to their site that would not have been there without it. Having opportunities to develop more sales for the merchant’s organization through a website could boost revenues and sales and increase the leverage of the closeout of 2020.

In closing, if anyone has questions on how these systems can be utilized in your organization, contact us, and we will explain and make it happen.