Creating a Marketing Strategy in Tough Times

Creating a marketing strategy in tough times

In times like these, it can be difficult to see a way out and many businesses see a distinct lack of light at the end of the tunnel.

But fear not there are always marketing strategies available to keep things moving. The main strategy is adapting to the circumstances and taking responsibility. But the main thing is having a positive mindset and realising every cloud has a silver lining.

Firstly, the company should organise a meeting and outline where the possible problems are. Within this, create an adaption policy for your business going forward. The main strategy is cutting costs and reducing your marketing budget. This can be achieved by moving to an organic marketing strategy and reducing the number of paid ads. I would suggest moving budgets down to around $20 per day. Within this framework you should consider which campaigns need to be paused and prioritised. The advantage is when things improve you can continue where you left off as a result creating a consistency to your advertising.

During this crisis things to bear in mind are the use of empathy and no imagery of crowds. At the same time not being looked upon as a company taking advantage of the situation in a cold calculated manner. For example, social media posts should include front-line workers understanding, advice about how your business is operating and a real community focus. Other initiatives could include employee generated content on how your work force are dealing with the current crisis.

As a business the best thing you can do is have a positive outlook and eliminate fear when speaking to your customers. Bearing in mind you may have to change your brand messaging to adapt to market conditions. A good method is diversifying your content through webinars, podcasts, and virtual events. For example, you could set up a virtual business workshop.

To react to this shortfall, an email marketing strategy should be initiated to keep the cogs of your business going. This is one of the cheapest marketing strategies you can use. The key is to target a segmented audience and having specific goals in place. It means you can keep your budget targeted and controlled easily. At the same time having a A B testing framework in place, to successfully monitor emails.

I would also incorporate a promotional strategy and providing discounts to give incentives to consumers during these tough times. This will help implement brand loyalty and showing a degree of compassion to consumers struggling with the crisis. But it also appeals to new customers who are looking for a bargain, due to a lack of disposable income.

Even have a large discount for the excess number of products you may have. For example, a promotional campaign could be 40% off all products ends Tuesday. Bear in mind though that customers should not be bombarded with information, as they could be suffering because of the crisis.

I would also have a distinctive social media plan with a 3-month content calendar. The posts should be placed at early mornings and late afternoons, so your exposure is maximised. A calendar like this will help brand awareness and will see an uplift in sales.

Other methods could include changing your business model and looking at different markets. Strategies could include launching a new product line, seeking out new target audiences or closing parts of the business struggling. Other strategies could include the process of acquiring leads and incorporating different customer service protocols. To effectively change the systems a SWOT analysis should be done accompanied with an industry report about your sector.

Finally, the overall advice is not to panic and look for solutions to the crisis. At the end of the day, things will get better and that optimism will keep your business functioning during this tough period.