The Coming Economic Recovery:
Preparing Your Marketing Strategy So Your Company Is Ready to Take Action
Right now, it looks like a battlefield out there. The marketplace is littered with the remains of once-successful businesses unable to weather the current COVID crisis. However, many companies are still surviving and even thriving in this new environment.
So, your business is one of the lucky ones. Whether through good planning, insightful leadership, or just plain good luck, you’ve made it through, and you’re now looking toward a future of recovery. Now, the question is, how do you prepare for this recovery?
We’d like to present our list of five recommendations to make the most of the economic recovery when it arrives.
Assess Trust in Your Brand
How do consumers feel about your brand? Has your reputation suffered during the crisis, or has it improved? Measuring trust starts with your current customers. Are your faithful customers still buying your products during this time of crisis? If they are, your job is halfway done. Now, your challenge is to maintain their confidence in your business. If your reputation has suffered, it’s time to look at ways to improve it. In either case, your recovery plan begins with getting an accurate picture of where you are now.
What Is Normal?
Often businesses focus their marketing efforts on generating new leads from new customers. Even in good times, neglecting to engage with existing customers is a lost opportunity. Reach out. Ask how your customers are doing and if there is anything you might be able to do to support them. Your current customer base is the foundation of your business. When we turn the corner weeks or months from now, people will remember those who extended an ear or a helping hand during the tough times.
Who Are Your High-Value Customers?
What defines a high-value customer for your business? Is it the customers who spend the most? Is it the customers with the most transactions? Maybe it’s the customers who boost your brand on social media. No matter what defines a high-value customer for your business and your industry, figure out who they are, and focus your marketing efforts on these customers and others like them.
Focus on Costs
Depending on your product or service, you may have gone into the current crisis with excess capacity or find yourself scrambling to expand your operation. In either case, your costs are a primary concern. As the economy begins to recover, the companies with excess resources will be in the best position to succeed. Achieving a surplus of resources starts with making your existing operation as efficient as possible.
Consider Multiple Scenarios
How long will the current pandemic continue to impact your business? This is a tricky question, and there are many variables. The factors to consider include consumer behavior, government intervention, and vaccination, just to name a few. Right now, it’s difficult to imagine that anyone could make accurate predictions. That’s why it’s so important to consider various scenarios and plan for different possibilities.
No matter what the cause, economic downturns always present challenges to businesses. Unfortunately, many companies are not able to weather the storms of the economy. If your business survives the immediate crisis, your next challenge is preparing for the eventual economic recovery. The American economy is fundamentally strong because of strong businesses. In the next few years, adapting to the new normal could mean the difference between success and failure.