Pivot Your Service Offering in Tough Economic Times with
Effective Marketing Tactics
The global coronavirus pandemic is one of the biggest crises of modern times. One year after business across the country came to a halt, many companies across industries are struggling to survive. The US Chamber of Commerce’s poll data revealed 58% of small businesses fear permanent closure. Worse still, the job losses, a gloomy economic outlook all portend, and the worsening pandemic all point to tough times ahead.
During tough economic times, pivoting your service offering is a smart strategy. While you can’t change your expertise and services, you might need to alter the scope, packaging, pricing, among other commitments. This is the time to pivot to adapt to the changing business landscape. Only businesses that quickly change their approach to marketing survive during tough economic times.
This post explores effective marketing ideas to help pivot your service offerings successfully.
Assess The Situation
Before you jump into any changes, you have first to assess the situation. You need to leverage data to understand the changes happening around you during the crisis. Start by accepting that things have changed, study the changes, and identify any business opportunities.
The audit reveals the magnitude of the losses, opportunities, and weaknesses in your service offering and your customer’s evolving needs. You also have to redefine your value proposition.
embrace new technology
At the core of your pivot is your marketing strategy and this requires a rethink. For instance, in the tough times created by the COVID-19 crisis, many people now shop online. You have to harness the power of new marketing technology, including emails, Instagram, Facebook, business website, and more. You have to repackage your service offering to suit the new marketing tools.
exploit existing assets
It’s not easy to overhaul everything in the middle of an economic crisis. This is why you have to identify the valuable assets that you can leverage to drive your business. The financial strain on your resources shouldn’t constrain your creativity.
For instance, you can call on your existing customers through a refer-a-friend promotion. This means you acquire new customers without injecting more capital.
harness the power of content marketing
Consumers are always looking for value and the best way to reach them is through high-quality content. This is the time to double down on content marketing. You might not have invested heavily in blogging, video marketing, Instagram, or other content channels but these will now come in handy.
consider paid promotion
Most brands cut down on paid promotions during tough economic times. However, you can take a different approach by running these promotions to reach a larger market.
User-Generated Content (UGC)
Tough economic times affect your business and the target market too. As you pivot your service offering, consider using your loyal customers to showcase your product or services to the emerging market. This type of content creates a stronger connection and can help your business pick up faster.
Pivoting your service offering might sound scary in the middle of an economic crisis. However, it also presents immense potential to unlock new opportunities by expanding your market reach. Working with a professional marketing agency can help you design and successfully implement your pivot with an effective marketing strategy.