Marketing strategy

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

Your business strategy.

Historically, this has been something to review every two years. But now? It is a constant process of adaptation.

While your mission, vision, and values ​​remain constant, it’s how you use them that changes most regularly. Some clients review 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 difficult landscape, what can you do to stand out from the competition?

Only the Agile Survive

Difficult 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 the successful are those who react to change and show flexibility in the face of a difficult market.

It’s tempting to think you’re too big or too successful to fail when the hard times come, but the world is littered with the bones of companies that have embraced this attitude. When the world changes, your business must 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 the pulse of the industry, understand the changing landscape, and track the success of your current efforts. With this knowledge, you will be in a better position to evolve into new marketing channels and strategies.

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

Hard times ahead

It is almost certain now that we are entering difficult economic times. The resulting adversity will put pressure on people and businesses to make the changes needed to weather the storm. Inevitably, some industries will be hit harder than others.

When it comes to the built environment, there are likely to be fewer people able to move out, fewer first-time buyers willing to accept interest rates of 5% and above, and skyrocketing material costs for promoters.

From architects and engineers to transport companies and construction companies, this will have a ripple effect.

Ultimately, there will be more competition for less work. Whether you’re working with an internal team or an external agency, there’s no better time to take your marketing seriously and develop a strategy to weather the storm.

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