Why Every Successful Business Needs to Be Like a Mimic Octopus In Challenging Times

There's this awesome animal called the Mimic Octopus. It is - probably - the smartest one out there. It can change its look according to its environment. Is there a threat? It turns into something scary or blends it. Hungry? It will pretend to be food for the animals it is hunting for.

It can turn into:

• sea snake
• crab
• shrimp
• lionfish
• jellyfish, and much more

So why do businesses need to be more like a mimic octopus? Well, I don't mean that you need to be "cheating". You have to adjust to the times. Especially challenging ones. When markets change, customer behaviour changes, and you find yourself in the need of developing your market or new strategies, you need to be like a mimic octopus.

Marketing Like a Mimic Octopus

If you have a rigid marketing plan, and you plan five years ahead, you will surely miss some trends that you can benefit from. You will need to keep an eye on the market, and review your marketing strategy every 6-12 months.

Market trends change, new players can enter and shake up the industry, and if you miss the early signs, your marketing results will suffer. You should also evaluate your existing strategy to see whether it brings in a great return on investment, or it's time to do something better.

We have seen transformations like this before; many businesses turned to the subscription model, some focussed more on ecommerce, and others changed their packages and entire business structure. And - for many - it was the only chance to survive an economic turmoil.

Transforming Your Marketing Based on Economic Conditions

When times are tough for business, and your operational expenses skyrocket, you might be thinking about cutting back on your marketing budget. It's like cutting off your legs because you can't run a 4-minute mile.

In fact, marketing - alongside sales - is one of the only business functions that has a potential to generate money.

Getting a Marketing SWOT completed every couple of months will help you adjust your strategy before it's too late. This way, you can become the leader instead of one of the followers.

Instead of entering a price war as a small or medium sized business - which you can never win by the way - you will need to market smarter. Instead of discounting, you have to find a way to offer more value without significantly increasing your operational expenses.

There's a great guide to discounting on the Forbes Square website if you would like to make an informed decision about pricing in challenging times.

Social Media Trends You Need to Be Aware Of

If you rely on social media, you might have seen a shift from Meta to more professional networks. Don't ignore small industry-based networks; they can really work. Interactive marketing and having a real conversation is the best way to offer more value. Be the voice, build your authority, and you will reach the right people.

In case you missed the first edition of this newsletter, you can read more about Meta's problems here .

Knowing your ideal clients (people who are most likely to buy from you) can significantly increase your return on marketing investment. Just like the mimic octopus knows its environment, you have to, as well.

People are looking for educational and entertaining content. It helps them make a buying decision. Whichever platform you are using, having a content strategy plan will help you deliver both.

The Ability to Transform Gives You a Competitive Advantage

Whether you are looking to streamline your operation, focus on a new and underserved market, or change your marketing completely, you can build a strategy that will be recession-proof.

Companies that deliver true value are bulletproof. Believe it or not, Apple had a revenue record in 2009 , in the middle of the last recession. Why? Because they embraced innovation.

“In Today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.”

— Jeff Bezos, Founder, Amazon

Think about different ways you can transform your marketing to get more results for less. Keep an eye on market, customer behaviour, and social media trends, and make adjustments to come out as a winner, just like a mimic octopus.