The unexpected occurrence, Covid-19, which was first discovered in Wuhan, China, in December 2019, distressed the economies of 219 countries. We all had not planned for it, and as a result, governments across the world had to act fast, implementing measures to curb the spread. It, however, shook us as it spread like lightning, causing health and economic distress. Others included travel restrictions, public gathering ban, and closure of various economic sectors. Lives were lost, jobs, and more resources. The world worked in unison with strengthened measures from the World Health Organization (WHO), various institutions coming up with competent standards and vaccination drugs. Due to this, the economy is slowly shaping. We, however, had to open to allow survival.
According to research by the IZA Institute of Labour Economics, over 3.3 million businesses in the early phase (April 2020) shut down. Others were formed too as a result of job loss. Luxury businesses are part of the industries hugely affected. It’s no surprise since it was reasonable to forego them for necessities. For now, struggling businesses, everything is said to have a solution. There are tactics that, if well utilized by marketers, could bear fruits in no time.
Some of these secrets come from a French businessman, Tony Lux, CEO of Tony Lux. He offers consulting and marketing services for companies in France. He is the Original Inventor of Marketing Luxury Goods the French Way. He has worked with over 50 CEOs of Luxury products in France and is now extending his services to the US. His latest tactics have worked well for him as well as other brands. One that stands out is making 1M euros in 40 minutes at a webinar, generating actual verified sales (not projections) with a refund rate of less than 1,5%. Tony Lux spoke to Diplomacy & Commerce Magazine on secrets to survive the recession in October 2020. See here
Tony Lux, CEO Tony Lux
- He maintains that having a strong brand is more important than short term sales.
According to Tony Lux, reducing your prices to accommodate the majority is the biggest mistake businesses have made during the pandemic. He further states that it’s only useful in the short term boosting sales but affects your brand in the long run. “Significant brands don’t need discounts,” he says. Maintaining your brand is an essential secret to thriving in the post-covid period. Heightened sales, in the long run, are what matters as the best things need patience. Lux also mentioned the names of those who have proven successful using this strategy.
- Get the best of both digitalization and offline stores
Tony lux mentions brands like Coca-Cola, Apple and their statement in dominating both offline and online. He does give examples of how the population anticipated radios coming to an end with the emergence of TVs and hardcopy books dying due to e-books. Digitalization has its fair share of benefits but so do brick-and-mortar stores. Ordering from the comfort of your home, delivery, the vast market online is a thrill. However, there is beauty in physical contact, testing of products, and understanding your purchase. According to Tony Lux, the future of marketing is to ease the buying cycle using technology and enhance the value of real relationships (offline). Technology should support humanity but not replace it, he says.
- Finding new market opportunities
Moving forward has always been the case with everyone after their struggles. As the trend in the marketing sector changes, so should any marketer. It’s still about being up with the market trends to stay competitive in your industry. As mentioned above, including digital marketing, study the pricing, identify more target audiences, and focus on that market where your business is likely to flourish.
Conclusion
Despite the challenges faced, life must continue, and if dreaming of continuing the legacy before Covid-19, so be it. As long as there is life, there is no limit to what you can achieve. Implement strategies, tricks, tips to get your productive self where you envisioned to get. To keep surviving and thriving, you ought to consider the above information and more. Check out more insights by Tony Lux from its website or his social media accounts; Instagram, Twitter, and YouTube.