Adapting Your Marketing Strategy to Current Market Conditions

We all know that market conditions have changed forever and there’s going to be a “new normal” in the upcoming future, but how can you adapt your marketing strategy to mirror this new normal?

According to an article by MarketingDive,

The old business maxim that "change is the only constant" has taken on new meaning in the age of digital transformation and, now, social distancing. Entrepreneurs and business strategists talk ad nauseam of disruption. But what if the velocity of change is so fierce that it calls the very definition of disruption into question? Perhaps it's time to update that classic maxim to reflect present innovation realities and prepare for a new decade of technology-driven marketing — a decade where continuous transformation is the new normal.

1. Companies need to need to be creative and even disruptive when building their brands

Before COVID-19, it felt like we were drinking from the land of milk and honey, with barriers to entry in markets being quite low, while what we’re seeing with this pandemic, is that the barrier t entry will be higher.

2. Purpose Is going to be HUGE

Brands need to focus in on and tailor their purpose/value proposition, in an effort to walk new consumers through a journey that identifies certain traits that are relatable.

3. Data is going to set companies apart from each other

While the collection and analysis of data was popular before COVID-19, it’s going to be even more important for you to collect and use the right data, to ensure your company is making data-driven decisions.

4. Make Small, Careful Steps

During COVID-19, it’s important