There was a phrase that was popular in the late 20th century that advised “no one ever got fired for buying IBM.” It was a meme that implied you were making a prudent choice in your technology partner, because IBM was so ubiquitous and so darn reliable, you couldn’t possibly go wrong if you chose to pay the extra fees and engage with such an established leader. (And talk about a GREAT branding platform for IBM!)
Here in 2020, it appears there’s a new version of that old trope as it relates to marketing. It would read “no one ever got fired for being cautious during the COVID-19 crisis.” And if you look around, all you see are brands being cautious. Brands stepping back. Brands holding on to their marketing spend. Brands putting their agencies in lockdown “until further notice.” CMOs, VPs of marketing, brand managers, and other senior executives are in full wait-and-see mode, and some of them have quickly pivoted to warmer and fuzzier messaging platforms in the short term.
If you own or represent a brand right now, it’s likely that you or someone in your organization has ordered a “pause” on some or all of your marketing activity. After all, it’s expensive to “keep the lights on” an operation that isn’t (or can’t be) visibly returning results. And you’d be more than justified for being cautious and for demonstrating prudence with your precious budget.
However, you’d also be violating one of the immutable laws of marketing. And that is to find competitive strategic advantages over the other producers in your category. Hint: now is absolutely the time to do it.
While your competition is sitting on the sidelines, you gain zero ground by sitting on the opposite sideline. Competitive marketing never stops – even when it looks like all marketing has stopped.
Irrespective of your brand category, or what position you own in the category, here are six cornerstone marketing efforts you can put to work right now (without spending tons of money) to gain an edge on your competition:
Focus on or improve your core product/service
Can you add a key ingredient, or replace a less-than-desirable one in your product formulation? If you’re a more service-oriented business, is there a new policy you can put in place that would give you an edge over your competition? (Think longer warranty period, free upgrades, adding value in new or unorthodox ways.) Put some structure on this. Give it language. Give it a name. Start talking about it.
Add new products or extend your line
If you’ve ever thought about why you’re not gaining ground on your competitors, maybe it’s because you offer limited choices. Think about adding new flavors, new varieties, or new services to your practice. Hiring a new subject matter expert into your practice is almost the same as acquiring a new company, so consider how you can go “wider” in your business, and give consumers (existing or new targets) more opportunities – and reasons – to interact with you.
Re-evaluate or re-negotiate your distribution deals
Following on the heels of having new products or an extended line, this is a great time to read the fine print on all your contracts. Especially your distribution deals. Can you get more lineal inches in your current deal? Maybe you can reduce costs in some way, since third-party resellers are taking it on the chin right now. They’d be hard-pressed to avoid losing your business, so take advantage of the opportunities while you can. It’s also a great time to hear proposals from new distributors or brokers or affiliates who are also innovating to stay relevant.
Do some research/learn more about what consumers really want (or who your consumers will actually be)
It’s very likely that consumer behavior will be altered in many ways as we either return to normalcy or forge whatever the “new normal” will look like. This is the crucible of competition – find out why consumers may have chosen a competitor over your brand, and see if you can accommodate their desires. Is it price? Is it a personal touch? Is it the ingredients? Is it your location? You’ll never know if you don’t ask, and paying people for their opinion right now makes you look magnanimous as well as appealingly curious.
Think about a new approach to your advertising
We’ve seen many brands pivot to a more “we’re with you” approach in the last several weeks, and it’s likely we’ll see even more message morphs in the coming months. But maybe it’s time for a new thousand-foot strategy. Maybe it’s time for a new tone. Or a new face. Or something classic and familiar. The point is to zig when the rest of your competitive set is zagging (or lagging. Or sagging. Or gagging. This is fun.) At the very least, you’ll get more attention, and that’s always a good thing.
Develop at least three strategic marketing plans for your brand
It must be said that no marketing strategist is ever right 100% of the time. So make contingency plans. The marketplace will be different, so make sure you have plans to address whatever those differences might be. For instance, it’s possible one or more of your competitors may fold. So have a talk with your bank (or investor group) and be ready to acquire at a favorable cost (if that makes sense,) or to at least swoop in and grab the lion’s share of that brand’s customer base. It may not be so rosy, so consider what some worse-case scenarios might look like, and script responses to those as well. With so many unknown variables, you can keep your team focused and motivated by creating pre-coordinated plans and putting them in place for virtually any outcome.
Stay in touch with all stakeholders
Speaking of all of this, it’s a great time to have renewed and refreshed conversations with all your stakeholders. Let them know that you’re thinking ahead, and thinking positively. Let them know that they may be called on to think outside the boxes of convention. And most importantly, let them know that they will play a role in kicking the competition in the teeth, and getting ahead when all this uncertainty is behind.