Thinking about marketing in an uncertain market
2020 was a roller-coaster and, so far, 2021 hasn’t looked like calming down. Between COVID-19 and the economy, and events overseas, it’s difficult to clearly predict how this year will pan out. Sybil Williams, Founder of Atomic Tangerine, has a few top tips for thinking about marketing this year.
- Review your marketing plan
Usually, I recommend that people review and refocus their marketing strategy at the beginning of each year, setting annual objectives and working out how to achieve those objectives over the 12 months. But this year, I’d recommend a shorter horizon, given that it’s difficult to see what could be around the corner. Instead of annual goals, think about what you will achieve this quarter in the current environment.
- Focus on areas of growth
Look at last year’s marketing and determine what marketing activities drove the highest returns. Consider using 80% of your marketing budget to invest in these areas, and reserving 20% to test new initiatives. Now is the time to ensure your marketing dollars are delivering ROI.
- Invest in your current customers and leads
Repeat and referral business will always be the highest-converting and lowest-cost lead to any business. Aim to delight your customers with excellent service – and don’t forget to ask them to follow you on social media to keep in touch. Building a lead nurturing program to ensure that you capture all your potential leads (even if they don’t buy immediately) is another great way to get the most value out of the leads you do generate. A newsletter program (with relevant, personalised and value-adding content) is also a great way to engage customers and keep top of mind. Just make sure you are complying with the SPAM act!
- Consider your digital experience
With lock-downs and working from home likely to continue for a while, take a fresh look at your online presence – from your website to social media. Are there any barriers for your customers to contact you or purchase online? Can they easily find the information they need? How could you update or enhance their experience?
Is there a way your business could take advantage of the current conditions? Is this the time to consider new ways of packaging up products or delivering services online? For inspiration, check out these articles: