COVID-19 was a game changer, so now business owners are adapting their brands and business plans. Here's how you can do the same.
Remember when you were just planning out your 1st fiscal quarter of the year? You blink, and suddenly you are in the 3rd quarter without even noticing. This is a situation that a lot of people are now experiencing after two years of lockdown.
The entire game was changed by this pandemic, for the good and the bad. Business models we thought were integral are now being reviewed, and new forms of media are now considered the norm.
In the advent of this new change and the winding down of the pandemic, people are starting to reinvent themselves and their business plans.
The pandemic is affecting global supply chains, economies, business networks, and consumer ideals. While things are opening up, we are still at the tentative stage of recovery. So our focus must lie in digital marketing as it gives us the most reach with minimal risks.
How can we do that?
Well, first, we start by accepting that the market is not the same as during pre-COVID and committing to learning how to adapt to it.
To help with this, we have a series of articles about utilizing Compounding Content and other ways to market in this new digital age.
For this article, we're going to introduce another concept to help transform your business model: The 3 E’s of Brand Reinvention.
3 E’s of Brand Reinvention
1. Evaluate
It is time to take a closer look at your old plans and strategies. We aren't saying you should throw out everything. You just need to be honest with yourself.
What part of the plan didn't work as intended? What are the roadblocks that caused you to lose leads?
By being honest about your plans and their shortcomings, you are able to grow from there. This isn't saying your plans aren't great. It just means your plans were created in a framework that doesn't fit anymore.
The best way to do check your last two quarters of the business year. By looking at these results, we can check where the plan didn't go as desired. You need to look at it critically. this is about weeding out the process that doesn't work.
2. Emulate
Each of us has role models, individuals who are examples of what kind of person we want to be and provide us guidance. This is the same philosophy for your business.
The main thing about this is looking into other people and understanding what works. By checking businesses with the same values and processes as yours, you will be able to pick up ideas you might not have thought of in the first place. Sir Isaac Newton once said, “If I have seen further, it is by standing on the shoulders of giants." The same concept applies here. Use the knowledge people have and apply it to your own business model.
You need to check what the market is doing and take notes. People are always doing something new to promote their business. There is nothing wrong in being inspired by them and trying their methods to your own business model.
3. Energize
Now that you've identified areas of improvement and ideas from your aspirational businesses, it's time to energize a strategy with your own brand identity.
Put your twist on some new ideas, drive your resources in making sure that the new plan incorporates everything you studied during this process, and most importantly, be sure you have a way to track your metrics!
Keep in mind that it's important to focus on authenticity and not try out gimmicky fads, no matter how tempting. Fads are outgrown and replaced easily.
But by focusing on creating something authentically yours, you will have evergreen messaging and content that will outlast any fad or trend.
Example: The 3 E's in Action
A CBD company isn't satisfied with the number of sales generated from its email marketing campaigns. They send emails at least 3-4 times a week and are constantly having sales.
The first step is to ensure all tracking measures are in place. During this evaluation with a few sample emails, the company realized not all sales made were being tracked back to the email campaigns.
Secondly, they evaluated open rates, click-through rates, and subject lines of their emails against industry standards. They also selected their aspirational companies to follow and learned some tips on creating unique, attention-grabbing emails.
Now that they have their email tracking fixed and inspired with new ideas, they can try out some fun, new emails to their email subscribers.
Adapt your business to the new normal with LeaseMyMarketing
When you work with LeaseMyMarketing, we provide a variety of services to help your business adapt and succeed. You don’t need to do this alone! Contact us today for a free quote.