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evolving faster than ever before, and unless you have extensive media buying experience, campaigns can quickly become outdated or get smothered by the introduction of new media.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.