Why You Should Pivot Your Marketing? Not Your Product
Many entrepreneurs who have been frustrated with the lack of success they or their brand have enjoyed over the past few years feel as if they need to shake things up and release a new product. Now that the corona virus has seriously changed how consumers everywhere are doing their shopping, more business owners than ever before feel as if it’s necessary to release new products or services in order to remain afloat. While this is an enticing strategy, it’s far more effective to pivot your marketing campaign into a new direction. This will allow you to avoid costly disruptions to your supply chain while luring in new consumers.
Supply chain disruptions are incredibly costly
Even in the very best of times, disrupting your supply chain can be an incredibly costly and time-consuming process. Now that the coronavirus and social distancing measures have made it harder for entrepreneurs to secure reliable and safe lines of supply, disrupting your product line is a particularly bad idea. Many business owners nevertheless feel compelled to do this as their current operations are ill-suited for the era of social distancing. In reality, you likely only need to change up your marketing messaging to ensure that customers know you’re taking this crisis seriously and have the capacity to meet their needs during these difficult times.
Knowing how to pivot your business in market conditions such as these is important, but that knowledge won’t be helpful for your brand unless you tailor your marketing campaign so that it’s suitable for contemporary circumstances. Customers want a return to normalcy, but they won’t be fooled by advertisements that pretend that there’s no serious crisis going on right now. You must simultaneously raise awareness of how your brand has responded to the coronavirus while also keeping your messaging tight enough so that customers aren’t reminded of the grim circumstances they may be facing in their personal or professional lives.
The experts over at McKinsey have put out excellent advice on the changing face of marketing, and they’ve accurately highlighted the fact that the customer is king, now and forever. You need to respond to their fears, largely by showcasing the myriad ways that your business has responded to this crisis to keep workers and shoppers alike safe. After familiarizing yourself with the CDC’s official guidance for cleaning and sanitizing your business for reopening purposes, incorporate this kind of messaging into your marketing campaign. If consumers don’t see how you’re sanitizing your operations, they may fear doing business with you, and for good reasons.
This isn’t the time to make a new product
Figuring out what customers want and providing them with an excellent product that meets their needs is incredibly difficult. Right now, it’s nearly impossible if you’re doing it from scratch, which is why jumping ship and abandoning your existing products or services will likely further alienate them and financially doom your company.
After all, a simple marketing mistake right now will haunt your company to a much greater extent than it would have just a few months ago. Whereas customers were previously somewhat forgiving of marketing mistakes, nobody wants to mess around with a company that appears to be mishandling its marketing in the midst of a public health pandemic. Furthermore, it’s probably not your product that’s failing in most circumstances, but rather your advertisements. Pivoting to a new market and appealing to new consumer who you previously ignored is a great way to remain afloat if your traditional business model is no longer sufficient in present circumstances.
This process won’t be perfect, as reshaping your marketing campaign takes time, money, and expertise. It’s nevertheless far more efficient to pivot to a new direction insofar as your marketing is concerned rather than redesigning your supply chain and trying to introduce customers to an entirely new product which is alien to them. Your business likely can’t afford to experiment with numerous different product models, either, so changing your manufacturing process could lead you to churn out lackluster products which need refinement which you simply can’t manage right now.
There are many ways to advertise in the era of COVID-19. Rather than abandoning your tried-and-tested products which may be selling poorly right now, you should focus on repackaging them with a better marketing message that will ensure customers feel confident in your brand. Keep this in mind, and you’ll survive this market downturn.