When faced with a crisis or challenge, a business may be forced to come up with new ways to market its products and services, almost overnight. Businesses often spend countless hours — if not months, depending on the size of the organization — coming up with robust marketing plans as they head into the new year or a new direction.
We are living in a transition time, life is gong to change whether we want it too or not, be ahead of the curve, you have to be the architect of your own success and not be pushed along blindly. As we head into the middle of the year 2020 we can see clearly that the way we use to do business before has to change. This Corona Virus pandemic crises whether intentional or not has brought with it the winds of change. There are many businesses who will have to rethink the way they do their work. Off course people will still like to eat and enjoy themselves, so service industries like restaurants and fun parlous, clubs, sporting events etc will be the same way it was before. Most of the office type work though can be done from home. This Pandemic has given the industry the impetus to speed up the transition of workers, setup their connecting computers and work from home.
This will not only free up space from the place of business, in some cases the entire office can be run from home so it negates the requirement for a physical place to do the same work and they will close it down. We are living through I believe the new industrial age when new ideas and and new ways of thinking will change our way of thinking and our world. businesses, however,will find themselves with a unique set of challenges. While challenges are nothing, the companies that are able to quickly pivot and adjust will be better off as things start to improve. But how can a business adjust to the changing landscape and find new ways to position itself with a whole new strategy? Here are three tips for adjusting your strategy no matter what the challenge is you are facing.
3 QUICK TIPS
Tip 1: Be willing to compromise and adjust
Quickly adjust your marketing channel without changing your message. Your marketing strategy is a culmination of activities that propel your business closer to your short-term and long-term revenue goals. Your revenue goals will and should adjust, but your goal of marketing should be to profitably reach the customers you want to target with the right message during the right time in the purchasing process.
While the buying process can be longer for some and shorter for others, there are usually a few critical needs that should be met before a customer is willing to buy from you. Once you identify what those critical needs are and what pain points your ideal customers have to overcome throughout the purchase cycle, you can pivot your marketing strategy and focus on the channels that will help you reach the right people at the right time. For many countries goods that used to be manufactured elsewhere will in most cases be required to be manufactured locally, this will be good for the economy. This virus pandemic has shown that critical goods has to be locally manufactured guaranteeing the country stability and continuity. This was in most part missing, as most industries had re-located elsewhere due in most part to a deliberate attempt to pass draconian local regulations that were unfriendly to industry and driving them overseas. This pandemic crises has brought home to governments the need to have a solid industrial base at home.
Tip 2: Interpret the data; don’t guess.
Data-driven marketing is the approach to optimize efforts based on reducing the customer acquisition cost. To do that, you need to understand things such as how good the acquisition strategy is, what content is converting versus what content is making people bounce or leave the site, and what your funnel conversion rate is from add to carts through completed purchases. All of this data should be used to tell how customers are finding, navigating and ultimately purchasing products on the site. You can use the following steps to quickly audit the customer journey:
- Visit your website, and note what objectives you want your customers to accomplish, how your customers should interact with and navigate your site, and what parts of your site hinder your intended customer experience from the beginning to the completed purchase
- Assess how strong your acquisition strategy is. Utilize your traffic source report to see how people are getting to the site.
- Identify what content makes the most money, leads to the most conversions or has the highest conversion rates. Layer on traffic sources to see which channels are driving current conversions.
- Determine your cost per acquisition (CPA) per channel and per landing page. By understanding which channels are driving traffic and conversions, you can use that as a benchmark as you test other channels.
- Can your marketing budget be optimized? Review your campaign conversion rates. Are they making money, or are they making noise? Meaning, are certain pages driving a lot of traffic but not converting? Find ways to maximize your current pages driving traffic for conversions. If you understand which channel has the lowest cost per acquisition, you can know where you can double down on your marketing spend for the largest return.
Once you understand how people are getting to the site, interacting with it and moving through the conversion process, you can start to look at more advanced data such as lifetime value.
Tip 3: Gauge customer needs and marketing strategies.
It’s impossible to predict how your customers will react to each of your products, so it is paramount businesses learn how to pivot your marketing strategies and product offerings for different customer expectations. Companies need to have a pulse on how their customers are engaging with their brands. If you have not done so, you should set up a private Facebook group for select customers in order to get a better sense of this
Private Facebook groups are easy, free and highly effective at reaching your prospective audience organically. According to Facebook, its algorithm prioritizes content from groups that your audience reacts to, views or posts content on themselves. Brands can utilize this feature to build meaningful relationships with their brand ambassadors. They can get firsthand knowledge from their customers, for example, what type of pain medication they like or for that matter any other type of products they are attracted too. Products that will give them relief, pleasure or satisfaction. This information will most importantly give you the reason why they are attracted to certain products. This is important because it gives you a window into what your customers are thinking when buying and personal product. Building private groups not only creates a community, but it also provides an invaluable direct line of communication to your customers.
Marketing today requires a business to be more agile than ever. Algorithm changes are occurring constantly, and new technologies that promote products to users are being developed at hyper speed. When faced with a challenge, you must be prepared to pivot your plan so you can meet your customers where they are shopping. Don’t overcommit to a strategy that makes it impossible to pivot when needed. Instead, change the steps you need to take to reach your desired end result.
Going forward in 2020 for many industries this will be a pivotal time in their growth, but you can make it work for you and you will come out better and stronger if you adhere to the simple marketing strategies outlined.