Content Strategy: It’s Not an Option for Your Business

Unless you’ve been living under a rock, it should come as no surprise that unique and engaging content is the goldmine of today’s business world.  Having a content strategy is critical to a successful digital marketing plan – and overall business plan. Yes, the pandemic changed the way many of us do business, but it was only a matter of time before all of our target audiences became dependent on the internet for….everything!  If you’re not making the most of your business’ online presence, you are paving a clear and clean path for your competitors. 

Having a content strategy means developing a process of creating and managing content that has context or a purpose. Businesses need a content strategy to drive growth and increase revenue while at the same time helping companies to understand their customers better. When developed and executed correctly, a content strategy allows your business to focus its content marketing efforts on the most effective channels with the most effective messaging.

Yes, content is at the forefront of all forms of online marketing efforts, but that content should be unique and speak directly to your target audience. It is important to pay close attention to developing effective strategies for leveraging content to boost brand visibility, save money, time and drive traffic to your product or services. Some key areas that should be considered when developing a content strategy:

1. Identifying and understanding your target audience

One of the first steps in developing a successful content strategy is identifying and understanding your target audience. It involves gaining a deep understanding of who they are, what are their needs and wants. Once you have a firm grasp of your target audience, you can begin developing content specifically tailored to them. Not all content will appeal equally to all audiences, so it is important to segment your content accordingly.

In developing an effective content strategy for your business, it might help to work with a team of experienced marketing professionals who can help you create the most effective and engaging content for your target audience.

2. Creating engaging and compelling content

Another key element of a successful content strategy is creating high-quality, engaging content that truly speaks to your audience. Write with your audience in mind. Know who you are trying to reach with your content and what interests them. Channel your content to answer those questions they are having. Pay attention to your audience’s search intent. With these vital components in mind, it becomes easier to write and tailor your content accordingly using a mix of multimedia content, blogs, infographics, videos and more.

3. Optimizing your content for search engines

Optimizing your content for keyword research on search engines is a crucial part of your content strategy plan.  Achieving this requires identifying the keywords your target audience is looking for and then creating content based on these keywords. Consider using SEO tools such as Google Search Console, SEMrush or other alternatives to help you identify the most relevant keywords and phrases. Another important tip to keep in mind is always to ensure the keyword or phrase are used in your title, headings, and image alt text as these are the elements that search engines look at when determining how well your content will rank.

4. Use the right social media platforms to promote your content

Promoting your content is essential to driving traffic and generating leads. You can reach a wider audience, build relationships with potential customers and drive traffic back to your website or blog by leveraging social media platforms. Before you start promoting your content, it's necessary to take some time to research which social media platforms your target audience is using.

You can optimize your posts with hashtags and other features to engage and encourage interaction with other users.  If you are able to tag another in your post – only if it makes sense – the wider you cast your net.  Social media ads can also be used to promote your content to a broader audience, helping you target specific demographics, interests and even locations.

Social media is a great data gatherer.  You can monitor your activity and results by tracking how many people are clicking on your links and how much traffic you're driving back to your website. This will help fine-tune your content strategy and ensure that you're getting the most out of it.

Conclusion

A successful content strategy will produce results.  But, you have to do the work.  Remember, consumers drive market, so your content needs to speak to your target audience.  Whether you are launching a new product or service or starting a new business, you have to truly understand the wants and needs of your prospective clients.  Building a content strategy around what THEY want and not what you think they want, will give you a giant step toward a successful content marketing plan.

Not sure how to create a content strategy?  Contact the experienced team at SK Consulting today!

Want to Connect With Your Prospects? Get Emotional!

 We’ve all seen THOSE ads.  The ones that bring a tear to your eye, tug at your heart strings and make you want to take action.  Think the SPCA commercial with Sarah McLachlan crooning in the background.  Very impactful, very emotional.  Great marketing tactic.

What organizations like the SPCA are utilizing is emotional marketing – taking an extra step to connect with your target market’s emotions in order to persuade them to choose your brand or to raise awareness. This marketing strategy uses generalized emotions that can trigger people to create a connection that achieves a more promising brand loyalty than any other marketing means.

Millions of brands and organizations use emotional marketing to win their potential and target market’s hearts by siding with their brand.  This marketing tactic can and should be a part of your promotional plan for a variety of reasons.  But, before incorporating the emotional message, let’s take a look at what emotional marketing is and how it can help your business better connect with your target audience.

What Is Emotional Marketing?

Emotional marketing is a marketing strategy where brands use human emotions as a connection to persuade customers into choosing their brand. It shows that they are empathetic, relatable and in tune to the current tone and emotions of the world.  The emotional messages reveal happiness, sadness or anger - as these are general views that could be shared by millions of people on a relevant topic. (Nobody likes to see starving, abused and neglected animals outside in cages, right?)

Many companies respond to current affairs or relevant trends that are globally popular to choose a side with customers.  COVID and the ensuing pandemic is a prime example of how many companies changed their messaging – taking a stand for or against masking and vaxxing. While the “We’re all in this together” mantra was way overused, the impact of the switch to emotional marketing kept those companies relevant.

Using emotional marketing as a bridge between a brand and customers forms a deeper connection than any other form of marketing. The brand loyalty lasts longer and the response to purchasing or investing in the brand is higher than other marketing tactics. 

Is Emotional Marketing Right for Your Business?

Emotional marketing, if executed the right way, can produce fascinating and profitable results for companies. This is why many of the biggest global brands, such as Coca Cola or Apple, use emotional marketing on a regular basis.

If your business follows the same model or shares the same customer base, chances are emotional marketing may work for you as well.

• Triggering Memory and Nostalgia

The emotion of memory or nostalgia can recreate the happiest of moments. As a person’s memory subconsciously plays an important part in their daily life, many brands run advertisement campaigns that use aspects to trigger memory or nostalgia.

This is done for brands that have a rather older customer base where triggering happy memories in them can make people feel comfortable with the brand and may influence them to buy more of it.

Think McDonald’s and the McRib.  The ‘limited time’ offer(s) brings a hype and a trigger to where and when the consumer bought their first McRib.

• Impulse Buying and Helping the Customer Decide

The most influential way of marketing except for advertisements is emotional packaging.

Most brands have an active competitor they fight against. Like Pepsi for Cola, Burger King for McDonald’s, and Adidas for Nike.

If you offer a retail product, a good way to convince customers to choose your brand from the shelf rather than the competitor’s sitting beside it is by adding emotions in the packaging itself.

When the price and quality are the same, a customer decides solely on the visual impression a brand expresses. Use emotional colors or nostalgic designs that could appeal to the customers better and make them listen to their hearts.

• Moving People and Inspiring a Call to Action

If the brand chooses to side with a popular opinion on a global affair and convinces people, even if they’re not specifically their target market, to side with their cause using an emotional ad campaign or packaging, the brand can enjoy additional marketing done by the customers themselves through social media shares, comments, and promotions.

Once you understand what drives your customers, reference the above to create a broad marketing strategy based on making emotional connections. This strategy should include every link in the chain, from product launches and sales to marketing and service. Storytelling can be an indispensable tool here. Stories can be compelling and easy to share. They can help trigger the emotions you may need to get your desired outcome.

As Dale Carnegie said, “When dealing with people, remember you are not dealing with creatures of logic, but with creatures of emotion."

Emotional connections in the marketing field are not a secret strategy anymore — but they can be a real advantage. To be successful, find out how your customers feel and what they need and be able to identify what motivates them. This customer-oriented attitude and strategy can help you inspire customers' devotion.

If you are struggling to connect with your target audience,
SKConsulting can help create the story and message that best fits your brand.

Your Company Name Impacts Your Branding Path

 

When a business is started – or rebranded – perhaps the most essential decision to make first is determining the name. Choosing the right name is vital in setting your company up for success.  The wrong name can pave the path of destruction.  Why is choosing the right name so important for branding and marketing your business?  Check out some of the reasons we tell our clients. 

1.  Brand Recognition

In a world where new businesses keep popping up every day or are adding new services to broaden their reach, it is crucial to have a name that sets your company apart from the rest. The right name can help with brand recognition and make it easier for customers to remember you and find you online.

Strong brand identity starts with a great name. Therefore, you should register a company name (yes, research what names are already taken) that is unique to the world and to what you do. A catchy or clever name can also help with brand recall, which is especially important for small businesses that may not have the budget for traditional advertising.  But just because you think it’s catchy or cool, doesn’t make it so.  Do some market testing – even if it’s just with your friends or close circle.

2.  Helps you Stand out from your Competition

As more entrepreneurs and start-ups enter the competitive landscape, companies must work harder than ever before to stand out from their competitors.  One way to do this is by having a solid branding strategy, which begins with selecting the right company name.

A good company name can also create an authentic connection with customers, leading to loyalty and long-term relationships. Additionally, a good company name can help you attract top talent and investors.

When choosing a company name, make sure it is available as a domain name and trademark. It’s best to have the name of your company (or your slogan) as the URL.  If the domain name isn’t available, don’t get creative with it…get real.  If you’re having trouble choosing a name, consider hiring a branding consultant to help you.

With so much at stake, it’s essential to take the time to choose the right company name for your business. By doing so, you’ll be well on your way to establishing a solid brand that will help you stand out from the competition.

3.  Builds Customer Loyalty Trust

In order for a business to be successful, you have to win and maintain customer trust.  A company’s name is one of the first things customers will judge.  You only get one chance to make a first impression, right?  If your company has a confusing or unprofessional name, customers may not trust you enough to do business with you.

Make sure to choose a name that accurately represents your company, is easy to remember, and sounds professional. By putting thought into this important decision, you can create a successful brand that wins the trust of your customers.

4.  Helps Attract Top Talents

Experts and top talent want to work at a place in which they are proud to share.  It would be great to be recruited as a top-level executive and make great money, but if it’s for a company whose name embarrasses you, is all that money worth it?  Be smart.  Be creative.  Be unique.

Many employees would rather work for a company with an exciting name than a forgettable one. A strong brand and unique name will also help attract investors and partners.  But, don’t overdo it.

If you are looking to rebrand your business, it is also crucial to choose a new name that still accurately represents your company. The last thing you want to go through is changing your company’s name too often or going through the process of rebranding multiple times. Choose wisely!

5.  Attracts New and Returning Clientele

One thing that almost every business owner wants is new (and loyal) customers. A company’s name can play a role in how successful they are at attracting new clientele. A well-chosen company name will help potential clients remember your business and what it does.

In addition, a strategic name can help your business show up on the results page, which can lead more people to your website. Therefore, if you’re looking to increase your customer base, it’s essential to put some thought into choosing the right company name.

A Good Name and a Successful Business Needs a Good Marketing Strategy

Marketing is an integral aspect of any business, yet it can be challenging to get started. There are myriad of marketing channels to navigate and your name can help penetrate each of them in a positive way – with the right strategy.  You need to know your target audience and craft a message that resonates with them. But it all needs to be consistent.  You can’t have a catchy, fun, creative name and have a serious, preachy tone as part of your brand.  It’s confusing to your prospects. Your business name sets the tone.  Your messaging and marketing reiterate it and your delivery confirms it.

A strong brand can help you stand out from the competition. When people think of your company, they should immediately associate it with a specific quality or attribute. By choosing the right name, you can make sure that your company is associated with your authentic qualities. When you pick the right name for your business, you’re not just choosing a moniker to represent your company; you’re also laying the groundwork for an effective marketing strategy.

When choosing a company name, it is essential to consider all aspects of your business. The name should be easy to remember and spell, and it should communicate the type of business you are in.

If you need help creating your company name, brand and strategy, SK Consulting can help!

The What, Why and How of Cause Marketing

 

Whether you market beauty products, cars or the latest in cloud technology, customers and prospects care about more than just your products and services. They care about the integrity of your business -that you don’t just focus on profits, but also on benefitting society as a whole. Today’s consumers want to know that they can trust and stand behind your business or organization.

Consumers want to what you sell AND who you are. Any organization that is wanting to stand out, needs to stand up.  Utilizing cause marketing is a great way to stand up for a cause that aligns with your organization and stand out from your competitors. 

Cause Marketing Defined

Cause marketing can only be executed successfully if it is embraced authentically.  This type of marketing allows a business to promote a social cause to showcase social responsibility (and humanity) to customers. Companies provide customers with additional value by supporting philanthropic initiatives important to the consumer and the brand, fostering brand loyalty, and a sense of purpose beyond consumerism:

However, if there is no plan or cause strategy, consumers will know.  The marketer must explain the WHY.  Just like you should know the why of your organization – why you do what you do and why consumers should buy from you – so should you explain the why behind your cause affiliation.

THE RIGHT MESSAGE AT THE RIGHT TIME

Countless businesses have successfully leveraged cause marketing to boost sales by showing customers that they care about social good. Their success comes from focusing their message in ways that are both compelling and relevant to the social issues consumers care about and that the brands support. Authenticity is of vital importance.  No jumping on the band wagon just to jump.

In every regional, national or global event or movement, brands should evaluate ethical and brand perception when deciding how to show up. Does the movement align with the core values of the company? Does your team believe it has a moral role to play or an ethical obligation to participate? Consider your action and communication plans from a place of authenticity.

WHY CAUSE MARKETING MATTERS FOR YOUR BUSINESS

The experience of countless businesses shows cause marketing can help companies to achieve many of their principal marketing objectives, such as increasing brand awareness, customer engagement, and sales, while also following their ethical values. In fact, for many companies that effectively embrace cause marketing, it can be a game-changer for their business.

·         Consumers want to purchase from businesses that share their values

·         Consumers want to spend more with businesses that are engaged in social good

·         Consumers buy from or boycott businesses based on their position on key social issues

·         Consumers want companies to take a stand on social issues

HOW TO USE CAUSE MARKETING

Businesses, large and small, that launch highly successful cause marketing campaigns take the time to understand what causes their customers care about most. Their success can also be attributed to using best practices for their campaigns and in their dedication to being authentic to their company values.   

Yes, every business is different, with varying customers, goals, and marketing challenges. Cause marketing works best when a company abides by a playbook that employs the following strategies:

1. REINFORCE THE COMPANY’S “BRAND PURPOSE”

Your brand purpose is your business’s reason for existing, rather than solely for making a profit. For example, Amazon expresses its brand purpose in its mission statement, ““To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.” 

For your cause marketing campaign to succeed, it’s important to clarify what your brand purpose is, and then espouse causes that reinforce that purpose. The causes you support may change some as public opinion shifts, but your brand purpose should remain steadfast. The key is to align causes you back to your brand purpose in compelling, resonant, authentic, and transparent ways.

2. BE AUTHENTIC

Today’s consumers are savvy—they can instantly spot messaging that is forced or fake. Messaging that comes across as fake or inauthentic will negatively impact your brand, rather than elevate it. That can be a costly mistake for marketers, especially when a business advocates social causes that their customer base cares about.

When it comes to cause marketing, the end most definitely does not justify the means. If you don’t care about the cause you claim to support, your customers will know.  They will repay you buy paying your competitors or complaining within their networks.

3. ENCOURAGE SOCIAL MEDIA PARTICIPATION

When customers care about child abuse, animal welfare, climate change, or social justice, they want to do more than stand on the sidelines. The businesses most successful with cause marketing are those that resonate with their customers and encourage active participation from them.

One of the best ways to do that is by leveraging the power of social media, the natural vehicle to promote meaningful exchanges and conversations. When you ask your customers on social media to help you help others, they feel good about themselves and, by extension, about your business.

A cause marketing campaign can take your business to the next level, if it is done the right way. When your company truly care about more than profit, customers and prospects will take notice.  You can capitalize on this by effectively differentiating yourself from your competitors and give the public a compelling reason to buy your products and services.

Remember, any marketing concept is only as good as the execution of it. To succeed with cause marketing and approach it thoughtfully, make sure t
he cause you support aligns with your brand, is authentic and leverages the power of customer participation through social media (and word of mouth).   If you’d like to learn more about how cause marketing can help your business or help determine which cause would best fit your mission, contact SK Consulting today!

Marketing Should Be The Last Thing to Go

When businesses and non-profits feel the stretch of the dollar and their bottom line is negatively impacted, the first instinct is, more often than not, to cut the marketing budget.  Many view marketing as the easiest line item to slash, but it can be the hardest to recoup.  During a recession or a post-pandemic, the worst thing a business can do is go dark.  Saving a penny at that moment could cost you thousands down the road. Cutting your marketing budget can hurt your business long-term, even when it might help it slightly in the immediate future.

Before you decide to reduce or eliminate your marketing budget, consider the following:

1. What if your competitors keep their marketing intact?

You may consider cutting your marketing budget, but if your competitors don’t, where does that leave you? When you reduce your marketing budget, you decrease how and how often your customers see you — allowing your competitor(s) to move in.  Your customers notice if you’re NOT there for them.

2. Your customers can support you if you market your message right

The return on investment for your marketing strategy is still valid during tough economic times. When the economy is booming, your strategy is probably to drive sales and build relationships.  However, when everyone seems to be tightening their belts, you can and should be more focused on the relationship-build side of things – keep your customers invested in your success. They love you as much as you love them, and they don’t want to see your business struggle. Your marketing team can help you show the right amount of vulnerability and transparency, while still sending the message that you are still in business, offering the services they’ve come to expect and admire.

3. Your marketing team protects you

People often think about marketing as advertising, but it is so much more.  Your marketing team helps to tell your brand’s story.  That story should reflect market research on what your customers are searching for and are still willing to pay for.  As with COVID, businesses needed (and still need) to shift their messaging strategies to be reassuring, sensitive and empathetic.  Having a marketing team you trust can help shift and shape your message so that your mission and services are promoted – keeping your brand top of mind.

4. Your customers don’t want to feel abandoned

Your marketing strategy strengthens your relationship with your audience. A reduction in your budget can leave your customers wondering where you went—or worse, if your business has or is in the process of shutting down.

Show them you’re there.  Your messaging may be different.  Your tactics of reaching them may be different.  But your brand should not be different.  Your marketing team and strategies can tell your audience what you’re doing to keep their best interests in mind.  

5. It may be time to launch that new product

What?  Spend time and resources to launch a new product?  Yes!  You have less competition during a recession or tough economy, as other companies are focusing on staying afloat. They aren’t putting their time and effort into launching new products or growing their business. If you are in the position to, and you have ideas ready to launch, work with your marketing team to put your new product out into the world.  You may even be able to better negotiate advertising rates as media outlets are also looking to stay afloat.

6. You will not bounce back as easily

If you reduce your marketing efforts, it leaves you in a difficult position when you and your customers are ready to return to the economic cycle.  You’ve spent a great deal of time and money growing your brand’s reach. Rather than scaling back, discuss a strategy with your marketing team to find ways to keep your reach consistent. Once the economy is on an upswing, you will appreciate not having lost months — or years — of progress.

7. You’ll have a harder time reaching your overall business goals

No matter what the financial landscape, you want to continue moving forward. Your marketing team can help you keep your goals in mind and find new strategies to meet them. Don’t underestimate a marketing team’s versatility and the potential to keep your business growing, even when the economy is less than ideal.

Talk strategy before you make cuts!

Cut the panic, not the budget! Take a look at your budget prior to the pandemic or recession.  Where is there padding?  Where can you streamline operations?  Before you decide to cut anything from your marketing budget, discuss all options with your marketing team.  A versatile, professional and experienced team can and will work with you to achieve your goals – or define new milestones and benchmarks.  The true bottom line is your marketing team is your life line to the ‘outside world’. In reality, if you don’t succeed, they don’t succeed.  Show them that you have faith in their expertise and they’ll show you a positive ROI.

Increasing ROI with Refreshed, Refurbished Content

 Any successful business owner knows that high-quality content is vital to any marketing plan.  And any seasoned marketing professional knows this original content is essential to a successful search engine optimization (SEO) strategy.  Sometimes it’s hard to create content and once you do, it is often published and forgotten about, growing stale and outdated. 

Just like with plastics, glass and metal, recycling is a good thing.  Refreshing an
d updating content allows you to work smarter rather than harder.  With a bit of planning, you can revamp, repurpose and refurbish your content to bring you more traffic and a higher return on investment (ROI).

1. Update Current Content Regularly

The older a blog post or article, the more page authority it can build on the search engine results page (SERP).  That’s great, but you don’t want to drive traffic to information that’s outdated or no longer accurate.

Make a plan to revisit your content every six months to a year and regularly update your current content. During this process, you can check that all links are still working, all data is still accurate, and all facts are still relevant and up to date. In some cases, you may just have to make a few tweaks to statistics.  In others, you may need to add a new intro, summary or just a paragraph to provide updates.  This is much better than having to start from scratch!

2. Create useful downloads and templates.

Everyone understands that blogs are a great source of content and a great way to increase your SEO.  But you shouldn’t limit yourself to only publishing written blogs and articles. 

Explore additional content types such as downloads, infographics and templates that are relevant to your audience and to the written content you provide. If you sell skin care products, for example, you could create a branded checklist of how to care for your skin or obtain video testimonials from customers that are willing to share their positive results.

3. Tease content through videos.

Think about what grabs your attention more.  If you see a post leading with a graphic or video, are you more likely to click on it than if you just see text?  You’re not alone!  Videos help grab our attention and can add context to topics, particularly for highly technical or how-to type pieces. 

Teaser videos can serve as a preview that entices your audience to click through and read the post that you’re promoting. Reuse the teaser video in your email marketing, on your website and via social media.  In today’s age, you don’t need a professional videographer.  Save money and do it yourself or hire an intern using budget-friendly platforms like Adobe Spark or WeVideo. 

4. Consider Offering “Locked” Content

Asking for an email before someone can download your whitepaper, webinar or how-to piece has been called into question by some.  However, when these readers enter their email address for access, they are giving you permission to add them to your email list (provided they check the opt-in box you will put on the sign in form).  This gives you a great opportunity for follow-up, targeted marketing. 

This process is known as gating.  Gating content means the piece is “locked” and requires someone’s contact info to unlock it, such as their phone number and name or their email address.  If you choose this route, it is recommended to create a unique landing page for the content you are locking.  Promoting the unique URL will improve the click thru rates and will boost downloads.

5. Promote new content through digital advertising

Creating online ads is another great way to boost your ROI using your content. Got exclusive data from a recent survey? Planning a webinar on a hot-button industry topic? Share that information directly to your target audience.  Yes, there is a cost.  But it’s called ROI for a reason.  If done right, you will see a positive return on your investment.

It’s important to research where your target audience gets their information before you agree to a spend.  For instance, a tattoo parlor will probably get a better return using Instagram or Facebook than LinkedIn.  But a medical device company who wants to grab the attention of physicians and buying agents will probably do better utilizing LinkedIn ads. But, again, make sure you understand where your target audience obtains their information and that the cost of the ad is worth your investment.

6. Create a newsletter that features your content.

If you don’t have a monthly or bi-monthly newsletter yet – start one today.  These email missives can be used to share your latest blog, news from your organization or an original thought piece.

Along with optimizing your content and promoting it via organic social media posts, an email newsletter is a great way to get your content marketing more exposure. It meets people where they already are and gives you an opportunity to drive more traffic to your website while keeping your brand top of mind on a regular basis.

Just make sure your newsletter is less than the equivalent of 2 pages long.  Nobody wants to read an entire book in an email.

Summary

When it comes to content, it’s about quality and quantity. But you don’t have to have a large team of writers to pull off a content marketing plan that brings in good results. 

As long as you make sure that what you publish is up to date and accurate, well-executed and promoted properly you can improve your search engine ranks.  If done correctly, your refreshed content can help save you time and money while delivering fantastic results. 

Need help creating a content recycling plan?  Contact us today!

Reassess During the Recession

 

It’s no secret that COVID has caused an economic recession impacting many small businesses and non-profits and their bottom line.  Many have declared that this crisis is worse than the Great Depression and will more than likely have lasting effects on our economy.  But, now is not the time to give up.  Now is the time to reevaluate, reassess and rebuild…stronger.  Below are some ways to achieve success during and after the current state of affairs. 

1. Do Not Immediately Cut the Marketing Budget

The first place many organizations look to cut when purse strings are tight is marketing.  This is the exact reason why NOT to cut the marketing budget…it is not a smart strategy. If all of your competitors are cutting their budgets, and your business is taking the time to fine-tune and continue with marketing efforts, then your business could see an increase in revenue and take over a larger market share.

You want to stay ahead of the fray – stay in the forefront of everyone’s mind.  With more people watching TV, listening to the radio, scrolling through social media feeds, NOW is the time to invest (effectively and efficiently) in digital marketing. When competitors slash their budget, consumers will be less likely to see their marketing efforts and instead will see your company’s presence more frequently. Prospective customers will be able to more easily see the services or products your business offers. Keeping your marketing budget the same, or even slightly increasing the budget, will quiet the buzz of the competition, letting your business shine.

2. Conduct New Market Research

It is common knowledge that having accurate market research is vital for successful marketing campaigns. Market research can give a business a better understanding of its customers and better knowledge about how to approach its target market. Time have changed.  Circumstances have changed.  Shopping patterns have changed.

The way you do business or request donations must change with the trends.  And, you won’t know the current trends if you don’t conduct new market research.  During financial hardships, a person’s available income and discretionary income changes. While it is a convenient idea to cut costs and use historical data from previous recessions, it is not a good idea. By doing expansive market research on your target audience, your business will be able to get insights that can be used as a competitive advantage. A business can align itself with its customers’ needs through market research, which allows for the business to thrive during and after a recession.

3. Focus on Retaining Existing Customers

Customer retention is always an important business strategy, but especially now. Local restaurants and bars that pivoted to curbside or delivery at the onset of the pandemic are faring much better than those who didn’t.  Why?  Because their loyal customers pivoted with them.  They started ordering out, sharing the establishment and their specials on social media, etc.  A majority of a business’s profits come from existing customers, and the costs of retaining customers are much lower than the costs of trying to attract new customers. New customers aren't as likely to give unfamiliar products or services a try during a recession, which is why the primary focus should be on existing customers and keeping them satisfied.

And, shifting the focus to existing customers will cut down on spending without slashing the marketing budget. Keeping customers satisfied will only benefit the business in the long run, because these customers are more likely to leave positive reviews and recommend your business to their friends, which gives your business free word-of-mouth marketing.

4. Analyze Past and Current Performance Metrics

If you are finding you have a little more time on your hands, then this is the time to measure metrics!     Performance metrics can help determine if you’re meeting your goals (which should be re-evaluated) or if you’re on the right track to reach your goals. These metrics can help improve strategy and can be early indicators if things are not going as they should be. During a recession, tracking metrics is even more important as one mistake could lead to the business’s downfall.

What you’ve done in the past may not be right for today. Tracking current performance will allow you to see how your marketing campaigns are doing in this unusual landscape and time. The combination of past and current data will allow businesses to invest their time in areas that have proven to work in the past and see if what was working is still working today.

5. Remain Consistent

Now is not the time to rebrand yourself or your business. Now is the time to revamp your services if needed, but not your brand. Remain consistent in your name, branding, marketing and customer interactions. Your business should not go from sending bi-weekly emails to bi-monthly emails, nor should it go from weekly blog posts to monthly blog posts. These efforts of staying consistent will also keep costs down, which, in a recession, is vital. 

COVID has created quite a stir in all aspects of our lives.  Yes, businesses have taken hits because of the pandemic, but the recession is not forever. The reevaluation of a marketing strategy can help businesses survive this uncertain time.

Listen to your customers.  Listen to your competitors.  Remain flexible.  Remain vigilant.  While it might not seem like it right now, the storm will pass.  The question is, are you ready, willing and able to weather it?