The impact of a global crisis is inevitably far-reaching and long-lasting. For businesses, the long-term effects can last for months or even years. As a result, many enterprises are concerned about their survival amidst economic turmoil and uncertainty.
Although some business owners abandon their digital marketing activities in response to an on-going crisis, this could be devastating to your long-term prospects.
While responding to a disaster is challenging, it needn’t be disastrous for your business. With careful consideration, in-depth research and precise planning, you can create a sure-fire strategy to navigate the turbulent times ahead.
Marketing Activity Auditing
Now is the time to take stock of what you’ve achieved thus far and examine your digital marketing in detail. While regular auditing is valuable in times of commercial success, it’s even more important when economic uncertainty strikes.
A comprehensive marketing audit assesses the practices, assets and strategies you are currently using and have used in the past. By examining them in conjunction with the results they’ve produced, it’s possible to identify the most successful and cost-effective marketing activities for your brand.
By using the results of your audit to shape future strategies, you’re basing your future methodologies on proven, measurable outcomes. As well as giving you confidence about your company’s future, the quantifiable and empirical data obtained via an audit enables you to devise a strategy that is sure to succeed.
Reassessing Your Goals and Objectives
Your core objectives may remain fairly consistent, but a crisis can pull them into focus. Short and mid-term goals, as well as KPIs, should be adjusted in response to the challenges you’re facing. Attempting to achieve pre-set targets means disregarding seismic shifts in manufacturing, logistics and consumer behaviors. In short, it’s doomed to failure.
Depending on the impact of the crisis, your in-house operations may be evolving, consumer needs may have changed, and spending patterns may be upended. By reassessing your objectives and adjusting your goals according, you can respond to the change brought about by the crisis. What’s more – you can do so appropriately, compassionately and effectively.
If the impact of a crisis prevents you from delivering services to customers face-to-face, for example, you may want to explore the viability of offering your services virtually instead. As well as serving your customers in their time of need, this creates an additional revenue stream for your business and maintains turnover.
While such a significant operational change clearly alters your existing objectives, reassessing and updating goals gives you the freedom to maximize profitability during and following a crisis.
Revising Your Strategy
If you’re already benefiting from a successful digital marketing strategy, then it’s highly likely you’ll have items scheduled for future release. Revising these assets to align with your newly adjusted objectives is critical. Not only will this maximize the cost-effectiveness of your digital marketing, but it will also prevent reputational harm arising from ill-timed content publication.
Many business owners will be facing an unprecedented crisis in 2020 but guidance and support is available:
Here’s how top marketers are navigating advertising and management during COVID-19: https://t.co/10VoEO6rH5 pic.twitter.com/5allp1kwQK
— Forbes (@Forbes) April 8, 2020
Depending on how much your goals have evolved in response to the crisis, you may find that your pre-planned and pre-prepared assets are no longer viable. However, this doesn’t mean that they won’t create value further down the line. Nevertheless, you will need to implement alternative digital marketing strategies to achieve your revised objectives and maintain your place in the market.
Responding to a crisis is never a one-off activity or task. When disaster strikes, it’s likely to have a wide-reaching, which means continually assessing and revising your strategy and communications. If regional, national or global responses to a developing crisis change, your operations may need to evolve accordingly. When this happens, your digital marketing strategy and assets need to evolve as well.
Business owners and managers can find it hard to adapt to rapidly changing economies, supply chains and trading restrictions, particularly if you’ve invested time and resources in revising your goals and strategies. Despite this, it’s essential that you are responding in real-time to the crisis and its repercussions.
In addition to giving your business the commercial advantage it needs, remaining up to date enables you to engage authentically with your customer base. As a result, your target audience remains aware of your brand and your sensitive response to an unprecedented and unfolding situation.
Be Ready for Success with Pivotal New Media
Preparing for success after a crisis means taking action now. To find out how your brand can thrive following a crisis, contact Pivotal New Media.