Writing a Marketing Plan in 2020…

Writing a Marketing Plan in 2020…

Writing a marketing plan in 2020 has a number of facets to account for. Some obvious and some that are far from. If your marketing plan hasn’t or doesn’t need to change because of COVID-19, you should probably do one of two things, give your CMO a raise or fire them… I can’t really imagine a single business right now that doesn’t need to address their strategy and reevaluate some parts, if not the entire thing… Budgets have likely changed. Trade shows and in-person events are going to look completely different if they even happen at all?

Not only are in-person events completely different, but the online landscape is completely different as well. Google?? has released some massive updates, they wrapped up on May 18th according to searchengineland.com’s blog. Facebook?? ad prices are lower for now but certainly going to rise as we open up our economy and there’s less overall time spent on the internet. 

There’s going to be a whole new section of people looking for streams of income and looking to make money using the internet. Other good internet marketers will capitalize on this even more than before. Many already have. We’ll see another wave of “consultants” and “marketing agencies” pop-up online who couldn’t even tell you what a rich snippet is or why page speed is important. This will matter later on in the article so just keep it as an aside…

Fear and distrust run thick in today’s dominant culture run by the media... If you can earn trust and provide value consistently, then you’ll be able to earn valuable brand equity during this time. But if you rub your customers or clients the wrong way, or are the cause for their fear… kiss them goodbye in an instant. Loyalty will be out the window if you move outside of their psychological framework. A lot of “shedding” will happen for the product users that don’t fall into your clearly defined customer avatar. I foresee this causing more emerging markets to bloom as offshoot companies are more willing to fill spaces with apparent ceilings because “something is better than nothing” as the market currently stands.

Marketing is about seeing, hearing, and understanding

So now that I sound like a complete pessimist and have painted that image… I think it’s time we should talk about what I think a 2020 Marketing plan should look like:

As always it should start with market research and a deep understanding of your customers’ current reality… 

Let’s start by answering a list of questions;

Who are they and what are they feeling?

Of course, you should already know this but, the stress and pain points may have completely shifted…

• Are they a mother or father who feels destroyed by homeschooling and trying to manage to work as well? 
• Are they at risk and scared to leave their home?
• Single and lonely?
• Married and stressed about their relationship?

What threats could your product or service pose to them in the current climate?

• What in-person contact is there?
• Does your product or service help or hurt their finances?
• Does your company’s stance on COVID-19 align with their current viewpoint?
• To your best guess and from their perspective, Does your demographic suffer more from the threat of the disease or the economy?

What are their short term and long term needs as it relates to comfort, security, health, happiness, and normalcy?

• Can you help return normalcy back to someplace in their life even if it’s not exactly the same?
• I.e. Can you bring some sort of community aspect to their life again through zoom, FB, or another platform that’s hosting remote group events?
• This will completely depend on what kind of business you’re in. Service-based businesses will be challenged to “operate as normal” within the current guidelines. 

How can you reassure that they can find safety from your products or service? 

• Freedom and autonomy are going to be at the forefront of many customer’s minds. Being able to reassure your customers that their privacy is maintained, that their freedoms are upheld, and that you’re doing everything you can to ensure that their future is safe with you. This varies in application depending on your product or service again. 
• Are you following all guidelines set in place by the authorities in regard to operating your business? Doing this will help reaffirm to your clients and customers that you have their best interest in mind.

What do they need for comfort and happiness? 

• Many consumers are missing the physical connection we all need. What can you do to provide comfort and happiness from a distance? How can you slow down your consciousness and give your customers and clients the attention that they deserve? The more social-emotional intelligence you can bring to your interactions with customers, the more they’ll respond to you. Curiosity about their internal state and how customers and corporations help regulate for each other will create a bond and relationship that will be “anti-fragile”. 
• What’s one or two ways you can go above and beyond to meet customers’ wants and needs right now? Even if it doesn’t fully relate to your product or service, can you see, identify, and solve a secondary or tertiary problem they are having? 

When you spend time dissecting the added variables and pressures your ideal customers are undergoing, it will help you to see them. As Seth Godin famously says, “You can’t be seen, unless you learn to see.” When you spend time seeing your customers for who they are and what they want, you can provide real value, which they will in turn pay good money for!

Trickle-Down vs. Trickle-Up

Another added variable to consider is the trickle-up vs. the trickle-down economy. Restaurants and close-contact service-based businesses will need to be given money to survive right now. It’s not sad, just the truth. This shutdown has exposed how many businesses were living month to month. My business often operates on high cash flow and leaves little in the reserves for a time of emergency like what’s happened over the last 2 months. This will now be built into my business plan and security won’t be taken for granted. 

Anyways, back to the trickle-down vs. trickle-up economy… The government also just handed out a ton of money to people, and my projections are that there will be a second round of funding to help the people who live in the states that suffer economic shutdown longer. If your business and marketing plan is positioned correctly, that money will be spent on your services and products. Obviously if your product is vanity based you might consider a product pivot instead of a marketing pivot… Overall spending will decrease because income has been cut off across the board for so many people. 

Positioning yourself to take advantage of the cash injection and operating as leanly as possible will be your go-to moves as we move forward. Being as nimble and agile as your business can be will help you adapt to any uncertainties and add “suspension” to what’s guaranteed to be a bumpy ride. I’d suggest a book called Bold by Peter Diamandis and Steven Kotler for anyone interested in how to create a nimble and agile startup. Any complex but valuable product or service brought forth in this landscape will surely be through principals outlined in that body of work.

Shortages and Overabundance: The supply chain elasticity…

On top of novel and vanity based product businesses, and close contact service-based businesses... there are two markets we should look at that are going to see massive impacts and threaten our economy at a core level. Even the safety of many Americans and Citizens of the World, housing and food. 

The agricultural industry is seeing massive supply chain overabundance, similar to the oil and gas industry. Restaurants not assuming their normal monthly orders have caused a pile-up of supplies, and perishable ones at that. This could see a number of individuals looking for more local suppliers for reliability and community. We have already seen a trend of that in Boulder, CO, and the surrounding area but I think that we’ll see more restaurants nationally find more local sources, hopefully helping the gross inefficiencies of the agricultural and food distribution systems.

The agricultural system already operated in a state of overabundance prior to COVID-19, “Here's some “food” for thought: The United States is the global leader in food waste, with Americans discarding nearly 40 million tons of food every year. That's 80 billion pounds of food and equates to more than $161 billion2, approximately 219 pounds3 of waste per person and 30-40 percent4 of the US food supply.” says RTS a B Corp out of New York that’s redefining waste management. 

In order to account for the economic stretch the large agricultural businesses are undergoing, the smaller local businesses should see an uptick in business and patronage. This will see food quality disparities emerge, whether this is consciously acknowledged by the media, although the UN has raised flags early about this possibility. The disparities will be created out of access to local food and fertile soil. Certain demographics who don’t have access to fertile soil or who have a large population will likely see a huge stress in their supply chain after the overabundance fades. 

Housing markets will see an overabundance of supply as families move in together to save overhead. Prices will drop as landlords compete to keep their mortgages covered, even if it’s just partially and they have to cover the rest. 

Complicated high-rise elevator systems will limit the freedoms of many citizens living in cities. Further adding to increasingly limited freedom that will be available in cities. Overall we could see large population shifts out of states like California where citizens feel threatened by their government’s actions. This population redistribution could cause even more stress on government systems like the IRS, state, and local governments/municipalities.

So Why Point All of This Out?

The way I see it, emerging markets will be spotted almost daily as we attempt to return to “normal”. Each and every problem I’ve pointed out has an equally potent counter solution rooted in entrepreneurship, creative problem solving, and being able to see the market. As time moves further, we have two options… stare at a distant past “normal” which we aren’t likely to return fully to ever. If only for the mere idea that you can’t stand in the same stream twice. However we meet this “new normal” or pursue the old one it’s the creatives, the visionaries, and the ones who focus on seeing other’s struggles during this time that will win.

There is actually an abundance of opportunities for solopreneurs and large corporations alike to find a whole new emerging market and capitalize on the needs that many will have as we grasp for safety and comfort. The right execution will involve a combination of market research, strategy, and implementation. The internet isn’t going anywhere and if you’re not focussed on building your digital footprint through online content of all forms that add value to potential customers’ lives… You have a few months to do so before you find yourself in a world of hurt.

So remember when I said there’s going to be a whole new group of “consultants” and “agencies” who don’t know SERP(Search engine results page) from SEM(Search engine marketing)? You’re going to hear a number of crazy promises over the next few months. Make sure you work with people who have been in business for at least 2 years and have a list of proven results. 

Don’t trust your business in this time of crisis to just anyone. Find someone who can help walk you through proper market analysis and create a complete marketing strategy for your business. If you’d like to speak with us at The Media House we’ll sit down with anyone and look into your current marketing issues, if we can’t solve your problems we’ll point you to someone that can. That’s our promise.

Good luck in 2020 and beyond, if you find yourself at the end of 2022 and still in business… You did something right in April, May, or June of 2020 to get yourself there. Make sure you’re that person by implementing the right strategies today.