Economic analysts are not exaggerating when they claim that 2020 shook the markets. Undeniably, the pandemic has pushed both buyers and sellers to be wiser with their investment and purchasing decisions. Hence, businesses need to embrace this reality to adapt to this fast-changing economic landscape. To achieve this, companies should make the most out of the fourth fiscal quarter. Keep in mind that is vital for your business to end this year strong. More than that, Q4 is also the best time to construct a marketing funnel strategy that will not only maximize profit for 2021 but also ensure the sustainability of the company. We have collated these marketing strategies to help you construct the marketing plan that will allow your company to finish strong and set the tone for 2021.
1. Communication with your customers is critical in year-end marketing
The pandemic has brought about many changes in consumer behaviour. For instance, many market studies in the country report that consumers are going back to basics and are placing a bigger premium in weighing the value of products in the long run. While these studies give you an overview of the general changes in consumption trends it would be instrumental to your marketing plan to field for product ideas from your clients. This way, you can gather information as to how you could improve your product design and services. You are also able to collect suggestions and input on what you could potentially produce for 2021. It is also important to note that as lockdown protocols are loosening in Q4, this is the best time to engage with your customers and increase your visibility. Investing in search engine optimization (SEO) will do miracles for your business.
2. Assess what your community needs
The atrocities of COVID-19 have pushed people to reprioritize and inquire about their lifestyle choices. Consequently, this significantly altered the dynamics of your community. In creating your Q4 or year-end marketing plan, customer input, and your sense of awareness as a business owner and as a consumer yourself is equally valuable in your decision making. You can do a market study on what customers are looking for, source out these products or services, and assess whether or not this can be something your business wants to take on. It is important that in conducting this market study you can equally prioritize sustainability and profitability.
3. Be comprehensive with your Q4 or year-end marketing goals
Now that state efforts are focused on reviving the economy, it is of importance to adjust your marketing plan accordingly with government and private programs in your area created to help business owners regain their footing in this pandemic. To do this, you must identify your short and long term goals in the context of sales, publicity, or partnerships. These goals must be comprehensive. You must also create instruments to determine the success of these goals. This way you can assess where to invest your resources, maximize the gains of your investment, and recognize if these goals are suited to your business. It is in Q4 that these programs are likely to have a solid plan of action on how to help companies and you should take advantage of these opportunities. Remember that you need all the help that you can get.
4. Determine the right platform
To create an effective marketing plan it is important to be aware of the fact that while lockdown protocols are beginning to loosen there are still significant limitations on movement. These limitations have forced citizens to stay indoors hence, personal and professional responsibilities are done online. Studies report that the screen time of an average Australian citizen increased by 70%. Knowing this, your marketing plan should center on investing in an online platform to market your products and services. It is imperative that you are able to advertise for your business and advocate for your company’s values in the right spaces. Investing in inbound marketing and social media marketing will surely alleviate pressure from your business in terms of staying relevant and being bankable to consumers.
5. Calendar everything for your year-end marketing and 2021 marketing efforts
Things can get overwhelming at this point of the year, especially for business owners. As Q4 demands everyone in the team to collaborate in creating content, sending out holiday greetings, managing orders, and facilitating promos all the while trying to come up with new products and ideas to launch for the upcoming year. Organization and communication within the team would be vital in carrying out an efficient Q4 or year-end marketing plan. Calendars will allow your team to mentally and physically prepare for their tasks and voice out their grievances on schedule. Essentially, this will allow your business to conveniently collaborate. This is also one way to seek accountability from your team members in terms of keeping up with deadlines and their deliverables.
6. Explore opportunities for collaboration
As big companies were forced to cease their operations during the onset of the COVID-19 outbreak; more consumers have recognized the importance of supporting local businesses. At this point in Q4, a lot more consumers are compelled to buy from businesses around their area as their contribution to reviving the local economy. Given this, in creating your year-end marketing plan it is worthy to consider how you could collaborate with other local businesses to maximize profit. This collaboration can be on advertising, product innovations, or improvements in service delivery.
Your marketing plan for Q4 can make or break your short-term and long-term gains. In these uncertain times, your marketing plan will serve as the foundation of your company. You must be able to provide a solid core for your business. These strategies will help you create a marketing plan that will allow your business to stay relevant, reliable, and bankable. These characteristics are vital especially now that consumer behavior is constantly shifting your business should always be ready to adapt and provide what the customers need. Maximize your resources and the help from your community and the government. Remember that your business plays an important role in the recovery of the overall economy.
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