Did your business successfully adapt your product, your channel to market, and maintain and attract new customers over the past two years?   McKinsey & Company recently reported 75% of consumers switched to a new store, product or buying method during the pandemic.

With a bumpy ride forecast for 2022, and we grapple with a recession, businesses need to continue to adapt and adjust to their customers needs as we navigate the future.

While Roadmap Strategy are strong advocates for having a long term vision and plan, we encourage you to regularly check in on your plan to ensure you are still on track, or you need to adjust your path forward.

Consider the following
1. Do you need to adjust your business goals?
2. Have your customers’ needs changed?
3. Does your product need to be adjusted?
4. Can your marketing effort deliver better results?

Easy cost savings are in marketing – however ruthless cutting marketing spend is a mistake, and one that you will likely pay for in the long term, and maybe never recover from.   Brands who stop advertising (go dark), loose their share of voice in the market, their customers forget about them and move to alternative brands.

On the flip side, businesses who maintain or grow their advertising spend during recessions not only set the company up to survive the recession, but they thrive in the period that follows.

This result has nothing to do with the recession, it has everything to do with advertising share of voice. Simplistically, if you are the only brand in the market advertising and promoting yourselves, your brand becomes the only brand in the segment for the consumer.

While during the recession it is likely you will experience a reduced return on your advertising investment, you will likely increase market share, and once the economy improves your chance to maintain market share is strong.

However, if you go dark, you risk a competitor or alternative product grabbing your customers attention, and the place in their heart that you once owned.

We can help you navigate the future

Roadmap Strategy is a Marketing Partner agency based in South Melbourne.

We can help you with your marketing and brand strategy, or a completely outsourced marketing solution including creative, branding, social media and advertising.

We also offer marketing mentoring for CEO’s, marketing leaders and their teams to help build your business’ marketing muscle.

We’d love the opportunity to discuss the best way to help you achieve your business goals, by helping you as little or as much as you need.

Alison McDowell

Director