Business101: How to reposition your business
By Ben Bierman
JOHANNESBURG - Covid-19 and the subsequent nationwide lockdown imposed to contain its spread have impacted South Africa’s business landscape in a massive way, with many companies not surviving and others operating at reduced capacity.
While businesses welcomed the recent move to lockdown level 1, they are now faced with the challenge of rebuilding their customer bases and starting the journey towards recovery under social distancing and safety procedures that are here to stay.
Business will do well to take a hard look at their marketing strategies and ideas that have already emerged as a result of the pandemic.
Herewith are tips to reposition your business.
Acknowledge that the last few months have likely changed everything and new competitors have emerged. As such, some business models are no longer viable anymore and customer priorities have shifted. Start with a reality assessment to determine where the business is to include a full analysis of your consumers or shoppers, suppliers, competition, capacity, capability, and organisation.
Remember that customers need to feel connected as the pandemic has been tough on them. Show that you are there to stand by them through social media, email or other communications campaigns. Make sure your tone is authentic. Think like them and show them. Avoid being too forceful with your messaging. Do not promote fear.
Redirect more of your advertising budget towards online marketing. Not only are online ads cheaper to distribute but research has shown that they are also less expensive to convert users into leads and customers.
Advanced data analysis has never been more accessible and every bit can be used to build a way forward for your business’ marketing efforts. Your finance and collections department are incredible sources of information about shifting priorities and spending capabilities. Your social media team’s feedback can also help you to adjust strategies in real time. A partner who can provide more holistic views and data of the wider market is probably one of the best investments your business can make while you are rebuilding.
Bierman is a managing director at Business Partners Limited.