How To Conduct A Marketing Audit And Strategically Position Your Brand For An Economic Downturn
Mauricio Rosero is the founder and CEO of M2 Studios.
Running a business can be very demanding. In addition, it is very difficult to maintain this activity in a period of serious economic difficulties. Unfortunately, in most cases, employers need more time to prepare for these situations. Many entrepreneurs are unprepared and have little idea how to navigate the global waves of change affecting their business.
From all signs in the world, it's safe to say that businesses are going through a lot of uncertainty right now. Increasing costs of doing business, high inflation and other changes over the past few years have made doing business more difficult. Of course, not all entrepreneurs want this, but it is important to note that it is very important to be prepared for uncertainty and challenges.
Conduct marketing audit.
I have found that in times of economic downturn, those who know what to do win. First, I recommend reviewing all the marketing platforms and strategies you've used as a business owner. During a marketing audit, business leaders must consider many factors, including:
1. Marketing Environment: Considers macroeconomic, demographic, cultural, technological, and competitive forces that may affect a company's marketing efforts.
2. Appointment. Review the company's marketing objectives and target market to ensure they are clear and aligned with the company's overall business goals.
3. The company's marketing mix. Test the company's products, prices, promotions, and placement strategies to determine if they are effectively reaching the target market.
4. Company Marketing Organization: Analyze the structure, roles, and responsibilities of the marketing team to ensure that they are aligned with the company's marketing objectives and are able to carry out marketing activities effectively.
5. Budget. Review the allocation of marketing resources, including advertising, promotion, research and development, to ensure they are aligned with the company's marketing objectives and target market.
6. Productivity. Analyze the company's marketing metrics, such as market share, customer satisfaction, and sales, to determine if the company is meeting its marketing goals.
During this evaluation, identify the most effective systems and replicate them; then eliminate unnecessary or inefficient items to reduce costs. Determine the return on investment (ROI) you are getting from your marketing system. If the numbers don't add up or need to be more convincing, it's time to save your money and stop using this platform.
By studying these factors, business leaders can identify any problems or opportunities and develop action plans to improve the company's marketing activities.
Reposition your brand.
Repositioning your business means changing your strategy so you're ready for the future. A business can change its brand position by changing its products or services. Likewise, you can change your marketing tactics and rebuild your brand value. You can even change your image to appeal to a wider market.
To transform their marketing tactics and regain new brand value, business leaders can take the following steps:
1. Define the new brand value and align it with the company's overall business goals.
2. Communicate the new brand value to internal and external stakeholders and update marketing materials accordingly.
3. Align marketing tactics with new brand values and target markets.
4. Track and measure the impact of the new brand value on key metrics.
Challenges faced by business leaders when changing brand values or image include employee disengagement, misalignment of company culture, and loss of customer loyalty. To solve this problem, I suggest that business leaders communicate the benefits of the new brand value to employees, engage with stakeholders to gather feedback, track and measure the impact of the new brand value, and create a culture of continuous improvement to drive improvement. and innovation.
Focus on growth.
I've found that when preparing for a recession, it can be helpful to focus exclusively on what drives growth. It also allows you to expand your market share and guarantees you more choice when the economy recovers. The key is to focus on growth areas where you have a competitive advantage.
Some companies focus on the quality of their product or service, hoping that consumers will buy it during a recession. Others strive to offer new and better products or services. Finally, many companies focus on retaining existing customers. They do this by strengthening the relationships they already have with their customers. However, not all businesses can afford this growth strategy on their own. Think about what is best for your business.
These tips can help businesses prepare for and survive a recession. It can be applied to all types of businesses: micro, small and medium enterprises. Remember that proper preparation is essential to the viability and profitability of a business venture. Whether we're in a recession or not, we hope this information gives you an edge over your competition.
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