The world is in a constant state of change. This wisdom has prevailed through all of human history for good reason, but that change seems different now. The continuing impact of the pandemic on the economy has made this one of the most challenging times to do business in modern history. In response to this constant state of change, the guiding principle for businesses is to evolve or die, but we think in a more strategically focused way. We think it’s time to adapt or die by your marketing.
How Has Your Market Changed?
One of the biggest problems for business owners during the pandemic has been consistently changing conditions and markets. Some areas are under lockdown. Others have new requirements put upon them. Some have lost workers, and others have seen a severe drop in business. You need to understand how the market has changed. This is different than chalking changes up to temporary states of affairs. Consider the commercial real estate market. It has shifted because business owners have had to learn how to operate remote teams, and they have also seen the savings. For commercial realtors to simply chalk this shift in the market up to a temporary occurrence is a severely shortsighted error. Don’t make a similar one.
There may be changes you’ve made or changes you’ve seen other businesses make. The temptation for most business owners in trying times is to simply replicate what everyone else is doing, but this often leads to calamity. Honestly, you don’t want to replicate or try everything. You want to focus on those things that have worked. Experiment to prove concepts and then execute on the proven ones. Track the data and follow the results rather than chasing the image others are putting out. This will help you pivot effectively instead of desperately.
If we had the absolute answer to this question we’d be retired on a sandy beach somewhere. But the fact that you can’t absolutely know what’s coming in the future doesn’t mean you don’t need to analyze, plan, and execute where the world could be in the future. Many of us thought the pandemic would last only a few months, with relatively minor impacts. But we are facing one of the most challenging economies in our history and it has been almost a year. In truth, recovery will probably take just as long, if not longer. It’s up to you, as a business owner, to take a look at the potential paths forward and make sure you’re prepared for whichever one of them may come. It won’t guarantee survival, but it definitely improves your chances.
In the end, it’s simple. Adapt or die by your marketing.
Your Stingray Branding Team
As a business owner, a lot of things are on your plate. But not everything needs to be. Preparing your business for a potential natural disaster is something we can help you with. Our team of experts loves working with people just like you, helping the demystify the complexities of marketing, and putting a talented team to work for you. If you have questions about your marketing, or it’s time to take it to the next level, contact us today!