So it appears most of us have survived the endurance portion of the current crisis. Now it’s time for the sprint. As we begin to see things “opening up” it’s now time to prepare for what’s ahead, even though “what’s ahead” may not be clear.
TIME IS RUNNING OUT
We believe marketers should be starting right now to get a better understanding of where their customers and employees are in relationship with their brand. I think this crisis, and major crises before it, demonstrates marketer’s need not to be focused on market share, which is an evaluation of how a company or brand has performed…and is a measurement of the past versus a bell weather for the future. But rather on…
Emerging out of this crisis, marketers should be focused on what is referred to as Opportunity Share, which is a reference for competing in the future within an as yet undefined or emerging marketspace…sounds like the New Normal, whatever that turns out to be?
The critical issue now is how a company/brand can go about refining or changing its business model to be sufficiently and inherently flexible AND RESPONSIVE in this “new normal” to maximize the company’s ability to succeed in the emerging opportunity space…POST COVID-19.
I’m sure we as marketers have all been talking with customers over the last few months as we’ve been sheltering in place. But, as we emerge out of this crisis we should now be focused on evaluating exactly where our customers and employees are in relation to ourNOT A TIME FOR ASSUMPTIONS NOR GUESSWORK!
Marketers’ success in the new normal will depend on what is done right now, not after we’re into the new normal. It’s about reaching out and asking the right questions NOW and, most importantly, listening to what customers and employees have to say. I mean really listening! brand and what adjustments and changes will be needed to compete effectively in the new normal.
WHAT TO ASK?
So where to start? We believe there are three areas marketers should be exploring to build their future-view within the context of the current crisis:
The Market/Your Business Model:
- How has the business changed or been redefined?
- What new revenue/profit opportunities exist?
- Do we need to re-evaluate our allies/strategic partners?
- How has our competitive set changed?
- What are the firm’s strengths/weaknesses in this new environment? How have they changed or how will they need to change?
- What changes, if any, need to be made to the portfolio to compete effectively in the post-COVID-19 environment? (Products, Programs, Services and Intelligence)
- How have customer personas changed?
- What do our customers value? (Have their values changed or been reprioritized as a result of the crisis?)
- What’s keeping our customers up at night related to their business?
- How has the buyer’s journey changed?
What are the branding implications as a result of the answers to the above questions?
- What is the new brand architecture?
- What is the brand’s value proposition?
- How do our customers/employees/stakeholders perceive our brand? (Brand Image)
- What is the intensity of our customers’/stakeholders’ emotional involvement in our brand versus our competition – Brand Health?
We at B2P have been working on these types of issues for a long time, within multiple industries and with small businesses to enterprise-type companies. As a result, we have experience and knowledge that we can share with you in helping you get the answers to the questions raised here. In fact, we’ve developed several solution packages to help you get off to the right start.
Contact us – we’re ready to help get you up and running.