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04 November 2016
5 top tips to help your business ride out the storm
The future is far from certain for many businesses in the wake of the latest Brexit news. With daily headlines promising more doom and gloom, the pressure is on for brand owners and marketing managers to think smart about their upcoming activity and overall marketing strategy. Whilst we don’t have a crystal ball (so sorry, no winning lotto numbers!) we do have some top tips that should help any marketer ride out the storm:
1: Review your historic success
Take a look at previous campaigns and identify which elements worked well and what was the context of that success. For example, the least ‘sexy’ element of a past campaign might have been the most cost effective in terms of conversion rates or maybe a seemingly pricey advert the best ROI. Drill down into your activity evaluations to identify lessons to apply moving forward.
2: Give your existing clients some love
There are all sorts of numbers bandied about how much more it costs to lure new customers than reselling to existing ones – from three times the cost to 30! There is no hard and fast rule but what is worth remembering is your current customer base already knows you and likes what you do. (If they don’t like what you do, talk to them, find out why and fix it!). Making your existing customers feel valued and important will bolster your relationship and help safeguard loyalties in the future, as well as keep channels of communication open for additional work with them.
3: Don’t chase the latest trend
It feels like every five minutes, there's ANOTHER social media platform, that will be the Next Big Thing… but as Twitter announced this week, it is shutting the Vine app, it's obvious not all of them stay the course. So choosing wisely which platforms you want to use and create content for has never been more of a headache. Do you want to jump on the bandwagon, be seen as an early adopter or do you want to hang back and assess how it pans out? There's a lot of pressure be ahead of the curve but we believe the best thing for the majority of businesses is to ask yourself two questions: who is your audience and what's your capacity to run each platform? If your customers are likely to embrace the new tech, then feel free to test the waters. But if your target audience isn’t in the demographic for a particular platform, don’t feel obligated to set up an account. It’s the equivalent of shouting into space. Instead, focus your energies on platforms from which you know you can consistently reach your audience – even if they aren't the latest trendy thing. Your customers will thank you for interesting content and prompt responses to queries. Plus, you can always revisit alternatives in a few months to see how they have developed.
4: Double check your brand story
If your business focus has changed or you have been telling the same story since day dot, it might be time to double check your brand story. Is it still relevant to your offering? Your audience? Is it feeling tired or is there a fresh angle you can share to shake things up? Does everyone on the inside embody what you’re sharing on the outside? Are they working as ambassadors for your brand to the best of their ability? It's as important to make sure your staff understands your vision and values as it is to tell your customers the right story. If they don’t it might be time to improve your internal communications and boost your brand message in-house.
5: Invest in design
What do the leading businesses in almost every field have in common? They invest in design. As Lee Hopley, Chief Economist, EEF said, “Design isn’t a bolt on or a ‘nice to have’.” Good design is a differentiator, it marks out high-quality goods and services, improves customer experience and interactions with brands and according to Innovate UK in their Design in Innovation Strategy 2015-2019, for every £1 invested in design, businesses might achieve as much as £20 in increased revenues, a £4 increase in net operating profit and a return of £5 in increased exports. No business wants to look like they are cutting corners and good design can help your business look confident, professional and organised, both in the UK and globally.
If you feel like you need a lifeboat for your marketing activity or brand strategy, why not call us on 01892 541111, pop into our Tunbridge Wells Design Studio or fire over an email to firstname.lastname@example.org