Adjusting your marketing plan to accommodate the current situation.
When lockdown first began, companies had to face the immediate challenge of organising their work remotely. As the situation continues, it’s clear that there aren’t any quick-fix solutions on the horizon and we’re all in this for the long haul. With your team settled in their roles while working at home, it may be the right time to re-evaluate your marketing plan in light of the pandemic.
Do you have the same goals?
Life as we know it has changed irrevocably. With that in mind, it’s worth considering whether the objectives that underpin your marketing plan are still appropriate. If you’d been planning expansion overseas, for example, you may want to put those plans on hold. In other cases, it may be more appropriate to change your expectations – if you’d been planning ambitious growth in sales revenue, you may wish to temper those plans in line with more realistic numbers against the current economic backdrop. The current climate doesn’t necessarily mean bad news, of course – you may have new opportunities in some market segments or the chance to enter new markets. The first step is to assess the current situation and make sure that your business and marketing objectives are still fit for purpose.
Focus on what delivers the most value for your business and which activities are closely tied to company goals.
Do you have the same budget?
Many companies have experienced a sudden drop in sales volumes and this fall in revenue has implications for cash flow and in turn, for your marketing budget. Continuing to invest in marketing despite a challenging market can pay dividends in the short- and long-term but you may have to reduce your overall spend this year. First, rank all your planned marketing activities in order of priority – customer and client communications will continue to be essential and after that, different businesses will have different priorities. Some may find that SEO projects need to continue, others may find that direct marketing can deliver the strongest sales revenues. Focus on what delivers the most value for your business and which activities are closely tied to company goals.
Do you use the same channels?
When you’re considering changes to your marketing tactics, you might find that you can make use of different marketing channels. For example, if you share thought-leadership through advertorial space, you may be able to share that information for free on your website and support it with a much smaller investment in promotion via social media. It’s likely that event marketing will continue to experience disruption for a considerable time. We may have to get used to inhabiting a more virtual world for a while and a little creativity can go a long way. You might want to move some of that event marketing budget to creating webinars or investing in videos that replace valuable conference speaking slots.
Does any of this still matter?
The current situation has given us all a reminder of what really matters – people. Regardless of how this situation plays out, it’s likely that this shift to a kinder society will have wider ramifications for our culture and for marketing messages. Of course your business is still important, but it may be time to show the human side of your organisation. From supporting community projects to simply acknowledging the challenging times that your customers may be facing, a little consideration will go a long way. We know that marketing still matters, because it’s all about making connections. That’s why we’re at our desks, helping our clients to adapt, survive and thrive despite the many challenges. If you need help realigning your marketing goals and strategy, give us a call and we’ll do what we can to help.