Growing Market Share
Pivoting through a Storm
Who are you? Where are you? It’s a disorienting time for brands. What messaging is even appropriate right now? What channels have a shot at reach? Lots of questions. Here’s the plan.
No matter the approach, this is no time to change your identity. Be yourself. While many are assuming the role of caregiver, you can still give while keeping your unique tone & voice.
Audit your messaging.
Make sure visuals, copy or promos won’t breed negative sentiment.
Double down on creativity.
By most estimates, creative can have 5x as much impact on profit as media channels. When the world is changing, so should your message.
End-of-funnel sales depend on top-of-funnel activities. To find the right mix and avoid start-and-stop results, let’s consider:
How have media habits changed?
What other messages are we competing with or steering clear of? (e.g. health, politics)
Do we focus on top-of-funnel tomorrow?
Do we focus on bottom-of-funnel for sales today?
How has cost per acquisition changed in the past days/weeks?
What long-term investments can we make? (e.g. SEO, content, web)
What short-term investments can we make? (e.g. SEM, paid media)
Key Principles to Weather the Storm
Rise above platitudes.
Emphasize level-headed optimism, but beware empty words. Stay positive, stay sincere. It’s less about transactions and more about community and shared values.
Less talk. More action.
Don’t just issue a COVID-19 statement about wiping your counters: put that purpose statement to work. Look for ways to provide common benefit.
Move quickly via new avenues.
Speed is top priority. Stay nimble and ready to pivot, but don’t miss your window. Leverage social for real-time communication. Consider live streaming, community messaging groups, online events and activations.
Sustain sales. Get more for less.
Make every dollar work harder across the funnel. Optimize channel mix to reflect shifts in media consumption. Place bets on the most measurable surging channels. (hint: online)
In times of uncertainty, people are shy to commit resources. Explore ways for penalty-free zero-notice cancellations or returns. Remove the reason for customers to talk themselves out of a purchase.
Plan ahead. Be ready.
Ensure all aspects of upcoming campaigns are ready to launch once your intel shows market readiness. This will be the most expedient method for offsetting any previous business losses. The first brands out of the block will be the ones to capitalize on the recovery.
Brand consistency is more important than ever.
Trust is on the line. And with shifting consumer behaviors, trust is what brands can rely on. Be there for people. They might just return the favor.
Read the other articles in this series:
1: Quarantined Customers & New Behaviors
2: What now? Postpone, Maintain or Double-Down on Marketing
3: Giving Instead of Giving Up
4: Recessions Create New Leaders
5: What to Do When Ad Spend Must Be Cut
6: Pivoting through a Storm7: Springboarding to the New Normal
8: Coming Back Stronger: A Marketer’s Guide for Recovery
Or skip the articles and get our entire strategy on how to grow market share during economic change. It’s free. It’s not even gated. Just be sure to tell us how you’re putting it to good use.