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Why Finding Areas of Weakness Could Be Your Biggest Strength

There’s no denying the impact the COVID-19 (Coronavirus) pandemic is having on economies all over the world. It would be an understatement to say it’s been a strange start to 2020, and it’s likely to take a while yet before normality returns. In fact, the ABC is reporting that almost 90 per cent of businesses in Australia are expected to be impacted in the coming months. In uncertain times, businesses are often confused about the right marketing approach to take. What is certain, is that economic downturns always end up recovering and turning back up, such as the dot come boom in the early 2000s and the global financial crisis of 2008.

History is full of organisations who not only survived challenging times such as these, but thrived. One example is Disney, who launched in 1929 just as the Great Depression was getting started and now generates $70 Billion in revenue annually. Armed with this knowledge, is there a smart way to prepare in advance, and protect your business from the financial ramifications of a recession? In this article, we investigate how to approach marketing and business growth during turbulent times.

Turn Weaknesses into Strengths

As Robin Williams once famously said, “You will have bad times, but they will always wake you up to the stuff you weren’t paying attention to”. When it comes to your business, what potential problem areas are starting to appear, that you previously haven’t been paying attention to? A tactic commonly used by businesses in times of economic uncertainty is to look for where operational efficiencies can be made, identifying areas of weakness to reduce costs and maximise return-on-investment.

Now is an ideal time to reassess your strategy, and highlight weaknesses in the marketing mix. For example, what media platforms are generating the most vs least revenue for your product or service? In our hyper-connected world, media platforms are evolving faster than ever before, and unless you have extensive media buying experience, campaigns can quickly become outdated or get smothered by the introduction of new media.

Review the performance of your ads, and consider whether they need a refresh in the creative or messaging. Creative fatigue can occur when consumers see the same creative and messaging over and over again, and it’s expensive. Latest data reveals the cost-per-click (CPC) of a particular creative can increase by as much as 50 per cent the more frequently the ad has been viewed. If you have been running multiple ads with different messaging, which are there messages that are delivering substantially higher ROI and should absorb more of your budget, and which are those weaker ads that should be turned off completely?

Turn your weaknesses into strengths. Assess how your business needs have changed, what knowledge gaps exist, and look to fill these gaps and improve skills in-house with specialist consultants. Unless you are in the fortunate position where a downturn is unlikely to impact your business, doing more of the same won’t help you grow. Differentiate your business from your competitors and don’t get left behind. Get advice from an agency who knows the most cost-efficient methods to reach your target audience.

Persevere or Pioneer?

In times of trouble, innovation shines. Analyse your offering in the marketplace, look at current trends in your industry and identify new opportunities for growth. Are you even targeting the right audience? By digging into your marketing data, perhaps you may find a demographic on the fringe of your targeting that is outperforming all others. Which demographic is likely to become new business, and what is their media appetite?

Is there an opportunity to launch a new line of products or services in response to the current industry landscape? Reach out to your existing customer base for testimonials, analyse the most recent ones and note any patterns. Who knows, you may have excelled in a particular area that differentiates your business from the competition, and can be harnessed as a new unique selling point.

While the COVID-19 situation and impending economic repercussions may feel overwhelming, keep in mind that many businesses have launched and even flourished in such times, and your business can too. One advantage is that ad inventory is likely to be a lot cheaper across print media, radio media, TV media and more, as other companies pull their advertising to make savings. This presents an opportunity to increase your share of voice and get ahead of your competition. Make the most of it by finding an experienced media buyer who can secure the best placements, and quickly.

In Summary

Uncertain times force us to hit pause and reflect on our current state of business. The key to growth and business continuity is identifying areas of weakness in the marketing mix, and acting on these to turn them into strengths. Now is an ideal time to reassess any potential knowledge gaps, adapt to the market and upskill with in-house specialist consultants.

At Deep Sea, we’re deeply passionate about delivering strategic direction and a path for business success. Get in touch to speak with an experienced marketing specialist about the right strategic approach for your business.

References:

https://www.abc.net.au/news/2020-03-26/coronavirus-economic-impact-in-australia-abs/12092488

 

About the author

Deep See Marketing

Deep See Marketing

Cathryn Irvine is a marketing specialist and the founder of Deep See Marketing. With experience ranging from Telco to retail and digital to direct marketing, Cath's creative foundation has delivered significant revenue return for her clients.

Cath is also certified in digital marketing and Google analytics