Mistakes to Avoid When Building Your Marketing Plan for the Remainder of 2020

By now, everyone has experienced the effects of the pandemic both personally and professionally. Not only have many companies had to change their business approach due to new regulations and consumer spending, but they have also been forced to reevaluate their whole marketing plan.

Companies need to be smart about their business processes, future ambitions, and marketing plans. Companies need to avoid giant mistakes like replicating the same budgeting process they used at the beginning of the year or not thinking about new expenses and potential changes to their marketing ROI. 

Below, we’ll cover some of these critical mistakes that your company needs to avoid when re-building its marketing plan, how failing to do so can hurt your business, and what you can do to get back on track. 

Waiting for a Business to Open

The problem with waiting is that potential customers will not keep your brand or product in mind without marketing. And without this awareness, when doors open up for business again, people are less likely to buy your products. Remember, in business, knowledge is power. Analyzing, leveraging, and collecting the correct details and information about your prospective consumer is the difference between market failure and leadership. Better advertising and marketing can retain existing customers, even in a pandemic, while attracting new customers and outpacing the competition. 

Assuming your Prospect is Unchanged

With this pandemic came significant changes, including how consumers spend and what they look for in a brand. Even though this "new normal" brought consequential changes for businesses it should also serve as a wake-up call that you need to reevaluate what your prospects are like through surveys and interviews

You cannot expect your customers to stay the same. If you do, you risk being out of tune with their buying behaviors, how to meet their needs, or how to engage with them. This ultimately will lead to a decline in sales, loss of prospects, and dwindling profits.

Ignoring Competitor Re-positioning

Competition is inevitable, no matter the market. However, it is crucial to study your competition and evaluate their tactics. The competition knows they also need to make changes because of this pandemic to succeed, one of which is repositioning themselves to appeal to the New Normal consumer. 

By not taking this threat seriously, or not making sure your market research is appropriate, the marketing plans you create may position your company in a way so that you are boxed out by your competition. It should be a company's goal to convince their clients or customers to work with them, creating an impenetrable position that a competitor cannot take away. 

How to Succeed in this New Normal?

The remainder of 2020 can still be won, but only when you address this "new normal" head-on. Many companies may want to coast or "hibernate" until this crisis is over. However, this is the wrong impulse and can leave you in terrible shape when you do decide to make a comeback.

So what can you do to turn your business around? You need to learn how to re-adjust your goals and positioning. That means preparing a new marketing strategy that is flexible enough to adapt to the surprises of 2020.

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