Is your business adapting to the 'new normal'?
In the current economic climate, there still are so many unknowns. But there is one thing for certain, consumer behaviour has, and will continue to change. The impact of the COVID-19 crisis will have a long-term effect as we forget what feels like the ancient era of BC (before coronavirus) to the new AD (after domestication) as the Economist describes it. As we move into the future, it’s the ‘new normal’ which is front of mind. The working from home policies, small social gatherings, and the continual shift to online shopping.
Some of the changes we are experiencing are a rapid acceleration of existing trends. We are seeing many businesses move online or further increase their online presence. For many businesses, E commerce and digital marketing is more important than ever, and could be the only way to survive.
Some businesses have moved online at pace. Online fitness subscriptions are a prime example, with the gym and leisure industry being hit hardest by the lockdown measures. Bannatynes Gym chain immediately released daily classes online through their app, and Gyms Studio fitness app, Fiit, gives you access to some of the world’s best fitness trainers for just £10 a month.
Marks and Spencer were the first to partner with Deliveroo so you can place your M&S food order online and have it delivered to your door. They were closely followed by Morrisons and Coop in utilising the Deliveroo service.
Adapting Your Marketing Strategy – Things to Consider
· Tear up your existing digital marketing strategy and start again. Your online presence needs to be stronger than ever, you need to stand out from your competition and leave behind those who didn’t adapt quickly.
· Make sure your marketing budget is working harder than ever. Every pound you spend needs to ensure a good return on investment so make sure you are monitoring and measuring all of your marketing spend. Quantify all of your leads by tracking enquiry source and assign more marketing budget to those communication channels which are bringing in the sales.
· Recognise the importance of your brand - You may have read my previous blog about strong brands which stand out during COVID-19. Do not underestimate the importance of your brand and how your customers and potential customers remember how you acted during the crisis.
· Communicate good news – if your business has adapted operationally to help your community, shout about it. Communicate through your social media channels, email marketing and website blogs.
· Look after your existing customers – customer retention should always be at the top of your list. In an economic climate which could prove difficult to gain new customers in many sectors, ensure you are communicating effectively with your existing customers to ensure repeat purchase and brand loyalty.
· Be bold and brave - you may be moving into the unknown at a pace which puts you completely out of your comfort zone. But in such challenging times, you have no choice but to move with the times. If you are launching new products or services, or adapting your operations, ensure you continually measure and monitor. If you make a mistake, its ok, adjust your strategy and learn from it.
The new way of working is no doubt here to stay, so the sooner you make those decisions, the better. Think long term and plan your strategy. As Albert Einstein said, “A person who never made a mistake never tried anything new”.