Determine What Works and What Doesn’t
This year has been a roller coaster ride for all, especially for small business owners. Chances are your small business experienced its fair share of achievements and shortcomings in 2020. Moreover, your business likely had to reallocate resources as well. If this sounds familiar, it’s important to take careful note of what products/services and business decisions were profitable and which ones weren’t as well as the reasons why. This entails closely examining your data, specifically your messages, timing, strategy, and performance. There is plenty to learn from both the positive and negative small business experiences of 2020.
Refrain from Planning Too Far Ahead
Pre-COVID, many businesses would finalize their B2B marketing plan in November or December in preparation for the following year. If we’ve learned anything from 2020, it’s that the future is uncertain, and planning too far ahead can be counterproductive. For instance, it remains to be seen if 2021 events will be in person or virtual. Additionally, it’s difficult to predict if your target audience will favorably respond to digital forms of communication after being barraged with it over the past few months and likely the next few as well. However, planning at least a quarter in advance is critical to running a successful business – just be sure those plans are flexible rather than set in stone.
Consistently Evaluate Crucial Data
You’ll also want to thoroughly examine every channel your company utilizes, every goal your company has set, and every message you’ve distributed. Equally important, is taking a step back and looking at the grand scheme of things, including your overall business goals; your company’s mission, vision, and values; market positioning; and competitive research, according to Forbes. Also, study the media that covers your particular vertical market as mass communication has changed dramatically in response to the pandemic.
Move Spending Around
Marketing teams have had to roll with the punches in terms of allocating spending in 2020. Although, numerous companies have seen success by shifting their spending from in-person events to their website, pay-per-clicks, and content. If you’re worried about setting the wheels in motion, just remember there is minimal risk when you’re planning quarter to quarter. This is the time to get creative and organize unique virtual events, utilize lead generation tools, and incorporate advertorials. Be sure to take advantage of SEO, ABM, and other pertinent digital marketing tools as well.