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.
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’re 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.
Successful marketing is about building a name for your company that is recognizable and trusted. That kind of recognition doesn’t happen by chance. It happens with consistent communication that breaks through the clutter so that your messages are heard.
Without a plan, you may be subscribing to the ‘let’s throw it against the wall and see if it sticks’ 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—or lack thereof—usually turns out to be a waste of time and money because your organization is not going to gain any traction without consistency.
Your Roadmap to Success
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:
- Can this opportunity reach your target market better than what is already planned?
- Does this opportunity communicate your company’s message more effectively than what is already planned?
- Will this opportunity keep you well within the marketing budget you have planned for the year?
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.
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.
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.
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.
Hey Siri, Take a Detour
As an example, business development for many of our clients was conducted during spring conferences, trade shows and networking events—all 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.
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.
Resources that were previously allocated for live events can be diverted to alternative avenues such as:
- Featured advertising with or sponsorships of virtual events
- Initiating email or direct mail campaigns to registrants or your general target audience
- Expanding your company’s digital presence
- Scheduling webinar presentations
Folks may not be in their offices but they’re 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, ‘How are you doing?’ and ‘How are your team members doing?’
It’s Not Time to Become Quiet
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.
According to Brad Adgate, an independent media consultant and contributor to Forbes, “When marketers cut back on their ad spending, the brand loses its ‘share of mind’ with consumers, with the potential of losing current – and possibly future – sales. An increase in ‘share of voice’ typically leads to an increase in ‘share of market.’ An increase in market share results with an increase in profits.”
When a company’s 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.
Opt Out
Perhaps the best quote about advertising during challenging times came from Sam Walton, the founder of Wal-Mart. When asked, “What do you think about a recession?” he responded, “I thought about it and decided not to participate.”
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’t possibly manage all of the research, strategic and creative needs required to successfully promote a company’s offerings.
One possible solution is to outsource work from a team of marketing professionals who have the capabilities to keep your company in the forefront. Everything from search engine optimization (SEO) to social media campaigns and, of course, strategic planning can be provided here for about the same amount you’d pay for a CMO’s salary and benefits. Utilizing a team ensures you receive the marketing leadership needed to maintain your company’s visibility in the marketplace along with experts who can successfully execute the marketing plan. Thankfully, while our clients have had to make numerous adjustments as essential businesses, none have had to close their doors or reduce their marketing spend.
Typically, I recommend that your marketing strategy be re-evaluated twice a year. But, during times like these, monthly or, in some situations, weekly—is the best defense. The ‘new business as usual’ will require a fair amount of reinventing, restructuring and realigning. Those who plan in advance will not only survive the challenges that lay ahead, but they will thrive despite the circumstances.
