Take a long, hard look at the marketing strategy that you had developed for the first quarter/ half of the year – or maybe even the full year. Take a moment away from the plan and look at what is happening around you.
We do not need to tell you that there is a high chance that the strategy won’t work anymore. At least, not right now.
In recent weeks, the markets have changed so much due to the current pandemic. This has caused a lot of businesses to do last-minute changes to their editorial calendars and marketing strategies, but nothing that sticks.
How the Market is Changing
You know the market is not what it used to be. Putting it that way, though, is vague.
If we do not know what is driving these changes, then we will only be grasping at straws as to what to do in bettering the situation.
Of course, it is also easy to say that the coronavirus pandemic is at the heart of the current massive changes. While that is more specific, though, it is not close to the kind of specificity that businesses and brands need to make the decisions that will steer them out of the muddy waters.
So, what is, then?
It is the consumer!
How, you ask?
Since the severity of the pandemic started climbing, there has been a sharp decline in consumer mobility. For the marketers who know that buying is an emotional process too, putting people on lockdown means that you cannot appeal to their emotions as much as when they were up and doing.
Likewise, such diminished mobility also means the desire for fewer items. Right now, only the deemed ‘essentials’ are what is in demand. Even the lovers of luxury seem to be taking a sabbatical.
This shows you that if the consumers do not consider a product/ service necessary right now, they are cutting it off. The worst part is that if they cut you off now, they might not see the reason to come back.
Finally, offline models of marketing are phasing out for now. As we all social distance, the effort has turned to what can be done over the internet. In short, you need to keep marketing in this digital world to stay relevant.
Now that we know some of the reasons why the market is changing, we should consider how you can tweak your marketing to mitigate the losses while capturing the upsides where you can.
Tweaking your Marketing Strategies
We have worked with a considerable number of B2B companies, enough to know that every one of them is different at their core.
Since these companies also range from decent to top players in their fields, we know that they must have unique marketing strategies on hand. Thus, it might be impossible to determine what works best for everyone.
At the end of the day, though, every business has a common goal: to meet the needs of its consumers while turning a profit.
If that is true, then we know just what your marketing strategies need too.
1. Review the Current Strategy
Whenever we want to work with a business, the aim is always to promote the brand image and standing that its audience is used to. That way, they can keep being who they are – only in a better way.
Thus, this is the worst time for you to consider changing what your clients know you as.
There is a lot of uncertainty going on already, so you don’t want to be another one of the bunch. Instead, look at your current marketing strategy to see how you can tweak it – not change it entirely.
Likewise, consider all the short-term changes that you have made in the past few weeks. You might not know it, but these changes have defined you in a way too. They will form the template for going forward from here.
2. Describe Your Target Audience
Your target market is not what it used to be.
You will still have some of your old audience in the pool, but not everyone in the former category will be there right now.
This is not only going to affect your immediate market, too, but everyone on a global scale. After all, the pandemic has caused changes everywhere – even in countries that it has not hit.
A great way to know how your target market is evolving is by reaching out directly. You can post a poll on your social media, reach out to existing consumers (via call/ text, etc.), and pose targeted questions at them.
With this, you will understand how their sudden change in routine, environment, systems, protocols, and more might have taken them away from the demographic group that you have them in before.
3. Tweak Paid Search
Right now, demand is down for many goods and services – and that is a capital DOWN at that. If you look closely, though, some items still keep selling out as fast as they are coming in.
On the demand curve for these essentials, there was a high spike in demand at the first implementation of a lockdown. This was due to the panic behind the manufacturing processes of the world probably shutting down so much that such items become scarce. Weeks later, and the demand is starting to normalize – but still on the rise.
This means that you will be better off aligning your paid search trends to your essential business offerings only. For the other offerings that are not that essential, it is best to pull back for now till things get back to normal.
By pulling back, we don’t necessarily mean that you shut down. It would make sense, though, to massively cut back and save that marketing spends till when business picks up again.
4. Double Down on Emails
This is especially true for the brands that are not deemed ‘essential’ during this period.
The fact that consumers are not buying now does not mean they won’t buy later. Furthermore, email ad campaigns are one of the cheapest ways to keep in touch with your existing customers, cultivate new leads, and keep the existing ones engaged.
With your emails, there is no shortage of things that you can do.
For one, it is the ideal channel to remind people that you are still here for them, even if your physical locations are down. It is also the best way to share credible and reliable information with your audience regarding the pandemic and their industry as a whole.
5. Invest in SEO
Good SEO has always been a long game.
With that at the back of your mind, you won’t mind investing in proper SEO right now.
Since you know that the results won’t be felt right away, the SEO process can keep doing its thing while the current lockdown runs its course. By the time business picks up again, you would have had a series of SEO results to propel your business further.
6. Ramp up Analytics
You cannot let even the tiniest stream of data pass you by right now.
Efforts from your data team should now closely monitor how well different kinds of content are doing. They should also know among who the said content is popular among, and which messages aren’t getting enough traction.
Furthermore, data tracking in local geographies where the pandemic has hit should be done. This will help know how to best suit your message to different consumers based on where they are and the level of the pandemic in their regions too.
7. Push for Brand Loyalty
Up to 82% of companies agree that it is much cheaper to retain consumers than acquiring new ones.
If that is what the brands think, the numbers also support them. This is where we see a massive 65% of all the business a company gets coming from its existing consumers.
These numbers tell you that your current consumers are the best bet for you to get back to winning ways when things get back to normal. It would be a while before new clients start coming in their numbers, but the old ones will ensure that money keeps coming in.
Thus, your tweaked brand strategies should be one that supports customer retention and increment of their brand loyalty too.
Get Started Today
A famous adage reports that the best time to plant a tree was many years ago. The second-best time is now, and that is the timeframe you currently are in.
If you would also like to start reviewing your marketing campaigns for success, reach out to iResearch Services for a contactless consultation today.
Leveraging our market expertise, analysis, and research tools, we will come up with working solutions for you.Back to Blogs