The whole world is online right now! Anyone predominantly playing in the offline world should be focused on getting online and fast.
The big question is – should you pause or pivot your marketing?
What do I mean by pivot? Pivot is nothing more than keeping one foot in contact with the ground and using your other foot to move around in order to find a new angle or gain an advantage over your defender.
Whilst you might have seen good examples of marketing messages, you have no doubt seen some bad ones with brands that have ignored the situation completely.
There have also been brands putting a stop to marketing and sales altogether because they don’t want to be seen as opportunistic. But it is about selling responsibly. Don’t risk putting your brand reputation in jeopardy by being tone-deaf to the internal and external contributing factors. Equally, don’t pause on your activities at the risk of going under.
There have been a number of studies going back to the Great Depression that prove the advantages of maintaining or even increasing ad budgets & marketing during a weaker economy. Those advertisers that maintained or grew their marketing increased sales and market share during the recession and afterward.
Review your marketing strategy
What is still relevant and what needs to change? You need to review your existing plan and take time to consider what needs to change. Do you need to look at new channels? Do you need to amp up your social media marketing to stay visible and communicate updates to your current and future clients? How do your current marketing messages need to be adjusted to suit the new online environment?
Has your ideal client changed?
With some industries going into free fall and others booming, have you thought about who you are targeting? Do you need to look at targeting other industries? Is your core industry struggling meaning you will get caught up in the fallout? And if so, what is the balance between supporting that industry and pivoting to support industries where the opportunity is?
We need businesses to survive for the benefit of our world economy. Don’t feel guilty about continuing to do business, especially if you are supporting those who need it more than ever. There is no reason why you cannot support your current industry niche with free or low-cost products and also seek out new markets.
Also, consider that the short term is changing quickly so pivoting quickly is essential.
Messaging and content
Consider the current normal, people are working from home, they’re homeschooling their kids, they’re unable to visit family members, offices are working remotely, normal socialising is out, people are bored and looking for entertainment. Combine that with the worry that they may lose their jobs or have to make people on their team redundant, it’s a stressful time.
Of course, your message needs to reflect that. You must reassess your content including the tone, the content, and positioning.
Consider if there is an opportunity for you to become the thought leader in your niche when everyone else is pausing?
Your homework is to go and action the above points and I will be back with part 2 including if you need to take an acquisition Vs retention strategy with your marketing.