Marketing strategy: Get with the times
The most basic of marketing strategies will cover the 4 P’s – as much as it can in today’s online world – and even at that, it’s often limited in relevance and feasibility for a company or brand. (Check out our blog post, “Building a strong marketing strategy – it’s not just about the 4 P’s anymore” for more on this). Things seemed to change quickly enough before but, these days, we’re seeing more and faster changes when it comes to marketing. So, how will brands rework their strategies to meet these changing needs? And, more importantly, how quickly can they do so before they lose potential customers?
It’s obvious this change in strategy should be done quickly if they want to save their brand and maintain market share with their loyal customers (because, sadly, for some brands, acquiring new customers right now isn’t a goal). They’re basically making the shift from solely marketing their product to finding other ways to meet their customers’ needs. This means changes in pricing or some appealing add-ons to their service, such as free or fast shipping for online orders – which is also very important right now: the option to shop online. Companies can also appeal to their customers’ emotions; examples include donating to their communities, helping with a current crisis, etc. These are actions that speak much louder than any words (in this case, a tagline) and customers will hear and remember them for a long time.
Lastly, while companies may scramble to rework their strategies in one way or another, it might be worth making them permanent thereafter. What’s considered the core part of a marketing strategy can change at any time, as we’ve seen before, but the customers are almost always the focus. So, maybe it’s time to make that shift to customer-focused marketing altogether.