This unprecedented pandemic is creating a shift in behaviors among customers, resulting in changing needs and potentially a desire for new brand connections. Many brands are rethinking their target markets and assessing if their strategy still holds up in light of the pandemic. Sticking to an existing marketing plan based on existing targets may cause a brand to lose its relevancy and growth trajectory in this ever-changing environment
We’ve seen with our clients across wide range of categories that a brand’s strategy may need to be revised dramatically, somewhat, or not at all. Determining how to adjust a targeting strategy requires an assessment of current customer attitudes and needs, and having the ability to project future needs states.
Here are three questions we address with our client’s brand teams to determine potential changes to a targeting strategy:
1. Is your brand and its products becoming more visible in the marketplace, or being eclipsed by others with a more compelling value proposition in this time?
2. What additional customers can you bring into the fold, and how can you ensure a successful migration to your brand?
3. What customers appear to be moving away from your brand, and how can you mitigate the potential losses?
Brands that are successfully navigating the evolving situation incorporate continuous learning to keep a pulse on where their customers are heading with their needs.”
Answering these questions is not a “one and done” event. Brands that are successfully navigating the evolving situation incorporate continuous learning to keep a pulse on where their customers are heading with their needs. They’ve also clearly identified and adjusted their targeted segments based on new attitudes and behaviors.
The key is to have a rigorous, yet flexible approach to your targeting efforts to focus on the segments with the best opportunities to build customer connections and brand growth.
Want to discuss how to assess your targeting strategy during this unprecedented time?