Pete Hoelscher, acting CEO of IEEE GlobalSpec, discusses how marketers can respond to the following question: How can my company be one of those success stories that market and grow their business during challenging times? Focusing on quality over quantity, restating goals, and measuring the past to size the future are among the strategies Pete outlines. He also offers insight on how marketers can use this time to their advantage, and make the most of their resources and talent to fuel their organization to a promising future.
In the wake of the COVID-19 outbreak, marketers have had to quickly adapt and rethink their strategies. What worked in January may not be viable in April or the uncertain months ahead. While the most successful marketers always think strategically on how to make their plans more effective and dynamic, during both good times and bad, it is crucial now more than ever to be innovative and proactive in designing and implementing these revised plans.
It is in these times of change that many of us are faced with the following question: How do I make my company one of those success stories that market and grow their business during challenging times?
Here are five things you can do to elevate your marketing operations successfully during these situations:
1. Focus on What You Can Control
You can’t control the economy or most other external market factors. But what you can control – and therefore what you should focus energy and action on – is how you invest the marketing budget you have. Now is the time to take a deep breath, recognize where demand is and go after it.
We are seeing many stories of companies expanding their focus to new markets as a way to meet the needs and solve the challenges presented by COVID-19. Perhaps now is the time for you to find ways to market in places and ways that are new to your company. Ask yourself the following questions:
â— Where should you focus your marketing efforts?
â— What media choices provide the best opportunity to gain new customers?
â— What should you avoid spending money on?
2. Restate Your Goals
In times that call for prioritization, you must ask yourself: What marketing goals are achievable during these times? This simple question quickly becomes complex because the answer could continually change. Your company may have had several initiatives planned for 2020 that are no longer feasible, given the circumstances and a scarcity of resources. Therefore, each goal must be reevaluated and reprioritized. These are difficult choices to make, but it’s easier to implement effective marketing programs against a prioritized list of goals than it is to try to do absolutely everything. Your budget will be more balanced, and you will be able to better utilize your talent and resources.
3. Stay on Target
Invest and increase your visibility in specific, targeted media vehicles where you know your customers and prospects will receive your message. This may first require you to define your target market at this time and what their needs are, which will allow you to use this information to formulate your strategy. At this time, many different messages are going out to customers, and you want to be sure that your specific audience knows that you understand their needs and are creating content based on what will serve them best during this time.
4. Pick for Performance
To successfully manage and execute your strategy, you need to also be able to accurately measure the potential outcomes. This is, of course, easier said than done. Now more than ever, it is important to dedicate time, resources, and budget to programs and projects that are performing consistently well. Marketing programs that are tied to revenue should continue to be funded while others are better off being put on hold for the time being. This doesn’t mean that once the world is back on its feet that these programs cannot be revisited, and you certainly don’t need to abandon them altogether.
5. Maintain Frequency and Consistency
While it’s important to ramp up marketing efforts around important events and initiatives, it’s also important to maintain a level of frequency and consistency. It is absolutely necessary, especially now, to stay in front of your customers and prospects; don’t disappear for stretches at a time. A consistent online presence on the digital media channels your customers are using helps your company stay visible and gives them the peace-of-mind that you are there for support.
By incorporating these practices into your marketing strategy, you can use this challenging moment in time to make the most of your resources, establish a response plan for future similar situations and fuel your organization ahead to a promising future.