Now is not the time to pause your marketing. You need to stay highly visible, you need more communication (not less) and you need to keep the market share you have through your visibility and communication.
In part 1, I explored reviewing your strategy, content and ideal clients. In Part 2, I am going to explore if you need to make an acquisition or a retention approach.
Acquisition Vs Retention
When your customers are evaluating which suppliers to keep and which to ditch, how do you ensure your product or service isn’t on the ‘out’ list?
If your product is good but replicable you might want to start with a retention strategy and do everything in your power to give your customers a good experience and keep those lines of communication open. This will be key to retaining them and will increase the chance of renewal.
Start with figuring out a way to delight your customers now and do it in a better way than your competitors. Understand how customers are using your products and services. It will make delighting your customers that much easier.
For those customers that do churn, recognise that it might not be forever. Once things get back to normal (and they will!) many customers will be ready to come back. Focus your efforts on re-engagement campaigns.
B2B buyers are still active, albeit at a slower pace. As a result, we’re predicting that lead nurturing will be critical in keeping prospects and customers engaged throughout the buying cycle.
But your approach to acquisition should be adapted to the current situation. Ultimately, it goes back to re-evaluating your ideal customer profile and the industries that will get the most out of your products and services.
People are sensitive to the messages they are receiving now. So, make sure you are very mindful of the current emotions, state of mind and environment is vital.
It blows my mind the number of social media ads still running that seem so out of context and oblivious to our world right now. Seems these companies have not taken the time to review what they are sending out into the world.
Why you should pivot not pause
- The “noise level” in your product category can drop when competitors cut back on their marketing. It also allows marketers to re-position a brand or introduce a new product.
- Brands can project to clients the image of corporate stability during challenging times.
- The cost of marketing & advertising drops during recessions. The lower rates create a “buyer’s market” for brands. Studies have shown that direct advertising, which can provide greater short-term sales growth, increases during a recession.
- When marketers cut back on their ad spending, the brand loses its “share of mind” with consumers, with the potential of losing current, and possibly future, sales. An increase in “share of voice” typically leads to in an increase in “share of the market.” An increase in market share results, with an increase in profits.
Outcomes If you pause:
- You will be left behind when the market gets back to normal
- It will feel like starting over but behind the starting line
- You will likely lose market share
- It will take you longer to recover
- Lose the current online opportunities to monetize your knowledge
- Review your current marketing strategy
- Re-evaluate your ideal customer profile – are your ideal customers you had last month, your ideal customers today?
- Re-assess your content and messaging – how will you fulfill your changing customer needs? Do your marketing messages have tact?
- Be mindful of current emotions and use a considered and respectful tone in your marketing
- Find the right balance between acquisition and retention – what will you do to ensure your renewal rates don’t falter?
There is no doubt that the virus has and will continue to impact individuals and businesses. But we will get through this! Knowledge will be key to making informed business decisions. Stay abreast of industry trends and news and be adaptable.