Unquestionably, a marketing strategy is a critical component to business growth. The way I see it, running a business without a marketing plan is like navigating a ship without a compass. An effective marketing plan identifies your target market, what your goals are over specific time periods, how to acquire new customers, how to capitalize on new growth opportunities and where to spend your marketing dollars most efficiently. A plan can also help you navigate through rough waters.<\/p>\n
In fact, having a marketing strategy actually makes it easier to adapt during changing circumstances, like when a competitor moves into your market. Being prepared enables you to make better decisions about your company during a crisis because you know where you\u2019re going and what it takes to get there. A business owner with a plan has a distinct competitive advantage over one who is just winging it.<\/p>\n
Successful marketing is about building a name for your company that is recognizable and trusted. That kind of recognition doesn\u2019t happen by chance. It happens with consistent communication that breaks through the clutter so that your messages are heard.<\/p>\n
Without a plan, you may be subscribing to the \u2018let\u2019s throw it against the wall and see if it sticks\u2019 approach to marketing. For example, one month you place an ad in a trade magazine and the next month you buy some ads on social media. This strategy\u2014or lack thereof\u2014usually turns out to be a waste of time and money because your organization is not going to gain any traction without consistency.<\/p>\n
A marketing strategy is your roadmap to success. There may be detours along the way, but the destination is clearly routed. So, the next time you are asked to sponsor a golf tournament or advertise in a publication consider the following:<\/p>\n
If the answers are an overwhelming yes, then maybe you pivot, determine a viable tradeoff and capitalize on that opportunity. If, however, the prospects are not in line with your plan, you can say no without regret.<\/p>\n
A clearly defined strategy prevents wasted efforts and ensures your budget is thoughtfully executed. It not only serves to build your brand but can also protect it from external factors such as a recession or pandemic.<\/p>\n
Many companies do a good job planning how to operate when things work out as expected. Companies that survive in the long run, however, often plan for flexibility in response to the unexpected<\/em>.<\/p>\n Planning for different outcomes that could occur makes it easier to shift and be proactive when the need arises. Take a look at possible obstacles that could harm business growth. Develop an action plan that outlines solutions for overcoming those challenges. Doing so not only equips you with a proactive approach to conducting business during a crisis, it also gives your company the edge to stay ahead of the competition once the threat has passed.<\/p>\n As an example, business development for many of our clients was conducted during spring conferences, trade shows and networking events\u2014all of which were cancelled due to the pandemic. However, because they already had a strategy in place for what to do before, during and after the event, we were able to simply realign their marketing efforts in order to get in front of potential attendees or contacts using alternative methods versus starting from scratch.<\/p>\n Some clients immediately contacted individuals in their target audiences and invited them to attend a one-on-one virtual trade show which was consistently promoted in advance. We encouraged clients to make the same points they would during a live presentation and, of course, to follow up as they would have done previously.<\/p>\n Resources that were previously allocated for live events can be diverted to alternative avenues such as:<\/p>\n Folks may not be in their offices but they\u2019re still working. Sales teams still need marketing. They will continue to stay in touch with prospects and ask for their business, but perhaps with a gentler approach. Focus on them and their well-being with questions like, \u2018How are you doing?\u2019 and \u2018How are your team members doing?\u2019<\/p>\n One imprudent tactic I have seen during times of economic uncertainty is that organizations cut their marketing budgets. In the event a business must cut back, they often cut marketing and advertising expenses, including staff. However, as countless studies have illustrated, those who maintained or grew their marketing efforts increased sales and market share during the recession and afterwards.<\/p>\n According to Brad Adgate, an independent media consultant and contributor to Forbes, \u201cWhen marketers cut back on their ad spending, the brand loses its \u2018share of mind\u2019 with consumers, with the potential of losing current \u2013 and possibly future \u2013 sales. An increase in \u2018share of voice\u2019 typically leads to an increase in \u2018share of market.\u2019 An increase in market share results with an increase in profits.\u201d<\/p>\n When a company\u2019s marketing endeavors halt, so does much of the communication between the business and its client base. Even though customers may not have the funds to purchase from you right now, you still want them to be able to find your product or service, so maintaining top-of-mind awareness is key. This kind of proactive thinking contrasts with that of your competitors who may have ceased their marketing efforts, thereby leaving you in a much more favorable position.<\/p>\n Perhaps the best quote about advertising during challenging times came from Sam Walton, the founder of Wal-Mart. When asked, \u201cWhat do you think about a recession?\u201d he responded, \u201cI thought about it and decided not to participate.\u201d<\/p>\n In an effort to reduce costs, some businesses may also deem it necessary to lay off part of their marketing team. During the downturn in 2008-2009, many organizations reduced their marketing teams to one person because that’s what they could afford. But, one person can\u2019t possibly manage all of the research, strategic and creative needs required to successfully promote a company\u2019s offerings.<\/p>\nHey Siri, Take a Detour<\/strong><\/h3>\n
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It\u2019s Not Time to Become Quiet<\/strong><\/h3>\n
Opt Out<\/strong><\/h3>\n