It's Never Been More Important To Reevaluate Your Marketing Strategy
Coronavirus has forced thousands of businesses to reevaluate their processes and analyze their business models. What many businesses are discovering is their massive inadequacies when it comes to marketing.
Under normal conditions, many businesses make the mistake of assuming that their marketing is doing a good job because they are receiving their normal flow of business; no more, no less. The problem with this? When the **** hits the fan, their business model is at risk of collapse.
For example, digital marketing...
Up until two months ago, many businesses had placed digital marketing strategies on the "too expensive" list despite massive amounts of data backing up the importance of an effective online presence. It is these same businesses finding themselves way behind the curve during a pandemic, and the grave reality is that some of them won't survive because of it.
As we all work through this downturn together, businesses MUST get more serious about the impact of marketing and communications on their business model. Those that fail to adapt will fall to the wayside and risk playing a very long game of catch-up to the businesses that make the proper investments into modern, effective marketing strategies.
So where do you begin?
Step #1: Perform a Brand Analysis
A brand analysis is so much more than identifying your logo, slogan, and colors. It encapsulates everything that you are! Your business and sales model, your employees, your culture, your expertise, etc. A brand analysis is a deep dive into what makes you... you!
I've helped many businesses perform a brand analysis, and many of them are shocked when they realize how much more substance their own brand holds outside of just their logo and services. Digging up the details here is extremely important in setting the stage for an effective marketing (and business) strategy.
Step #2: Identify REALISTIC Goals
Goal setting is one of the most important, and effective, methods of success for businesses. Identifying realistic goals is absolutely imperative. It's awesome when you shoot for the stars, and I highly encourage setting a high bar. However, goals also need a healthy dose of realism. I like to organize goals into three categories: simple, realistic, and advanced.
Simple goals are those you can complete very short-term; these goals can be things such as calling 5 new leads per week or ordering custom apparel for employees. Simple goals provide basic encouragement and positive reinforcement.
Realistic goals are the next step up, and involve more medium-range timetables and quite a bit more work. Sales and revenue goals typically fall into this category. I want to gain 20 new leads per month and close an average of 3-5 is an example of a realistic goal. These goals are based heavily on the information uncovered in your brand analysis and play the biggest part in your success.
Advanced goals are the longest-term goals you will have. They may include 2-4 year projections, funding & investment acquisitions, or even a goal that identifies how many employees you want to have 2 years from now. These goals require a solid commitment to simple and realistic goals in order to be attainable.
Step #3: Stick to a Dynamic Strategy
Sticking to your strategy may be one of the most difficult steps for businesses to take. As we've seen with this pandemic, businesses are being FORCED to pivot their efforts in order to survive. An effective business and marketing strategy isn't rigid... a solid strategy is dynamic and flexible while remaining focused on your short and long-term goals.
For example, many businesses left digital marketing at the wayside. Within two months, communicating via digital marketing has become the most important tool a business has. Dynamic strategies identify what works now, what will work in the future, and how you can leverage every outlet possible to gain success and complete your goals.
Daniel Marr is a Marketing Strategist and Director of Business Development for NWPC Marketing Solutions, a team of marketing experts dedicated to helping you achieve your goals and BOOST your brand! Our awesome team strives to build effective marketing strategies by working side-by-side with businesses as advisors and consultants.