Tough times are coming – An adaptable marketing strategy is key to survival

Your marketing strategy.

Historically, this has been something to revisit every couple of years. But now? It’s a constant process of adaptation.

Whereas your mission, vision and values remain constant, how you use them is what changes more regularly. Some clients are revisiting their strategy every month – are we going in the right direction? What market, regulatory or political winds are we adapting to this week?

In a challenging landscape, what can you be doing to stand out from the competition?

Only the agile survive

Tough times always require resilience and a willingness to evolve. Once the dust settles after a crisis, the business landscape will always tell the same story: the survivors and thrivers are those that react to change and show flexibility in the face of a challenging market.

It’s tempting to think you’re too big or too successful to fail when the tough times come, but the world is littered with the bones of businesses that took this attitude. When the world changes, your business needs to do the same.

But how do you know how to make a successful marketing pivot?

The role of the marketing professional

This is where a good marketing agency is worth its weight in gold. It’s their job to keep their fingers on the pulse of the industry, to understand the changing landscape and to track the success of your current efforts. With this knowledge in tow, you’ll be better placed to pivot into new marketing channels and strategies.

Of course, it’s possible to achieve this with an in-house marketing executive or even to do it yourself if you’re a smaller business. But with a marketing agency, you get a fully dedicated team with different skills and experience; something that’s difficult to achieve in house. Here at Luma, we have twenty years of experience, so the upcoming recession is not our first rodeo. Our knowledge means we can help you make solid decisions without needing a month to research and consider the options.

Tough times ahead

It’s all but certain now that we’re entering a tough economic period. The resulting adversity it brings will put pressure on people and businesses alike to make the changes needed to weather the storm. Inevitably, some industries will be hit harder than others.

As far as the built environment goes, there are likely to be fewer people in a position to move house, fewer first-time buyers willing to accept the 5%+ interest rates and skyrocketing material costs for developers.

From architects and engineers to conveyancers and construction companies, this will have a knock-on effect.

Ultimately, there will be more competition for less work. Whether you’re operating with an in-house team or an outside agency, there’s no better time to take your marketing seriously and develop a strategy to navigate through the storm.

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If you’re looking for ongoing help with your marketing strategy, give Luma Marketing a call and we’ll help you develop a plan for business longevity.

First published on Place North West.