Peter Drucker once said that “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.” Drucker could not possibly have envisioned the turbulence we are experiencing today, yet his words are very applicable. If you have not started to strategically examine and realign your marketing, you might want to do so now.
Every market has experienced some change as a result of the COVID-19 pandemic and response. It’s time to look at the impact of these changes on your business and realign your marketing strategy. When the world turns upside down, you cannot continue doing what worked yesterday and expect it to work as well – if at all – today or tomorrow. Look at your entire operation, and consider the changes or adjustments you may need to make to your product line, pricing, and overall marketing strategy. Here are some questions to help guide you as you consider the pivot(s) you may need to make to your strategy and plan:
Many, if not all, markets have changed in some way.
- Is your market the same size?
- Are there new opportunities or market subsegments?
- Has there been a change in demand (increase or decrease)?
- How have changes in the market affected your business model?
- What has the effect on your competition been? Is it greater or less?
You need to look at the relevance of your products and services too. Is your product or service still relevant?
- Does your target demographic want or need different products, features or services?
- Are your offerings still affordable to the market?
- Do you have supply chain or deliver/distribution issues?
- Does the market still trust your product and company?
Lastly, the value proposition may have changed, and your pricing model – or offerings – may need to be adjusted in response.
- What economic challenges have been introduced by the new reality?
- How much revenue do you need to remain profitable?
- Will you need to adjust your pricing?
- Can you adjust your price profitably, or do you have to realign your product offerings?
- Has your value proposition changed?
- Do you need to choose a different pricing model?
Drucker’s quote is very applicable in this pandemic. The best approach would be to start with a reference point of today and look into the future to make decisions about pivots. We have been helping a myriad of clients strategically respond to the new realities with their marketing. We’d be delighted to work with you as well. You can schedule a call with us here.