Now Is the Time to Gain Market Share Learn why it's important to act based on data rather than emotions during a crisis.
By James McKinney •
Opinions expressed by Entrepreneur contributors are their own.
Hear Startup Story Live speaker Erik Huberman, founder of full-service marketing consultancy Hawke Media, talk about why now is an opportunity for businesses to gain market share.
Huberman discusses his company's early response to COVID-19 and how new customers made up for business lost due to marketing budget cuts. Huberman talks about how situations such as the pandemic necessarily cause companies to lose affected and scared customers, but that waiting and "holding on for dear life" will not reverse a decline. He recommends instead that businesses focus on acquiring new customers with sales and marketing.
Digital advertising is now cheaper, Huberman says, with costs-per-impression on Facebook and Google down 30 percent and costs-per-lead down by a third. Even with conversions down slightly and an extended purchase cycle, he's experiencing savings on ad campaigns.
Huberman advises business leaders to act based on data rather than emotion. He mentions that Americans currently have more disposable income than they have had in 30 years and that companies with online offerings are experiencing increased business.
Huberman also reminds entrepreneurs that part of running a business is dealing with and solving challenges, including COVID-19.
Startup Story Live is an extension of the Startup Story podcast.
Related: How Building a Black Hawk Relates to Running a Startup
