Your plan was set in place and the marketing machine was humming along, but then uncertainty set in. You suddenly find that external factors you simply cannot control, such as the economy or the impact of the coronavirus, are affecting your marketing efforts.
Your instinct might be to pull back from marketing during difficult times, but this is unlikely to be the best strategy. Cut back and you could lose market share to competitors or you begin to fall behind leading to a downward spiral.
Instead, when faced with external challenges, you need to find ways to adjust your current marketing plan to be more effective. Your mantra should be to “prepare not panic.”
Here are some tips:
Focus on what you can control
While you can’t control the emergence of external factors, you can control how you react. For example:
- Recognize where demand is and what markets are strong and allocate your investments in those areas.
- Keep track of what your customers and prospects are saying and doing and adjust your marketing channels and messaging to align with their needs.
- Maintain visibility in your most important sectors, even if it means reallocating budget from less essential or more experimental programs.
Re-examine your marketing goals
During challenging times, it’s important to take a close look at your marketing goals. You might have to make decisions regarding what goals are must-haves, such as supporting a new product launch, while others might be nice-to-have, such as trying to enter a new market.
Given the current situation, some of your goals may no longer be achievable or your plans no longer viable. The sooner you recognize what you can and can’t achieve—and prioritize what you must achieve—the quicker you can take effective action.
For example, if you usually promote a product launch at a trade show that has been canceled, you can reallocate that marketing budget to other activities, such as e-newsletter or display ads, webinars, or content marketing.
Stay on top of measurement
More than ever, you need to get the most out of every marketing dollar during challenging times. While it’s always the right time to purge marketing programs that don’t perform, it may be time to suspend or scale back any marketing plans whose results you can’t measure or are unsure about.
If uncertainty is causing rapid changes in the market, increase your frequency of measurement to spot any disturbing (or encouraging) performance trends in your marketing programs.
You might find that some programs are working better than expected, while others are underperforming your stated goals. Use this opportunity to reallocate your budget to those programs that are most effective.
Get more from your existing marketing assets
This could be a good time to focus on updating web pages, repurposing content for other uses, or even combining programs.
Whatever the external climate, your website is still the face of your company and prospects will continue to visit. Make sure the content is current and accurate, links work, and pages are optimized for search.
In addition, repurpose and reuse content. Take that white paper and create a series of blog posts or develop a webinar. Create infographics using market or product data. Conduct a customer survey. You remain the owner and in full control of your content, so focus on making the most of what you have.
Another possibility is combining programs. If you are running a webinar series and planning to exhibit at a trade show that is no longer part of your plan, you may want to integrate your tradeshow message into your webinar series and use email and e-newsletter advertisements to promote the combined event.
Stay visible in your most important markets
If you do have to make program adjustments due to external pressures or other factors, don’t sacrifice your most important markets or most effective programs. If anything, reallocate budget to those initiatives from weaker performing programs or uncertain markets. Challenging times are often the right time for “circling the wagons” and defending your territory.
Reap the benefits of working with media partners
In challenging times, you may be forced to make harder and smarter decisions about allocating budgets. You don’t have to do this alone. Ask existing or potential media partners, who may have a broader and deeper view of the market, their advice on how to handle market uncertainty.
Ask media partners to demonstrate how their marketing solutions can help your company achieve its goals during challenging times. You may come away with unique ideas to navigate this period of uncertainty and come out the other end in a position of strength.