COVID-19 has drastically altered the economy, causing business leaders and marketers to rethink their strategies. Research shows that during economic downturns, 14% of companies actually improve both growth and margins. To take advantage of this opportunity, here are four strategies to consider.
First, create a list of imperatives based on your industry and customer research. This will help you to identify cost-cutting opportunities and new revenue streams. Second, reassess your product and audience. It may be time to target mid-market companies, and focus on how your product or service will help customers achieve their desired outcomes. Third, reframe your story and use digital tactics to authentically communicate it. Lastly, focus on digital marketing strategies and tactics to drive demand and close sales.
By using the right tactics and reframing your story, you can emerge from this recession even stronger. Make sure you do your research, prioritize your imperatives, and embrace digital tools to get ahead of the competition.
Four Ways to Adapt Your Marketing Strategy and Tactics for an Economic Downturn
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