By now, you’ve probably realized how much we freaking love strategy; combined with data it’s a match made in heaven. They’re a great place to turn when things get a little complicated, like you know…a pandemic. Life is a weird nowadays, and that means businesses have to adapt quickly. Marketing is more important than ever, to ensure your customers stay connected and leads continue to come in. Changes happen, here is our list of how to tackle them while adapting your marketing to fit.
Changes in the Economy
The biggest change we’re facing right now is the shift in the economy. COVID-19 has dramatically changed our economic environment. Businesses that were thriving in January are now facing a far different reality. In short? It sucks. This is clearly an example of an incredibly significant economic shift, but other things like interest rates, the stock market, housing market, and unemployment can all have a significant impact on your business. It’s important that you’re able to adapt your strategy at a moment’s notice. Maybe someone that used to be a target customer is struggling because of these economic conditions. You need to be able to adjust your strategy to capitalize on the markets that are thriving or could benefit from your product or service at any given time. In short? Get creative and pivot.
The Business has Changed
Look back at the history of your business. It’s probably a safe bet to say your organization doesn’t look the same today as it did fifteen, ten, or even five years ago (if it does, let’s talk ASAP). Who knows? You might not even be focusing on the same products or services anymore. Maybe you’re a manufacturer who used to focus on individual consumer products but discovered there was a lot more money to be made in the corporate market. A shift like this requires a change in your strategy and possibly in your branding, too. The way you speak and market yourself to different target audiences is different based on the end consumer. Every audience needs different tactics. If you don’t change, it’s going to hurt.
It’s Not Working
A lot of businesses are great at coming up with marketing ideas. Where they get hung up is in actually making them happen aka implementing. A strategy is only as strong as the data that supports it, but the data can’t always predict human behavior (weird, we know). That’s why it’s important to pay attention to what’s working and what’s not. You’ve got to be ready to adapt at a moment’s notice. The most important thing about a marketing strategy is that it is fluid. It needs to be flexible and be able to respond if something isn’t working the way you hoped it would. That means you need to set egos aside and pay attention to your metrics. And that means you also need to know what metrics to look at to measure your success.
This might seem like a bunch to tackle, but it’s super important. That’s why we love this kind of stuff. Need help developing a strategy, implementing a strategy, or reevaluating an old strategy that’s not working anymore? We’re here for you. Reach out today, and we can schedule a Zoom meeting or meet for drinks when that’s finally allowed again.