Most of us have probably had a few sleepless nights in recent months, especially business owners. Sometimes the best way to put your mind at rest is to take a moment to address all of the questions that are buzzing around it.
Many of our clients have been deliberating with their part-time Marketing Director to work through these questions as they pull together their scenario plans.
Here’s a download of the key questions - so you and your Leadership team can work through them too.
What’s changed?
1. What has changed (most recently) in my market, the economy, my client base and my supply chain? Have consumers behaviours changed?
2. Have my costs increased? If so, should I pass these costs onto customers by changing my prices? How will that affect demand?
3. What new sustainable processes could we consider implementing to maximise profits?
What are our competitors doing?
4. Have our competitors changed their positioning? Have new competitors emerged? Are we competing in a new area where we need to understand the competitive landscape?
5. If my competitors have exited the market, how can I seize the opportunity and increase my market share?6. What can I do to keep my brand visible and top of mind amongst my competitors?
What gaps have been identified?
- How have my communication and marketing channels changed? What does our response need to be?
- Are my website and e-commerce solutions robust enough to support the business? What would I need to do in terms of digital selling, marketing and training to ensure that we can continue to thrive?
- What capabilities and skills are missing in my marketing team that I need to consider?
- Is remote working, in-office or a hybrid arrangement most effective for the team? How will any changes we make affect the current roles and responsibilities within the marketing team?
How does this situation affect our strategy?
11. How have my views on growth, exit and acquisition changed?
12. What do our current customers value about what we do?
13. What new needs are customers telling us about?
14. Do we need to rethink our product or service portfolio?
15. So given these changes - what do we do and who do we do it for? i.e.has our value proposition changed?
16. How can we balance short/mid term, tactical initiatives and the long term brand building strategy?
How should we adjust our marketing plan?
17. Is our current marketing strategy fit for purpose? Will it deliver our revised goals?
18. What is our marketing strategy and our plan to deliver it over the coming months?
19. What is our plan to re-engage customers and excite the market about our offer?
20. Do we have an active programme of communications with our customers and suppliers?
22. How do we need to adjust our lead generation and sales process to be fit for the current environment?
22. When, and in what sequence, should we increase our investment in marketing?
23. What is the right level of resource and marketing budget to underpin activity?
24. Have we analysed the ROI on all of our marketing activity to date?
25. How will I know that we are doing the right things? How will I measure our progress?
Hopefully these questions will have given you plenty to think about. Download a copy here.
If you could do with a second opinion, our experienced Marketing Directors are here to help. You can book a no-strings attached one-hour consultation absolutely free.
Our team has the skills and experience you need to find the right path for your business, at a fraction of the cost of a full-time hire.
