Businesses facing survival threats there are not digitalized or pivoting enough. Here are some tips to help in a good reboot.
The alarming rate with resurging COVID-19 cases have resulted in Movement Control Order implementation 2.0.
In such a difficult market situation, new marketing strategies are now vital for businesses in Malaysia to survive and thrive. One firm that has collaborated with top SMEs and MNCs to provide digital marketing services has some tips to recommend.
- Reevaluate your business marketing
At its core, a good marketing strategy includes a deep understanding of the target market. Once that is figured out, the business brand and its marketing strategy can move towards fitting in with the target market’s perspectives. The pandemic has called for a change in the market’s infrastructure, so every business will also need to redevelop an appropriate marketing strategy.
The first action to take to develop a new marketing strategy is to reassess and reevaluate the business’s assets and messages from a different perspective. Amid high unemployment rates, economic and general anxiety—messages, and business marketing strategies need to be aligned with societal status and financial hardships.
Market share lost to the competition during this time will take a long time to rebuild. Therefore, it will all come down to the effective search-marketing strategies in moving your brand and business forward.
- Improve communication channels
Without revamping services and providing strong digital alternatives, businesses face survival risks. As consumers move online, businesses must be in the digital space too. Even then, standing out in a competitive and crowded digital space requires an improved communication channel.
Brands and businesses must keep connected to the target market by focusing on digital marketing efforts like paid ads, search engine optimization (SEO), social media, and email marketing.
For business communication and marketing in the pandemic normal, businesses unable to catch up may wish to consult digital marketing agencies to focus on the true relevance of their products or services and finetune their business efforts.
- Readjust business models
Fundamental changes in consumer behavior, supply chains, and routes to market are knocking companies off balance. Responding to the pandemic has underscored leaders’ need to accelerate agile ways of working and value chain transformation to help outmaneuver uncertainty.
It is now vital to readjusting business models to adapt to the current economic situation. With a large portion of consumers currently active on social media, refocus your business models to take advantage of social media channels to drive customer engagement and experience.
Unlike the physical brick-and-mortar model, businesses going online will not wholly replicate the in-person services and experiences, so take proactive steps to keep consumers coming. Essentially, giving back to the community by offering helpful online content and tools, and thoughtful membership promotions can build brand awareness and loyalty.
Digital marketing consultation
If a business is uncertain about how to achieve the abovementioned pivoting processes, specialist digital marketing firms can help.
Through updated and personalized advice on SEO performance audits and analyses, website SEO optimization and social media advertising strategies, such services may even deliver better results than in-house marketing teams.
Work with such firms to find a new business model and strategy, send out a message that resonates with the community, and invest in new technologies to gain and retain market share while remaining digitally competitive.