Archive for category Federal Reserve
Posted by "Just Sayin'..." in aftermarket, AGRR, aumotive after-market, Auto Glass, Auto Glass Networks, Autoglass, Business, cars, Collision Repair Industry, Covid19, customer, Disruption, Disruptive Innovation, Economy, Federal Reserve, Fortune 500, General, ideas, Innovation, Inspire, Leadership, No Bad Ideas, recipe for success, Retail, Service, state government, Success, U.S., U.S. Govt., Uncategorized, VGRR on May 15, 2020
The coronavirus is possibly the most significant disruptor to companies in the automotive aftermarket repair industries that you’ll experience in your lifetime. It’s solely up to you and your business associates to navigate the turmoil it has caused. How your business survives this black swan event will be determined by how well you can develop new strategies that will benefit your company.
It’s interesting to see how some market leaders in automotive aftermarket repair segments have completely pulled budgeted advertising spend in the face of an 18.6% decrease in miles driven in March 2020 versus March 2019, as reported by the U.S. Department of Transportation – Federal Highway Administration.
During business downturns, historically, companies that continue to keep their marketing and sales strategies in play often capture market share from companies that dramatically reduce spending in those areas. Marketing, advertising, and sales costs are often the easiest to slow or stop completely and then restart.
If you’ve been unable to match the typical spend of the market leader you compete against during good times, that doesn’t mean that you can’t make an impact with potential customers and be known as someone who stepped up long after the market leader restarts marketing spend for attention.
Don’t sit back and wait for your company to recover from the coronavirus downturn; make sure that you, your company, and your personnel are participating in activities that help your community weather this storm. Be sure that you’re seen in the community as someone willing to step up and help others in need. That could be volunteering time and work in the market you serve, offering to deliver meals to healthcare workers, first responders, charities, or offer special discounts for healthcare workers who use your services.
Now is not the time to wait and see what happens. Now is the time to be seen as someone in your city that everyone can count on in difficult times. If you do that, not only will it make you feel good, but it should provide your business with the benefit of new opportunities when we return to normal.