It is without a doubt that the current marketplace is very different than pre COVID-19. That said, it can also be argued that the post COVID-19 marketplace we will soon be entering will be different as we adapt to a new normal.
What “new normal” will look like is conjecture and whilst our Analyst and researchers are busy working on this, our latest whitepaper and this blog do not aim to answer that question.
Our Whitepaper aims to provide a succinct and to the point, established model that combines the experience, learnings, work (and impact) we have had across our hundreds of clients, from a wide variety of industries over recent months
Unlike many of our digital marketing services, this analysis does not come with any guarantees. What it does come with is real examples of what could, can, did and may happen if you make the right or wrong decisions in the coming months. We trust our practices as, given by their own volition, Google representatives state Adrac clients are generally doing “significantly” better than our counterparts. With the results we have delivered, we think it’s worth twenty minutes of your undivided attention.
For those of you that want the brief, or just want to know how Adrac have helped clients better than our counterparts. Read on:
- Don’t panic
Everyone is suffering in one way or another. We are all worried about the changes we are experiencing. It’s important to remember that we’re all going through these changes together.
- Understand where your business sits
It’s a simplification but it works, businesses can be grouped into one of three categories depending on how they are/ have been impacted by the corona virus:
- Flex: businesses that are experiencing positive impacts, for example increased demand for products/services;
- Fix: businesses that can succeed as long as they adapt their business to the new world;
- Freeze: businesses that have been forced to a halt, whether due to government restrictions or declines in demand.
Understanding which category your business falls into will help determine what actions can be taken to adapt to the current environment.
Nb. As we stated it is a simplification, but that’s what’s needed in these uncertain times. Constants, sure footing, and ground you understand – so find it wherever you can. If in rare instances business fell into multiple categories, we split them into smaller units and proceeded with more specific action plans for each section. An important lesson learnt was the essence of urgency, responding to the environment was more important than getting caught up in the intricacies of the model.
Observe your world in terms of new consumer trends, sales trends, device usage to competitor reactions, stock volumes, replenish rates, hosting bandwidth usage. All data points are valuable and allow better decisions to be made. Monitoring these changes, adapting and learning from them is crucial for both short-term and long-term performance.
- Be agile
Forget what you thought you knew about your markets, your best sellers, your pricing models, the devices your customers used, the ideal times to buy. They aren’t as reliable anymore. Trust us, we know this from experience. Those bid adjustments, marginal gains and refinements that you so painstakingly constructed and applied to your marketing campaigns are potentially catastrophic, they need to be reassessed.
Nb. This part is possibly the hardest part to put into practice as it goes against what we know. Your skills and experience in your industry that have been developed will help you learn and adapt faster and that gives you an advantage.
- Plan, plan, plan
Short term, medium term, long term all are essential to survive the coming months, no matter how your business has been impacted by COVID-19.
Nb. It’s not about setting timelines because there is little or no control regarding when this new normal will start.. Instead, set objectives and checkpoints to determine when different actions should be implemented and to allow you to track progress.
Adapting marketing, pricing, accessibility and product focuses may be necessary for businesses, especially for those within the fix category. Adapting elements of businesses is proving to make a huge difference in abilities to survive the current economic crisis.
- Monitor, learn & optimise
Observe the wider world around you. Announcements by medical bodies, governments, with the latest updates on the easing of lock-down to possible vaccine progress, all of it has an impact because it impacts people and those people are your target audience.
Be under no doubt the world is going to change around you in very specific and significant ways. The better placed you are to understand these and the sooner you anticipate and consider these the better your decisions will be.
Monitoring these changes and learning from them will be crucial for both short-term and long-term performance.
Sounds easy right, well it’s not. It takes a strong, open and mutually respectful partnership with all stakeholders informed and aligned to a common goal (that’s where step categorisation is so vital). It can be done and the full paper gives absolute examples of the impact, gains, loses being incurred by companies right now.
For more information about how you can adapt your business to survive COVID-19 download our white paper here.