Do I pivot or stay the course? Checklist for Marketing in Uncertain Times

Today I spoke to one of our colleague’s groups about marketing during uncertain times. This definitely is a time that qualifies, when everything is disrupted and you may or may not be able to work. Here are some guidelines to help:

When times are uncertain we need to take another look at two areas of marketing:

The buying psychology of our customers and changes in their needs and priorities.
Dealing with how we want to show up in the world.

Marketing Strategy Checklist: Part One – a Changing Market

Take stock of where you are:

Who do you serve? (Describe your customer):
What product or service do you sell to your customers?
What problem/need does your product or service solve for your customer? (Think transformation)

Where do your customers stand? Are they still buying, slowing down or at a dead stop? Buying during economic downturns often comes back to the basics. Examples:

If you are selling groceries – still buying. People still have to eat.
If you are cleaning peoples’ houses – dead stop. In this situation you cannot go into peoples’ homes safely (for you or them).
What if you sell jewellery or clothing:? (Do your customers still have disposable income?)

What is the right thing to do?

Is it even appropriate to sell something? How do you feel about that?
Do you need to deeply discount your product or service?
- My take?
- People still need services – so selling isn’t a bad thing (especially if people continue to need your product. For example – food is a necessary product.
- But it is important to give back to those who cannot afford to buy.
- Allow for different methods of payment rather than deep discounts. Discounting may change the perceived value of your services – which may not have changed
- Can you offer a helpful mini-program at lower cost or free in the interim?

Does this situation mean that you have to change something?

You have 3 choices to make in this situation. If demand is reduced…

1. I am not going to do anything different – I’ll wait it out

- What are the things to consider? (Like available cash, reducing expenses, maintaining lines of communications)
- Bottom line: If you cannot work in your business, work on your business.
  - Business development strategy
  - Marketing, products, customer communications
  - get ready

2. I need different customers (my existing customers don’t need/want my products)

Who could different customers be?

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For example: Downtown Barrie restaurants are delivering meals and drinks to customers who have cash flow and appreciate good food/wine
Another example in Ottawa: Restaurants are cooking for local food bank clients. So many need support and the local food bank doesn’t have enough capacity.

3. Change my product/service

- for my existing customers: whose needs have changed
- to expand to new customers (people who are still employed or have cash flow)

What could that product be?

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For example: A handy person cannot go into peoples’ houses. However they could start a delivery service for seniors who are at risk (and go back to renovations later)
For example: Factories are retooling to produce medical equipment/keep their workers
Is there a product or service you could provide to the medical community, first-responders, essential workers (or others who are still employed?)

Marketing Strategy Checklist: Part Two – Your Brand/Image

What is your image or positioning in the market? That is what people like/think about you, your products, vision, voice on social, and package design? Why people buy from you…

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How do you want to show up for your people when times are uncertain? Be the kind of business you want supporting you…
Empathetic
Positive
Helpful… tips
Hopeful
Practical
Business as usual
Humour
Reporting (informing)
Warning (reinforcing info)
Other? __________
Communicate with your customers: Social, email , blogs, by phone, video….Check in on how they are doing and keep the lines open.

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Patricia Dent

Business Mentor at Grow Vantage

Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 4,500 coaching and training sessions in Barrie, Ontario. Through Grow Vantage, her entrepreneurial training program, and as a business coach, she works with business owners to design, launch and grow their businesses; teaching strategies in marketing, sales, communications, and finance, and techniques to increase productivity, and manage their businesses. In other words, what entrepreneurs need to learn to grow and run their businesses successfully, grow their networks, and avoid costly mistakes.