Why it’s important now to stay customer-aligned
Make no mistake, the current commercial climate is changing your market and your customers’ priorities. If you can adjust your brand positioning accordingly, you’ll stay relevant. If not, you may feel as if you missed the bus when things improve.
Right now, it’s about understanding your customers’ needs, and communicating clearly how you can meet them. These are uncertain times. Companies are operating in ways they have never done before. For many, projects are stagnating, and new business is on hold. More than ever, your customers need confidence in you as the right partner or supplier to help get them through.
But what does this mean for your marketing strategy? History has shown that during economic downturns, successful businesses are those that not only make cuts, but invest wisely. If you too are facing a shrinking budget and are unsure where to focus your efforts, we recommend that you give serious thought to your brand positioning.
Be more customer focused
We’re not talking about a full-scale rebrand here. Instead, as the market shifts, you may need to reassess your proposition to be more aligned with new customer priorities, and new ways of doing business.
Because there’s one thing you can be sure of: your competitors will be thinking along similar lines.
To maintain relationships and, crucially, trust in your brand, your positioning must reveal deep insight into your customers’ needs. It’s critical that you understand what challenges they are facing, and how your value proposition supports them.
There are ways to gain a more focused perspective, for example third party research, workshops and information sharing, online surveys and interviews to name a few. And now, while people are working from home and less in closed-door teams, this might be an ideal opportunity to reach out and capture some of their time and attention.
Reinforce customer confidence
There’s nothing new in saying that your brand positioning should clearly express the value you provide, and why you do it better than anyone else. However, during all this disruption, decisions can be harder for your customers to make and people will often rather stay safe. Don’t be the riskier option. Find ways and channels that reassure your audience and remind them of the benefits your services or products can offer, especially in regard to the current commercial climate.
Make smart decisions
Any economic downturn will bring significant disruption to the marketplace, but COVID-19 has accelerated things in a way we have never seen before. Companies are being forced to adjust their strategies and their buying journey simply isn’t the same as it was only a few weeks ago.
As with all periods of change, there are challenges and opportunities. As this situation evolves, and hopefully improves, there’s no doubt that the brands that have stayed in tune with the evolving landscape will be better positioned to win market share.
Make sure you are one of those brands. Make smart decisions about where to cut, and where to invest. Understand your customers’ challenges and needs. Adjust your value offering accordingly. And find ways to engage with your customers to make sure they know all about it.
If you need help reassessing your brand positioning, contact Managing Partner Ralph Krøyer on +45 23 44 97 13 or at email@example.com to explore your options.