POSTED BY: Jim Ittenbach | May 28, 2020
The associated chaos embedded within the uncertainty that has been fostered by our impending pandemic is creating a shift in behaviors among customers, resulting in migrating needs, wants, and the potential desire for aligning brand relationships. This type of market dynamic triggers a rare opportunity to scale market share by leveraging the consumer’s willingness to accept change, or you just might wake up to a shredding drop off in customers.
Many brands are empowering market uncertainty by rethinking their target markets and assessing their channel and messaging strategy to determine if what got you here still holds up in light of the pandemic’s influence upon consumerism.
The only certainty that one should adopt is that what got you here will not get you where you need to be! Sticking to an existing marketing plan, based on historical targets, will likely cause a brand to lose relevancy and ultimately manage a downward trajectory by falling out of sync with our current shifting market environment.
SMARI is witnessing this type of scenario with our clients across a wide range of categories. A once functional brand’s strategy now needs to be revised in one of three alternatives; 1) dramatically, 2) somewhat, or 3) minor messaging/channel enhancements. Determining how to adjust your targeting strategy and supporting product value proposition requires an up-to-date assessment of current customer realities, inclusive of evolving needs, wants, and desires. Done correctly, the ability to project emerging opportunities will ensure relevancy and profitability. Let SMARI inspire your confidence and guide enlightened change.