Mauricio Rosero is the founder and CEO of M2 Studios.
Running a business can be very demanding. In addition, keeping this company afloat in times of severe economic hardship is a particular challenge. Unfortunately, in many cases employers need more time to prepare for such situations. Many entrepreneurs are ill-prepared and have little idea how to deal with the wave of global changes affecting their business.
With all the signs out there in the world, it's safe to say that companies are going through a lot of uncertainty right now. The rising costs of doing business, high rates of inflation and other changes in recent years have made doing business difficult. Of course, no entrepreneur wants this to happen, but it's important to note that being prepared for uncertainty and challenges is crucial.
Conduct a marketing audit.
I have found that in times of economic downturn, those who understand what needs to be done win. First, I suggest evaluating all of the marketing platforms and strategies you've used as a business owner. During a marketing audit, business leaders must consider many factors, including:
1. Marketing Environment. Examine the macroeconomic, demographic, cultural, technological and competitive forces that can influence a company's marketing efforts.
2. Goals. Review the company's marketing goals and target market to ensure they are clear and aligned with the company's overall business goals.
3. The company's marketing complex. Examine the company's products, pricing, promotions, and recruitment strategies to determine if it is effectively reaching its target market.
4. The company's marketing organization. Review the marketing team structure, roles and responsibilities to ensure they are aligned with the company's marketing goals and are able to execute marketing activities effectively.
5. Household. Review the distribution of marketing resources, including advertising, promotions, and research and development, to ensure they align with the company's marketing goals and target market.
6. Performance. Analyze the company's marketing metrics such as market share, customer satisfaction, and revenue to determine if the company is meeting its marketing goals.
During this assessment, identify and duplicate the most effective systems; Then cut out unnecessary or ineffective elements to save costs. Determine the return on investment you get from your marketing systems. If the numbers don't add up or you need to be more persuasive, now is the time to save some money and stop using these platforms.
By analyzing these factors, executives can identify problems or opportunities and develop an action plan to improve the company's marketing efforts.
Reposition your brand.
Reorganizing your business means changing your strategy to ensure you are ready for the future. A company can change its brand positioning by changing its products or services. Likewise, you can change your marketing tactics and restore your brand values. You can even change your image to attract a wider market.
To transform their marketing methods and create new brand equity, business leaders can take the following steps:
1. Define new brand values and align them with the company's overall business goals.
2. Communicate the new brand values to internal and external stakeholders and update marketing materials accordingly.
3. Align marketing methods with new brand values and target market.
4. Track and measure the impact of new brand values on key metrics.
Some of the challenges that business leaders may face when changing their brand values or image include resistance from employees, inconsistency with company culture, and loss of customer loyalty. To overcome these challenges, I suggest that leaders educate employees on the benefits of the new brand values, engage with stakeholders to collect feedback, track and measure the impact of the new brand values, and develop a culture of continuous improvement and innovation .
focus on growth.
I've found that when preparing for a recession, just focusing on what's driving growth can help. It can also allow you to expand your market share and ensure you have more options as the economy improves. The key is to focus on growth areas where you have a competitive advantage.
Some companies focus on the quality of their products or services and hope that consumers will buy them during a recession. Others try to offer new and improved products or services. After all, many companies focus on retaining existing customers. They do this by improving the relationships they already have with their customers. However, not all companies can sustain these growth strategies on their own. Think about what's best for your business.
These tips can help businesses prepare for and weather an economic downturn. It can be applied to all businesses: micro, small and medium-sized businesses. Remember that proper preparation is a prerequisite for a company's profitability and profitability. Whether we're in a crisis or not, we hope this information will help you gain an edge over your competition.
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