In the face of a crisis or a challenge, a business may be forced to find new ways to market its products and services, almost overnight. Businesses often spend countless hours – or even months, depending on the size of the organization – developing solid marketing plans as the new year approaches. Today, however, many businesses face a unique set of challenges.
While the challenges aren’t new to a business, businesses that can pivot and adapt quickly will fare better as things start to improve. But how can a business adapt to the changing landscape and find new ways to position itself with a whole new strategy?
Here are three tips for adjusting your strategy regardless of the challenge you face.
Tip 1: Quickly adjust your marketing channel without changing your message.
Your marketing strategy is the culmination of activities that bring your business closer to your short and long term income goals. Your revenue goals will and should adjust, but your marketing goal should be to profitably reach the customers you want to target with the right message at the right time in the buying process.
While the buying process may be longer for some and shorter for others, there are usually a few critical needs that must be met before a customer will want to buy from you. Once you have identified these critical needs and the challenges your ideal customers face throughout the buying cycle, you can pivot your marketing strategy and focus on the channels that will help you reach the right people at the right place. moment.
Tip 2: Interpret the data; do not guess.
Data driven marketing is the approach to optimize efforts based on reducing the cost of customer acquisition. To do this, you need to understand things like the quality of the acquisition strategy, what content is converting versus what content is bouncing or leaving the site, and what is the conversion rate of your funnel. between adding to carts and completed purchases.
All of this data should be used to indicate how customers find, navigate and ultimately purchase products on the site. You can take the following steps to quickly audit the customer journey:
Step 1: Visit your website and write down the goals you want your customers to achieve, how your customers should interact and navigate your site, and what parts of your site are hindering the intended customer experience from start to finish. purchase.
Step 2: Assess the strength of your acquisition strategy. Use your traffic source report to see how people are getting to the site.
Step 3: Identify the content that makes the most money, drives the most conversions, or has the highest conversion rates. Overlay traffic sources to see which channels are driving the current conversions.
Step 4: Determine your cost per acquisition (CPA) per channel and per landing page. By understanding which channels are driving traffic and conversions, you can use them as a benchmark when testing other channels.
Step 5: Can Your Marketing Budget Be Maximized? Take a look at your campaign’s conversion rates. Are they making money or are they making noise? In other words, are some pages getting a lot of traffic but not converting? Find ways to maximize your current pages by driving traffic for conversions.
If you understand which channel has the lowest cost per acquisition, you can figure out where you can double your marketing spend for the best return.
Once you understand how people access, interact with, and progress through the conversion process, you can start looking at more advanced data like Lifetime Value.
Tip 3: Evaluate the impact of consumer needs on your marketing strategies.
It’s impossible to predict how your customers will react to each of your products, so it’s critical that businesses learn to tailor their marketing strategies and product offerings to different customer expectations. Businesses need to know how their customers interact with their brands.
If you haven’t already, you need to create a private Facebook group for some customers to get a better idea of this. Private Facebook groups are easy, free, and very effective at reaching your potential audience organically. According to Facebook, its algorithm prioritizes content groups to which your audience reacts, views, or posts content about themselves.
Brands can use this feature to build meaningful relationships with their brand ambassadors. They can get first-hand information from their customers about the issues they are having, the products that appeal to them, and what they would like to see from the business in the future. Creating private groups not only creates community, but also provides an invaluable direct line of communication with your customers.
Marketing today demands that a business be more agile than ever. Algorithm changes are constantly occurring and new technologies that promote products to users are being developed at an extreme speed. When faced with a challenge, you must be prepared to rotate your plan so that you can meet your customers where they shop.
Don’t commit too much to a strategy that makes it impossible to pivot when needed. Instead, change the steps you need to take to achieve the desired end result.