Absolutely. Again, you're talking about a loss of sales for these companies that is so traumatic. Again, I just can't overstate how bad this is for companies. Companies will still advertise, but if you were charging a thousand dollars two weeks ago, you have to understand that the world that you charged a thousand dollars in, that world doesn't exist anymore. It's gone for now. We will get back to something like it at some point, but right now that world doesn't exist.
If you're a macro influencer, you've got 400,000 followers, usually, you were charging $5,000 or $6,000 for a post, I argue that is no longer realistic. I would think you should be lowering your rates 20 to 30% right now. Absolutely. You have to be conscious of the market and where the market is. Prices are driven by market economics and the fact is, as I said in my last video, no matter what, demand is going to fall. When demand falls, prices need to fall as well. If you haven't already dropped your rates, do it because that is coming. Another piece of advice is that I would work in the next two weeks to get on the phone with as many clients as you can. If you have closed the campaign, but it hasn't, you haven't created content or you haven't posted it or whatever, if there's an existing campaign you're on and you haven't spoken to that client yet, you need to make that absolutely number one priority. You have to speak to that person in the next week. You got to touch base.
We've talked to all of our clients this week which has been great. Generally, we are just tweaking the brief to have it makes sense in the new reality that we live in or we're just postponing it two to three weeks to see where we're at. You need to be proactive with that, but in general as well. Also a lot of the clients, they're sitting at home, they're all working from home now, they've got a little bit more time. It might be a good time to reach out and brainstorm, say, "Hey, we'd love to get on a Zoom call. I know you guys probably aren't spending money right now, but I've got some ideas for the summer that I think could be fun."
It would just be nice to catch up, do a happy hour with your clients. Trust me, I know you all's lives have changed, but obviously, your clients are used to going to an office every day and being social and seeing people, they're not doing that either. Reach out to people, get on the phone with them. Take this time to strategize, to brainstorm so that when things do return to normal, you're in a much better place.
- Strategies for dealing with COVID-19