Captain Obvious here. The COVID-19 pandemic had a huge impact in all our personal lives and forced businesses and organizations all across the globe to redefine how they will operate, both now and going forward.
This past year marked the start of many patio dining spaces, ecommerce stores, telemedicine practices – among many others – and the one thing they all have in common, no matter what industry they’re in, is they were forced to get creative and think outside the box.
And for those of you who are anxious to get back to “normal”, I have some bad news. I’m not so sure that world will exist again. We need to consider the “new normal” as we emerge from this pandemic. But, good news, we can take what we’ve learned from this experience and come out the other side – hopefully even better than ever.
It’s no surprise that with all that’s been going on that customers have changed. The way we view the world has shifted and that means as a business, we need to ensure we are moving with the changing world – otherwise our marketing can fall flat.
In a year where consumers spent most of their time at home, marketing had to change. Businesses needed to adapt and many began offering services and products online for the first time. This push to accelerate a digital transformation will change how marketing planning and buying will look long into the future. A March 2021 UN report on Global Trade, shares that e-commerce captured 17% of the global retail trade in 2020, growth of more than 5% globally over 2019. It is expected that this sharp rise in e-commerce will be sustained during the recovery.
McKinsey predicts that the shifts in consumer behavior requires change in marketing. With overall consumption down about 15%, and recovery projected in 2023, consumers are now leaning toward trusted brands, are more selective in their choices, and expect a great customer experience. Further, environmental, social and governance factors are becoming more and more important to consumers. A 2021 PwC pulse survey of executives in the U.S. suggests that 44% of leaders consider building and sustaining consumer trust their top priority for 2021, followed by 27% focusing on their employee workforce as their primary priority in recovery.
So how does all of this play into your business?
With the powerful growth of businesses to e-commerce, the social and political pressures across the globe, the impacts of factors out of your control, like the pandemic, being nimble in your approach is more important than ever.
Further, the demands of consumers have changed. They want to support businesses that empathize with their needs and show them that they can solve their problems. They are also more curious than ever about your brand’s values and your driving forces – your “why” – so you have to make sure your brand messaging and marketing reflect more than just promotion of products and services. And, without a doubt, a keen focus on customer experience and service is table stakes in business anymore. It’s frankly not an option if you want to survive.
Seth Godin said, “the future belongs to those that can market and impact smaller, specific audiences.” Meaning that instead of focusing on targeting anyone and everyone with your content, you should aim to make an impact on a smaller, niche audience first, and then let those customers spread the word about you.
Bottom line, businesses can’t try to be everything to everyone. We need to focus on who we are trying to reach and align our strategy, content, marketing and advertising to that specific niche audience. Godin calls this the “smallest viable audience”. In short, do less, but do it better.
That is the different normal.
Our team at Boss Lady Consulting has decades of experience in identifying key audiences, creating customer profiles and developing messaging and strategies that have impact, deliver your brand effectively, and drives growth.
Contact us today to book a free consultation call, where you’ll learn more about how we can create a targeted strategic plan for your business. We look forward to connecting!