Adapting Digital Marketing Strategy in Times of Change
Categorized in: Fractional Marketing, B2B Digital Marketing
What happens to your business when times are uncertain? Over the years, business climates have changed. On some level, what happens outside of our control can really impact our bottom line. In fact, no matter what it is, it’s important to understand that there are certain factors that can’t be changed. These factors could include the economy, industry changes, and even changes to the very face of digital marketing. None of this is within your control.
Yet, there are still some things you can do to help your business. The best mindset you can have? To remain adaptable, no matter what.
Understand What the Changes Are
The first step is to identify exactly what the changes are. It could be anything. There are some changes, such as the economy, which are more globally affected, and others that are more specific to certain industries. For example, if a new technology launched in your industry that affected your product or service, this will be something you’ll need account for as you create your marketing.
In some cases, businesses might experience more than one factor at once. Industry changes, issues in the economy, and even seasonality can all impact the bottom line because of market volatility. Understanding what they are is the first step to determining what to do about it. You can’t react against the volatility unless you know what caused it!
Develop a Mindset of Agility
Knowing that things are different or changing is one thing. Being able to react to these changes quickly is quite another. Businesses that stay agile will be better poised to navigate these changes. Keep in mind that agility requires more than just mental flexibility.
It is basically an informal measure of how ready and able you are to adapt to these new conditions. The digital environment is inherently adaptable. You can quickly test strategies that may help counteract the current state of things, and you may be able to do it without investing a lot of time and energy. If a strategy you’re trying works out, you can launch it at a bigger scale.
Knowing When to Act vs Reacting
What is the difference between acting consciously or reacting to the changes? In one, “acting consciously” you’ve taken enough of a step back to observe the situation, gather data, and determine a plan of attack. In the other, you’re “reacting”, usually hastily, and then wasting your time and money.
Your goal is to find the perfect time to launch your strategic adjustments. You don’t want to do it too quickly, since some changes could normalize before a huge impact to your business is felt, and then you would have acted for nothing. You also don’t want to wait too long, or else your competitors will overtake you.
When it comes to adapting, there’s a balance to consider. You need to stay adaptable to weather the uncertainties and to navigate the changes. However, you want to be smart about it. You don’t want to waste your resources reacting in a way that is unnecessary.
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