Some residents are over a month into self-quarantine and have made the appropriate adjustments for operating their business during this new uncertain climate. They’ve settled into acceptance and adjusted to the “new normal.” While some businesses are on a strict holding pattern, some are taking an aggressive approach to reevaluating their business models, planning for new product releases and focusing on weak spots in their business plan, one of which is often their marketing strategy.
At Reeder Media, we help many businesses reach solutions to a plethora of marketing problems. Some clients are at a complete loss as to where to start, while some have already started and just need some assistance in defining their goals and solidifying a marketing plan to reach them. Regardless of the problems that many businesses face when it comes to marketing, we understand that that marketing is both a discouraging and complicated field. We’re here to help business owners find a place to start their marketing journey if they haven’t already or to help them revitalize their marketing strategy and inject it with well-proven practices and techniques.
Reevaluate the market position during the pandemic.
Reevaluating is the most important step. First, we suggest taking this time to reposition the business’s brand if they haven’t already. With smartphone and computer usage going through the roof on multiple online mediums, it is the opportune time to start.
The first step is to identify the target customer, the product and service offer, what the customer will benefit from that product or service and the evidence that proves this benefit. Once that is established that a business owner can create a strong and emotional tagline or slogan that they wish to put in the minds of their audience and customers.
The goal is to develop a brand that represents the business properly and conveys the message the business wants their customers to think of when they think of the business.
Next, establish which sort of market positioning strategy will be deployed: cost leadership or differentiation marketing position strategies. When establishing a competitive edge in the market a business is either going to assert that they have the most competitive prices in the industry, focus on one market segment and it’s specific needs to differentiate from their competitors or you’re going to practice a blend of the two.
It’s important to know whether the business will attack the market as a whole through cost leadership or if it will solve a problem of a specific customer group in the market through differentiation so the marketing can be properly directed to establish that competitive edge.
Once a business’s brand, combined with its value proposition is in mind, and the market positioning strategy is understood, business owners can hit the ground running in search of the perfect marketing strategy.
Plan to bounce back hard with a new marketing strategy for the company.
Now that the foundation is set, it’s time to put up the framework. Like building a home and setting the walls before putting up the roof, a business owner has to set the walls for their marketing strategy and identify the channels that fit their goals and product best.
The target customer profile that was established in the branding process will now be called the “customer audience.”
Which customer audience is the business pitching to? There are several niche populations: baby boomers, Generation X, millennials, Generation Z; women or men, middle class or upper-class customers, businesses or customers; customer profiles who sway more conservative or liberal, etc.
All of these choices matter, and all of this planning will help a business owner decide where to spend marketing hours and money online or traditionally.
If they’re selling business-to-consumer goods to baby boomers, it’s a waste of time marketing on Instagram. If they’re selling business-to-business services to lawyers, it’s a waste of time marketing on Pinterest. But if the business uses Facebook, TV ads and newspaper ads for baby boomers, the business is going to be more successful because that is where that audience “hangs out.” If the business uses LinkedIn, they will be more successful in converting business-to-business prospects because that is where businesses “hang out.”
Once a company knows their audience and where they hang out online, then they can establish where to allocate work hours and marketing spend and develop a tailored strategy with a plan of action to reflect the goals of that strategy. We help businesses do it all the time, often implementing different variations of traditional advertisements, digital ads and social media marketing.
Prepare and develop a marketing plan for that next business venture.
For businesses planning to expand their product line or offer additional services, it is the perfect time to prepare for a new release and create a marketing strategy for that debut. If the business is looking at diversifying, then a new marketing plan is going to be crucial for success. People need to be aware of that new offer. A business might find that this venture demands that a completely new brand be developed or perhaps just a strong campaign be launched to raise awareness.
We find that some clients are doing exactly that. They’re taking advantage of this time, when business is slow, to prepare for when the pandemic passes, or they’re taking this opportunity to advertise new deals and promotions that will benefit their customers.
Evaluate your preparedness and develop contingency plans.
Lastly, there is no better time than now to run a diagnostic test on the business’s marketing models and weather-proof them. It’s important to manage consistency across marketing plans and maintain flexibility. Businesses need to be one with the tide and up to date on all consumer and marketing trends to stay relevant. They can do it by performing market research, taking risk assessments and performing impact analyses. It is all about predicting the “what if” statements that keep business owners and managers awake at night. If all risks are taken into account, then preventative measures can be implemented to mitigate disaster and allow a contingency plan to take control of a marketing plan when it fails or in the face of a public relations issue.
Here at Reeder Media we hope that business owners will find this information helpful and that it will set them on their way to success. Marketing is complex and sometimes intimidating, but we’ve helped many businesses using these same techniques and practices to help them build relationships with their customers and improve conversion rates. In any case, if you should hit a snag, contact us at 760-723-7319 or email us at firstname.lastname@example.org for a consultation.
Kyle Hotchkiss can be reached by email at email@example.com.