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?

More than a Plan. You Need a Marketing STRATEGY!

No matter what kind of organization you own or work for, developing a marketing strategy affects every aspect of your business. A successful strategy is well thought out and presents measurable goals. The end result of your marketing strategy should be something that improves sales for your business.

Designing a marketing strategy can be daunting. Especially, if you are not a marketing guru. At SK Consulting, we help walk you through the process of developing an effective marketing strategy without getting overwhelmed. Having a functioning and fluid marketing strategy will set you apart from your competition and set you up for success.

Researching and understanding your market is a big part of the process. This is not a process where you want to skip to the end. That will not guarantee you the best results.

What are the key parts of developing your marketing strategy? The first is to clarify your business goals.

Set S.M.A.R.T. Goals for Your Business

The best way to set your business goals is by using the acronym S.M.A.R.T. Smart goals are identified as specific, measurable, achievable, relevant and time-sensitive goals. Don’t be vague. Instead of making your goal, “get more customers.” A more effective goal would be, “reach x customers by y date.”

This goal clearly states a tangible achievement in a certain period of time. S.M.A.R.T. goals allow you to track your progress and celebrate small wins or re-evaluate your marketing strategy down the road.

Identify Your Marketing Goals Based on Your Business Goals
Next, you should identify your marketing goals. Your marketing goals should also be S.M.A.R.T. goals.

Your marketing goals function as an action item for your overall business goals. Whatever goal you set for your marketing strategy, it should lead to the outcome that you want for your business (i.e. reach x customer segment by y date).

Your marketing goals should not change constantly. They should be a steady goal that can be increased or revised once your previous goal is achieved.

Learn Your Market
It’s hard to surpass your competition if you don’t know what they or your potential customers are doing. Getting to know your market is key for you to develop your marketing strategy. Know and understand demographics, size, social trends and growth so that you can create a strategy that is relevant.

Continuous research will allow you to tweak your marketing strategy over time to keep it targeted and applicable to your market.

Create Potential Customer Profiles
After you’ve researched your market, it’s time to dig deeper.

You will want to create profiles of your potential customers so that you understand who you are trying reach. Your marketing plan should be highlighting your potential customers’ needs and providing a solution.

For this, you will have to understand the needs of your potential customers and their buying trends.

Understanding your potential customer will allow you to develop a marketing strategy that specifically targets them.  Remember, just because you like something doesn’t mean consumers will.  People want to feel like you understand what they want and that you are providing them a much-needed product or service.

Potential customer profiles can help you maintain a long-lasting relationship with your customer base. After all, the best kind of customer is a returning customer!

Get to Know the Competition

In order to develop a marketing strategy that yields results, identifying and understanding your competition is crucial. You cannot stay ahead of the competition if you do not know what they are doing.

You will want to identify your competitors’ products, supply chain, prices and marketing tactics.  What are they successful at?  What can you do better?  What opportunities are they missing? Learn what your competitors’ weaknesses are, and humbly acknowledge their strengths.

While scrutinizing your competition, it’s important to take a good, hard look at your own practices.  Analyzing your internal strengths and weaknesses will help you create and maintain your competitive edge. Where is your business falling short? How can you do it better?

Learn as much as you can about your competitors and stay in the know of any new developments in your industry.

Developing a Supporting Marketing Strategy Plan
Once you have completed all of the previous steps, you’ll have all the information you need to develop a marketing strategy!

If one of your goals is to reach a younger market segment, your strategy could be to increase your social media presence and offer discounts specifically for students or certain schools.

While you develop your marketing strategy, be sure to consider the 7 P’s of marketing: product, price, promotion, people, place, process and physical evidence.

SUMMARY

Once you develop a marketing strategy, give it a test run. Researching and testing your ideas will allow you to maintain a marketing strategy that is effective and successful.

Measure your results.  Establish your benchmarks.  Set a schedule to re-evaluate your results.

If you are overwhelmed with the thought of developing a marketing strategy, contact the experts at SK Consulting.  From Concept to Creation to Implementation – we’re there for you every step of the way!

Just Starting Out? Market Within Your Budget

We’ve all heard the riddle:  If a tree falls in a forest and nobody is around….does it make a sound?  Think of that riddle in the marketing world.  It’s like having a high-quality billboard promoting your business placed in the desert.  Nobody will see your efforts or know that you exist.  As a business owner, you know you need to market your business, especially if you’ve just very recently opened your doors. It’s the only way you can attract customers to your brand!

Unfortunately, budgets are typically tight.  Small business owners rarely have the large budget needed to compete with the ‘big dogs.’  Without a sizeable wad of cash, marketing becomes extremely difficult.

But it isn’t impossible!

Start with the basics and go from there.  (and don’t spend your money on a billboard in the desert!)

Create the Very Best Logo You Possibly Can

Creating a logo will cost a little bit of money upfront, but it’s an investment that will pay for itself in a relatively short period of time.  We wouldn’t recommend trying your hand at design with this important part of your brand.

Research and hire a company with a portfolio that speaks to you.  And what’s great is, once you pay for the logo – it is yours.  You own it and can use it however you see fit!

It is important to note that your logo should incorporate the color scheme of your business.  You want people to take notice of your logo, but don’t make it too artsy.  You want a simple design that speaks to your business and can be easily reproduced on promotional and collateral pieces.

Start a Blog

There are many reasons to start a blog.  And don’t worry, if you’re not a good writer, there are many freelancers and businesses, like SK Consulting that can help.  Here are some benefits:

• Attracting an audience
• Building rapport with customers
• Establishing authority in your industry

Blogging can get expensive so shop around to find the best writer for the right price.  You can try your hand at blogging, but make sure you have a second and third pair of eyes to edit your work and incorporate SEO and key phrases.

One great thing about starting a blog is the fact that you can fund it later on down the road when there’s more cash to go around. All you have to do is look for a content writer to join your team when the time is right.

Get on Social Media

Social media is one of the easiest ways to do a little marketing without spending any money. It’s free to start a business account on platforms that include Facebook, Instagram, and Twitter.

There are two approaches you can take. If you have the time, you can join as many social media platforms as you can to attract people to your brand, or you can choose just one or two to spend your time on. No matter which method you choose, make sure that have time to update your accounts often.

Also, make sure there’s a strategy behind your posts.  After all, social media is more than pretty pictures and sales pitches.  You need to be educational, relevant and authentic! Testimonials and videos are sure-fire ways to grab attention of potential customers.

Do Some Guerilla Marketing

Guerilla marketing is a fun way to get your brand noticed! Here are some low-cost ideas:

• Network, network, network – there are many free networking groups that you can join and share your business and business card with others
• Use creative, inexpensive signs to point to your store (think sidewalk chalk or sandwich board signs)
• Give away free samples at an event – find events that align with your business and show up with free samples
• Use inexpensive promotional items to share your logo and website

You don’t have to have thousands of dollars burning a hole in your pocket to do a little marketing! You can get your business noticed by new customers and clients without spending money you don’t have. Need help establishing your marketing goals within your budget?  Contact the experts at SK Consulting today!  From concept to creation to implementation – we’re there with you every step of the way!

Have a Strategy to Reach Your Goal

“If you fail to plan, you’re planning to fail,” is the cheesy catch-phrase of many business coaches, life coaches and inspirational leaders (when addressing us lowly, unorganized individuals).  While it can be infuriating when it is used on you, it is quite relevant and true when it comes to the brutal arena of digital marketing.

A digital marketing strategy is not just something that sounds good to talk about in meetings or something to mumble when your boss asks you what you’re doing on Twitter in the middle of the day. When used properly, a digital marketing strategy can guide you and your business. It can be the Yoda figure that can guide almost every decision you make.

End Goal

This is the whole point of creating a marketing strategy. It’s your strategy’s reason for being. You’d be surprised how many businesses have a marketing strategy ‘because we should have one.’

Thinking about what you want from your strategy is not as simple as it sounds. Like arguing with your partner about who gets the remote control, you’ve got to have a clear idea of what you want and what success at the end of your strategy will look like.

This is no time to be vague. A mission statement of ‘We want to improve sales/make more money’ will absolutely not cut it. You need specifics. Do you want improved sales? How many? From what demographic? By when?

You’re not going to be a billion-dollar business by next Tuesday. Be realistic, focused and perhaps the most important, be honest with yourself.

Everyone on the same page

Your marketing strategy is obviously a secret to your competitors. It’s not, however, a secret from your colleagues. A good marketing strategy that everyone knows and understands can ensure that everyone pulls in the same direction. This can help your branding be consistent and on-message regardless of who is in charge of the Twitter account that day.

Creating a marketing strategy can force you to really analyze your business. What is your personality? How do you want to be viewed? Your brand personality should be genuine and authentic. Otherwise, the public will not want to interact with you. For example, if you’re a small firm of accountants, don’t attempt to be the Ernst & Young of the accountancy world as it won’t appear genuine, nor will it be likely to resonate well with your typical target client. This brings me nicely to my next point.

Do your research

Who are you targeting with your social media strategy? You need to have a clear idea of the demographic to whom you want to market (and a reason why) if you’re going to have a successful strategy. If you’re not entirely sure who this is likely to be, finding out who your customers are is always a useful exercise. There are a number of things you can do to help:

Review your orders: who has been buying from you/using your business?

Assess your followers on social media to determine a ‘typical’ brand advocate.

If it’s a new segment that you’d like to target, do some listening on social media to build up accurate personas of your new targets.

This is important, as your target demographic will dictate which media your strategy should focus on. If you’re going for over 65s, a witty Twitter, Snapchat and Instagram campaign is unlikely to be successful.

Natural Boosts

When you’re creating your strategy, have a look at your calendar. Are there any events that would complement your marketing strategies? A simple example would be a restaurant that wants more couples may naturally gravitate towards Valentine’s Day. Or you could alternatively do an anti-Valentine’s campaign promoting your takeaway services.

The point here is that there are certain events in the calendar that match your marketing strategy. National Beer Day was trending on Twitter on August 4. With some advance planning, a bar could incorporate this into their strategy and offer a promotion based around an online competition.

There is a lot more to a digital marketing strategy than ‘sell more things to more people.’ It takes a bit more thought and strategy, but when you have a solid base, you will find that many of the other elements seem obvious. If you’re still not sure how to build a great strategy, contact SK Consulting. We develop strategies that work for you.  And, just maybe, beer will be involved.