It may have come as a shock that business tycoon, Dr. Sit Kwong Lam, was declared bankrupt by Hong Kong courts recently. Dr Lam, Brightoil Petroleum CEO, relinquished his seat in the company after the bankruptcy. It’s hard to understand how someone who made it on the Forbes list of billionaires in 2017 can fall that far, that fast. A spate of bad business decisions, overcommitment, and zealous investment strategies all took their toll and nearly took Brightoil down with them. For business owners, whether operating a large conglomerate or a micro-enterprise, bankruptcy can sink a business. Digital marketing, however, can help.
Forget The Traditional Marketing Channels
For those who are still new to the world of digital marketing, it may come as a surprise that people use the internet to answer age-old questions. You don’t have to be a digital company to be successful on a digital platform. You do, however, have to provide meaningful insight into day-to-day issues that people might need assistance with. When people use search engines to ask a question about a product and they happen to find a trustworthy answer, it’s an opportunity to land a subscriber and potentially bank a new client. What’s more, the more people find your site useful, the higher the site ranks which leads to even more organic traffic. Those who find themselves staring down the barrel of bankruptcy, a refreshing new marketing campaign coupled with a digital strategy just might do the trick.
Everything on your site needs to support this strategy, from the question-and-answer page right through to content and newsletters. The moment you come across as pushy or salesy, you might lose the trust of your audience. Your digital platform has the same power as a shopfront now and the most effective way to showcase your product, is by placing it in an environment where the potential user simply cannot imagine their life without it. Digital marketing should answer the question “Why Do I Need It?”, without attaching a sales pitch to it. Seamless integration through the various channels you communicate to your clients is important in this strategy.
Boost Your E-Commerce Presence
Even if your business has a steady flow of customers, you might find that the online presence of your competitors is giving them a slight advantage. For major toy chain store Toys R Us, this is exactly what led to their bankruptcy and ultimate downfall. While there are still a few stores open around the world, their mass domination in the toy sphere has dwindled significantly. Established businesses don’t have to follow the route of Toys R Us, and bankruptcy can be avoided. Industry professionals recommend that businesses are aware of their competition and which areas they dominate. It’s also important to note that the single route marketing channel is no longer an option, and various channels need to be employed to ensure a good response.
Stay Focused For Prolonged Success
One of the most disappointing events that those who have had to face bankruptcy before, is having to go through it again. Payless ShoeSource is the poster child for this particular dilemma. When they tried to bounce back after the first bankruptcy, the firm failed to establish an online presence. The lack of digital marketing meant that they didn’t even have an opportunity to compete within a highly-competitive industry. While Walmart and Target also rely on their walk-in clients, these competitors also happen to have a smart digital strategy and companies such as Payless simply can’t out manoeuvre them.
You May Need To Overhaul Your Brand
A recent study reveals that millennials have become the most powerful consumers and for those who have experienced a drop in trust in their brand, the decision not to rebrand might just derail any plans they might have of getting out of the bankruptcy loop. Millennials are avid supporters of brands and not necessarily products, which means that brand strategy should be top of the list. A strong brand allows companies to build trust with consumers, as well as building financial value. Companies who are on the road to bankruptcy or have already gone through it, will need to break free from their old image in order to capture a new portion of the market.
Branding is an integral part of a digital marketing strategy, as it allows the company to reveal the new image over various platforms. This process can be portrayed as an exciting period for the company and with a new mission and vision, consumers will be better equipped to get behind the new strategy. The digital platform also allows consumers better access to the brand and will build an essential bridge between consumers and products. A brand strategy needs to be communicated through emails, newsletters, advertising campaigns, and internally as well. Staff need to buy into the brand first before consumers will, as they will essentially sell the concept to the consumer.
Know What Your Competitors Are Up To
If your competitors managed to get the upper hand before, it’s important that you understand exactly what consumers find attractive about them. Once you source your leads, converting them to sales will rely quite a bit on whether you’ve edged past your competitor. Edging over the competitor doesn’t always mean more benefits or a cheaper offering, but rather, how consumers can identify with your brand. A digital marketing strategy that is able to position you above your competitors can have a tremendous effect on your bottom line. For those who are dangerously close to bankruptcy or have experienced it before, a boost to the bottom line is essential to turn the ship around.
Digital marketing is a critical component of doing business today. Not only will businesses have to consider a marketing strategy to capture the attention of their walk-in customers, but they will also need to have a strong online presence. For those who simply can’t afford to see a drop in their bottom line, an aggressive strategy is vital to bypass bankruptcy.