As the Government begins to make hints about its lockdown exit-strategy and the timing of the possible loosening of the current restrictions, it is important for all businesses to use this quiet period to prepare for doing commerce again after lockdown.
Get ready for a changed business environment
It will not be a simple case of opening up for business as before. The business world and your customers’ needs will have changed during the interim period. What will this mean for your Marketing Plan? I have selected an image of garden tools to illustrate today’s topic. It neatly captures my message to you, which is: Please prepare by doing spadework now with a variety of tools to give your business the best opportunity to flourish post-lockdown. It would be wise for you to begin those preparations now, so that you’ll be ready whenever the restrictions are lifted. Imagine that you’re taking steps similar to preparing your own vegetable-patch. A thorough Marketing process will permit your business to be sustainable and self-sufficient, like having a vegetable patch in your back garden. Here are the steps which I recommend that you begin immediately:
STEP 1: Revisit your Marketing Audit
Use your first Marketing tool, PEST analysis. In the changed circumstances, you need to update your assumptions about the context in which your business operates. This process will help you to identify whether the altered environment will require a change of Marketing Strategy. Prior to conducting your PEST analysis, it would be wise to check your recent business performance by examining your current product portfolio. At this point, it will be appropriate for you to deploy another tool that’s often used in Marketing and/or business Coaching: SWOT Analysis. This will focus you on finding the Strengths, Weaknesses, Opportunities and Threats of your business in the current circumstances, which requires an awareness of how your competitors have fared during the disruption. Having completed all the hard digging into your place in your market, you will be ready to update your plan to begin a new phase with fresh thinking.
STEP 2: Check your business goal
In the light of the global disruption, which has affected everyone’s way of life, your business goal may have altered to reflect your changed priorities.
STEP 3: Consider your existing Marketing Strategy
Will your current approach fulfil your latest business goal? If not, has your digging revealed a new path which you can pursue hereafter?
Please feel free to contact me with any questions on this topic. Good luck with developing your business in a world post-lockdown and post COVID19.