As difficult as it is to see businesses around us collapse due to circumstances beyond their control, this is something we can learn from at this point. Making plans and preparations to bounce back is wonderful in theory, but the execution can make it very difficult. What are the keys? Using marketing to our advantage and possibly rethinking the strategy can help everybody to come back strong. What are the things we all need to think about?
View Restrictions As Challenges
When you look at your brand and you may feel that it is now behind the times or you cannot make the most of it, it may be time to brainstorm your strengths, weaknesses, opportunities, and threats. When you start to get a different perspective of your brand and how its values have changed as a result of external circumstances you can use it to your advantage. Arguably having a digital marketing expert at your behest at this point would make things easier, but it’s vital to realize that in terms of marketing you may have to rethink your entire approach. For example, if you relied on a more physical approach to trade, the marketing to highlight your new avenue should be crystal clear.
Look at How Your Customers Have Changed
If you are looking to adapt your business model, you need to look at what your customers need. Their needs may have changed significantly over the last few months and this could mean that they view your business differently. This is when analytics can help you to identify the needs of your customers. Ultimately, your customers will make or break your business and you need to keep your customers on side, despite their lives changing significantly. Arguably, they wouldn’t want to consider your business when they’ve got their own problems, but if you can provide an understanding that everything has changed, you can work with them towards a common goal and convey this through your marketing.
Understand Your Competitors
You need to see how everybody else has adapted to the situation. A competitor analysis can help you to realize what people are doing to keep themselves afloat but also take inspiration from things they are doing that you are not. You could very well see a gap in the market based on what your competitors are or are not doing. But also, this might be the perfect opportunity to create collaboration between you and a competitor. If two businesses that are struggling work together to provide services that only work on a large scale, this may be the shot in the arm both companies need.
Changing Your Marketing Goals
If you now have an idea where you want to go with your business you can start to create a different marketing plan to fulfill your new objectives. Once you have an idea you can create these measurable targets to form a framework and you can then set a budget so you can combine low-cost practices like social media marketing or direct mail with costlier efforts such as brand development. Bouncing back during tough times is a combination of adapting to the new, but also working to your strengths.