The coronavirus pandemic has undoubtedly been one of the most significant crises of the last 10 years. Businesses around the world have closed their doors, unsure of when they will return and wondering how they will financially recover.
A strong reentry into the marketplace—or what Boston Consulting Group has dubbed a “rapid rebound”—is essential for companies to regain business lost during the shutdown.
Financial advisors are in a unique position, as much of the recent concern has caused financial stress on businesses and individuals. As the economy begins to reopen and people are questioning their financial health, it’s critical for advisors to make their presence known and position themselves as a trustworthy resource. So how exactly can you make that happen? Here I outline three steps for a rapid rebound:
1. Be aware of competitors. Now that business operations are starting to return to normal, it’s important that your firm is seen as a front runner, but that won’t be possible if you’re complacent about keeping up with market trends. To formulate a strong strategy for returning to the market you need to know what everyone else is doing, both good and bad. Take notes on what you see from competitors and relevant brands, including:
• What they’re doing well and what you don’t like about their communications
• How they have changed their messaging from the beginning of the pandemic to this point
• How their stance in the market has changed and why
Analyzing how your competitors are responding (and the success of that response) will allow you to make educated decisions about your strategies moving forward. Timing is everything, and waiting until after the pandemic ends to begin formulating your plan will be too late. As we enter the fourth phase of COVID-19 and marketing communications, use this time to observe and prepare so you’re already at the forefront of your audience members’ minds when they’re ready to make decisions about their finances in the coming months.
2. Adapt to your clients’ needs. The services clients needed pre-COVID were drastically different from what they will need post-COVID, and it’s your responsibility to anticipate and provide for those needs. Take time to reevaluate your current offerings and decide what is still relevant to your consumers. Making changes is not negative, but rather shows that you are listening to your audience and proves that you’re the expert they’re looking for.
For example, the Small Business Administration’s Paycheck Protection Program loans have helped more than 1.6 million people keep their businesses afloat for the last few months. Similarly, stimulus checks have provided individuals with a stipend to balance out a loss of income. According to a study released by Google, searches for “Coronavirus money help” have increased by 3,600 percent. As a financial advisor, it would be wise to offer a steady flow of information about how PPP and stimulus loans work and how the government plans on handling incoming applications. Examples could include weekly blog posts with updated information, infographics about how to apply or a webinar that allows people to ask questions live.