It’s an incredibly difficult time for entrepreneurs across the world in these unprecedented times. A recent survey found that startups and SMEs have seen an average revenue decline of more than 63 percent due to the COVID-19 outbreak worldwide.
No matter how revolutionary your product is or your business model is, a startup will have difficulty surviving without an effective marketing strategy that centers around customer acquisition. It’s time for the business to think out-of-the-box and make the most to come out of this crisis.
Key steps to jumpstart your marketing strategy:
Re-evaluating and understanding your target market:
Before jumping in, create a clear buyer persona and target market. Divide customers and companies into different categories to understand your buyers and the different personas that are part of your user community. Focus more on the user community rather than on commonalities in the customer group.
This plays a significant role in creating a sustainable marketing plan.
Creating a unique marketing message
Not every sale is the same as the previous one and the same message does not convince all the people in the crowd. It is vital to identify the unique idea or message that will take the conversation forward with the prospects. A consistent brand voice and will help your offerings better resonate with your customers range of needs and desires will be a success.
You have to find
What are your target audience’s biggest challenges during these uncertain times and how can you solve them with your product?
Targeted messaging or Account-based marketing can help you make the most of every single rupee spent on campaigns. This approach also helps to enhance the customer lifetime value.
Track, Measure & Iterate:
Once you identify your buyer personas and the messaging, it is time to launch targeted campaigns that will make your business visible. The message should mainly emphasize how your product as a solution that will fit their company’s NEED.
Once a messaging is decided how much money it can allocate for advertising and where it should spend that money. Certainly, the options are many, including print media, radio, television, and the Internet. The main crux for deciding the spend is understanding that it is not a one-shot campaign but a full 360-degree integrated approach covering the journey of the prospective buyers.
Carry out marketing performance measurement every week and analyze the performance of the campaign by identifying key metrics. Make this an iterative approach and improvise each time.
Plan for a post-COVID future
Eventually, it’s the post-COVID future you should keep in mind when updating your marketing plans. Once the coronavirus pandemic will end you need to think how the extra time you have now can be best spent. Re-evaluate your objectives and strategies, outline what you want to achieve once the crisis is over. This is the best time for planning. In this manner, you’ll be more likely to hit the ground running when everything returns to relative normalcy.
It is an opportunity to connect with your clients and the public in new uncharted ways, to prove that you’re more than just a company. Use this period to show a more humane side of your brand’s personality, because we all need to rebuild together and now is the perfect time to start.