Certain Planning for the Uncertain

Certain Planning for the Uncertain

During the Covid pandemic, businesses have been looking into various ways to adapt; remote working, pivoting product & service offering, and simply surviving the onslaught of uncertainty. Between the connection problems and long pauses, businesses face many challenges during the pandemic such as tech-savvy rivals, unpredictable changes, and their employees’ work-life balance. How might a company make impactful decisions to solve these problems during uncertain times?

In this segment, Orchan’s Founding Director, Farrell Tan, shares his opinion on how businesses can better plan their future, maintain brand loyalty, and make use of digital media.

 

How can businesses create an opportunity for themselves in a time of uncertainty?

Uncertainty has always been a part of business, but in an economic downturn it seems to dominate everything. Today, no one is sure how long the lockdowns will last, how consumers will react, whether we’ll go back to the way things were before, or see permanent changes in consumer behaviour.

Start again with a plan – one of the biggest mistakes that businesses continue to make is acting without a plan. This is a good time to dust off your business plan and adjust your strategies to better align with the current financial climate. Take a fresh look at your business’ value proposition. Research your competitors and talk to your customers. Make a thorough inventory of your strengths, weaknesses, opportunities and threats (a “SWOT” analysis). Use your findings to update your business plan and set a renewed course for achieving your goals.

Prospect for new clients. Prospecting can be challenging, but if you bring your expertise or service to where your potential customers are, it may be easier than you think. Join their business associations, or offer to speak at events/webinars. Start a newsletter or write articles for industry publications. Just get your name consistently in front of your prospects. By demonstrating your expertise and projecting professional polish, you can set yourself apart.

Strengthen relationships with existing customers. Keep your customers happy. Find ways to add value to your products and services, and stay in touch – by phone, mail or email — to keep your brand top of mind.

Build your online presence. Be a presence on social media such as Facebook and LinkedIn, even start a blog.

Take care of your employees. Let your employees know they are valued — with benefits as well as training opportunities that help them build new skills and bring new value to your organisation. Be honest about your business’ finances and how your employees may be affected. If you’re able to retain them when times are tough and unemployment is high, you’ll be rewarded with a loyal and engaged workforce when the economy turns around.

How should businesses plan for the uncertain future and what are the main factors to consider?

By nature, not all future events can be fully prepared for, but you can equip your company with the tools necessary to fend off potential threats by developing specific plans for certain situations.

1. Understand what's happening. One of the best ways to combat financial uncertainty is to stay abreast of economic indicators. By educating yourself on the general state of the economy, what decisions are being made at the national level, and how economic forecasts might affect your industry, you can put yourself a step ahead of others.

2. Prepare for multiple outcomes. A successful company prepares for multiple outcomes regardless of what's expected. Foresight enables you to respond effectively in all circumstances. The best way to prepare is to include all departments and employees in the planning process. You'll get fresh, unique perspectives that are more likely to result in critical and innovative thinking.

3. Consistently review. A forward-thinking company understands the value of analysis. Are you constantly reviewing your business plan to ensure it is current? This is a particularly helpful way to combat changes in consumer demands. If your business plan is still addressing the needs of customers as they were five years ago, the odds are it's out of date and in danger of extinction.

4. Build relationships. The best investment you can make for future stability is relationship building. Whether it's tough times in a struggling economy, a lack of resources, or changes in demand, healthy business relationships can help you weather the rough patches.

 

How do you communicate to the stakeholders on the changes of business practices caused by the pandemic?

Every crisis has a life cycle, and emotional states and needs vary with the cycle’s stages. The good news is that the fundamental tools of effective communication still work. A crisis limits people’s capacity to absorb information in the early days. Therefore, you need to communicate clearly, simply, and frequently.

People’s information needs also evolve in a crisis. Different forms of information can help listeners to stay safe, cope mentally, and connect to a deeper sense of purpose and stability. Trust is never more important than in a crisis, so be honest about where things stand, don’t be afraid to show vulnerability, and maintain transparency to build loyalty and lead more effectively.

 

How can businesses maintain brand loyalty when consumers are considering new alternatives?

Affected brands will need to rethink distribution models and experiment with new ones. Consumers will also expect more from the brands they support in the future, so brands have to make sure that they remain true to their values and place consumers' interests at the heart of everything they do. The ‘at home’ lifestyle will also remain a driver of change, and potentially new opportunity. Brands will need to map out its customer journey i.e. where, when and how, so that it becomes an integral part of their at-home lives. Essentially, brands that survive tough times are the ones that weave themselves into the fabric of their customers’ lives so that they become more than just the products or services that they sell.

 

How does digital media play a role in helping these businesses? Are they contributing positively or negatively?

The sad truth is that Covid won’t disappear anytime soon. Businesses that had until recently relied exclusively on traditional marketing channels need to come to terms with the revelation that the future of marketing is digital and act before it’s too late. Those who do will have the best chance of surviving not only this crisis but also the next one.

Regardless of which digital marketing channel you decide to start with, you need to keep in mind what consumers expect from businesses during a crisis and adjust your digital marketing tactics accordingly.

First and foremost, be mindful of your tone and avoid being humorous or inappropriately casual. Even a well-meaning joke may offend consumers who have been hit by the pandemic hard. Instead, be positive, helpful, and inspirational.

Unless you’re one of the businesses that have been deemed essential, you should focus on providing value to your community. Simply seeking conversions is guaranteed to turn people against you and possibly even result in a massive online backlash.

Finally, don’t promise what you can’t deliver. The COVID-19 pandemic has disrupted the entire global economy, so there’s no reason to hide the fact that you can deliver products or services as quickly as you can normally.

By keeping in mind these essential digital marketing tactics, you will be able to get your digital marketing campaign off to a great start and make the most out of the current situation.