We’re in the middle of a crisis, and all that needs to be said about what brands should be doing in The Now has already been said. So rather than getting redundant, let’s look toward the horizon. Once you get through this (and you will! let’s be positive!), you’ll want to do some things to insulate yourself for the next rainy day.
If you felt like you’ve been casting around looking for something—anything—to stop the disaster, that means you need a plan. Here are three actions to keep your brand fit, tailored, and targeted to weather that next storm:
1. Review.
Did anything you tried this time move the needle? What truly stimulated your audience? One-to-one customer outreach? A new service model? Did you find an innovative new way to help your customers? Write it down for next time, then figure out why it worked.
Did you have to try harder to reach your audience? Are your communications effective? If you’re unsure, remember this: The success of your messaging relies on clearly defined marketing objectives. Without them, it’s impossible to tell if you’re hitting the mark.
Once you’ve finished the audit, analyze your findings. Do you have data to support why that stuff worked? Or maybe just a hunch? Never knock hunches—sometimes they lead to the best decisions.
2. Work on you. (Don’t. Stop. Marketing.)
Maybe your marketing budget is the first on the chopping block during a recession, but what happens when the recession ends? What happens when you lose share of voice? Maybe you’ll emerge with those pinched pennies, but you certainly won’t see any growth. In today’s digital landscape, with hyper-targeted marketing tools, you’ll be able to stay relevant even as your audience’s behavior changes. And after all, winning back lost costumers is more expensive than keeping them. That brings us to #3.
3. Reevaluate your positioning.
Crises change consumer behavior, so it’s useful to ask whether your brand is still satisfying your consumers. If you’re sensing a behavioral shift, this can be a good lesson in avoiding marketing myopia, or near-sightedness. Make sure that you’re staying consumer-focused—not product-focused—otherwise, you’ll be lost by the wayside as your audience deems you nonessential.
You can’t be all things to all people—especially in a recession. Cut the frivolous and resist the temptation to throw new things at the wall hoping they stick. Focus on your core competencies in order to specialize your value-offerings, then you’ll be the only place for your audience to go. Customer loyalty is a beautiful thing. And even more beautiful? Knowing that you’re really helping the people who are loyal to you.
And finally, be open to the idea of keeping an innovation you tried while under duress. Work on a thoughtful integration and develop a marketing plan around it. Then you’re upwards and onwards toward a brighter future.
Right now you’re operating under pressure. Keep it up. But remember, a little note-taking and fine-tuning will put you in a stronger position for next time.