The Cost of Doing Nothing

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Are you hesitant to engage in marketing campaigns during COVID-19?

Do you know what the penalty for inaction is?

Turns out, the cost of doing nothing can be really high.

In this episode, Jessica Scanlon and Kevin Ring talk about what can happen to a business when there is so much change going on but the business owner chooses not to take any action in the midst of it.

Recently, many business owners have become hesitant when making decisions about medium or large investments. This hesitation can turn into getting stuck and taking no action. Arguably, inaction is even riskier than any other feasible option.

Action Yields Information

When it comes to knowing your customer, you don’t learn anything new from disengaging. You’ll be left in the dark while your customers’ needs are changing. This will then result in a disconnection from your customers.

Instead, taking action to remain in front of and engaged with your customers will give you insight into how they feel in the current circumstances. You can then make informed decisions about your product, marketing dollars, and messaging.

Inaction Yields Negative Market Share

Every day you spend not trying to grow through marketing, you’re not getting any brand value from the activities you’re doing.

You won’t see an immediate drop, but through inaction, your brand will see a slow erosion of attention and market share. This will gradually strip away the results from the hard work you’ve put in.

Turn It Up Now

When competitors are pulling back their marketing resources, it creates a gap that you can fill to grab attention. By dialing up your marketing efforts now, you can capitalize on the empty space and put your brand at the fore.

This might seem like a bit of a catch-22 if you haven’t dipped your toes into marketing before. But taking the first step toward action feeds a virtuous cycle. Engaging with your customers through marketing gives you better insights and, thus, you can spend your future marketing dollars more wisely.

In COVID-19 times, it’s tough to know whether to feel hopeful or hopeless. The good news is that, according to a recent poll, business leaders are trending optimistic about the near future.

While this optimism is a good sign, it doesn’t mean that business owners should rest on their laurels. The time to prepare for the future is now. Making smart investments through marketing lays a foundation for your brand to springboard off when the times change again.

Interested in taking advantage of smart marketing resources? Don’t wait, contact Hot Dog Marketing to get started. Tune back in two weeks for our next blogcast episode.