Mauricio Rosero is the founder and CEO of M2 Studios.
Running a business can be very demanding. Moreover, it is particularly difficult to maintain this activity in times of serious economic difficulties. Unfortunately, entrepreneurs often need more time to prepare for such situations. Many entrepreneurs are unprepared and have little or no idea how to handle the pace of global change affecting their business.
By all indications in the world, it can be said that businesses are currently experiencing a great deal of uncertainty. In recent years, rising costs of doing business, high inflation and other changes have made doing business difficult. Of course, this is not what every entrepreneur would want, but it is important to note that it is very important to be prepared for uncertainty and difficulties.
Do a marketing audit.
I've seen people who know what to gain in a downturn. First, I suggest you evaluate all of the marketing platforms and strategies you use as a business owner. When conducting a marketing audit, business leaders need to consider many factors, including:
1. Marketing Environment: Explores the macroeconomic, demographic, cultural, technological, and competitive forces that can influence a company's marketing efforts.
2. Objectives. Review the company's marketing objectives and target market to ensure they are clear and consistent with the company's overall business goals.
3. The company's marketing complex. Examine the company's products, prices, promotions and positioning strategies to determine if they are effectively reaching their target market.
4. Company Marketing Organization: Review the structure, roles and responsibilities of the marketing team to ensure that the company achieves its marketing objectives and can carry out its marketing activities.
5. Budget. Consider allocating marketing resources, including advertising, promotion, and research and development, to ensure the business aligns with its marketing goals and target market.
6. Performance. Analyze company marketing metrics such as market share, customer satisfaction, and sales to determine if the company is meeting its marketing goals.
During this assessment, more effective systems are identified and replicated; Then reduce unnecessary or inefficient items to reduce costs. Determine the return on investment (ROI) of your marketing systems. If the numbers don't add up or you need a little more convincing, it's time to save some money and stop using these platforms.
With these factors in mind, business leaders can identify problems or opportunities and develop an action plan to improve the company's marketing activities.
Reposition your brand.
Repositioning your business means changing your strategy to be ready for the future. A company can change its brand positioning by modifying its products or services. Likewise, you can change your marketing tactics and restore your brand values. You can even change your image to appeal to a wider market.
To change marketing tactics and restore new brand values, business leaders can take the following steps:
1. Define new brand values and align them with the company's overall business goals.
2. Communicate new brand values to internal and external stakeholders and update marketing materials accordingly.
3. Adapt marketing methods to new brand values and target market.
4. Track and measure the impact of new brand values on key metrics.
Challenges business leaders face when changing brand values or image include employee resistance, misalignment with company culture, and loss of customer loyalty. To overcome these challenges, I suggest business leaders educate employees about the benefits of new brand values, gather feedback, engage with stakeholders to monitor and measure the impact of new brand values, and to develop a culture of continuous improvement and innovation.
Focus on growth.
As I prepared for a recession, I discovered that it can be helpful to focus only on the things that promote growth. It can also allow you to expand your market share and provide more opportunities when the economy recovers. The key is to focus on developing areas where you have a competitive advantage.
Some companies focus on the quality of their products or services in the hope that consumers will buy them during a recession. Others try to offer new and improved products or services. Finally, many companies focus on retaining existing customers. They do this by strengthening existing relationships with customers. However, not all businesses can sustain these growth strategies alone. Think about what works best for your business.
These tips can help businesses prepare for and weather an economic downturn. It can be applied to all organizations: micro, small and medium enterprises. Remember that good preparation is essential to business continuity and profitability. Whether we are in crisis or not, we hope this information will give you an edge over your competition.
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