In a world of unrelenting change and unprecedented challenges, companies need to be agile and resilient. As seen recently there has been a shift in consumer behavior in the recent coronavirus pandemic and in light of this brands should be reacting.
Here are how small businesses should try and adapt to these changes:
- Embrace the shift to online and be prepared to go fully digital.
- Review supply chain strategy by integrating stock pool across the network otherwise all stock will be tied up to one sell through destination and can not be replenished and is a missed opportunity.
- Expanding to new channels and geographies: important to diversify as being reliant on one or few channels in a climate of uncertainty is a recipe for failure.
- Good healthy account structure is going to help exploit some of the gaps in the marketplace. By having a granular account structure, businesses can segment ad spend based on product categories.
- Monitor budgets and distribute budget to re-invest in products that are performing and will not run out of stock and have good margins
- Refine audience segmentation and try and identify where to invest and where to save money
- Start conversations with audiences. Retargeting on search and social media for high intent audiences. This is quite effective without having to invest too much.
- Double check negative keywords and ensure you are constantly monitoring these to ensure there is no wasted spend within your campaigns.
- Keep an eye on data (own and external) and try and anticipate which products will trend up or down and adjust marketing activity accordingly.
- Social channels are on the map too now as consumers are using these for research so small businesses need to understand where their customers are and have a strategy.
- Keep an eye on bid automation and make sure not creating any bottlenecks as current situation is volatile and automation looking back at a longer window of reporting will not help.
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