How To Adapt And Pivot Your Marketing Strategy During COVID-19 Crisis
COVID-19 has massively disrupted all business and daily activities which forces us to rethink everything we do. Now more than ever, the world needs creativity and fresh ideas on how to manage such an overwhelming situation. Not only is it a challenge to manage what your company should share with the public, marketing managers need a proactive plan to adjust how they lead their teams and manage their brand. Don’t wait for any problems to further develop, and instead follow this 4 step plan to identify potential scenarios and strategize marketing changes.
The best, the worst, and everything in between. It is crucial to think through as many scenarios as possible for your business from all different perspectives. Now is a great time to strategize with your colleagues in the HR department, finance, and others to develop a well-rounded understanding of what challenges you will be facing. For example, if the “best case” scenario for a live-event company involves sponsorships and paid advertising, then “worst case” scenario should include some alternatives for how to reach and contact customers.
Observe Customer Behavior
How is your customer base reacting in this climate? This will range greatly based on geographic location, size of business, B2B or B2C, and so on. If you take away anything from this point, it should be that it’s imperative to establish trust with your customer base during this time. They are most likely looking towards you for information, reassurance, and guidance. How you handle this crisis will impact your brand significantly over the next several years. So now, more than ever, listen to your customers. It’s important to know what customers feel and do, and why.
Identify Operational Challenges
Challenges to service, delivery, product as a whole are inevitable. Identify and anticipate what could potentially be coming in your industry. Survival ultimately matters more than market domination in this current climate. Marketers will be challenged to adapt your message on a weekly, if not daily basis on the status of what you can produce and deliver. We recommend you to optimize your marketing budget and prioritize spending. Postpone campaigns for products or services that you are aren’t sure will be produced in this time. Instead, invest budget in promoting apps and other mobile tools and services.
Pivot Your Marketing Strategy
Everyone is in the same boat, and is looking to secure the same media spots to replace lost opportunities. The next months are now crucial. The rest of 2020 is likely to be impacted by many societal changes, and it is up to your business to be proactive and take alternative action. Use your scenario planning to anticipate possible and likely changes and take alternative action.
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