If you feel like rapid changes to business practices and the economy have given you whiplash, you are not alone. The impacts of the global COVID-19 pandemic and the downshifting economy have led many businesses to quickly pivot. Amid these changes, you are no doubt asking yourself how you can better fortify your business for the future.
How to fortify your business for the future
Fortunately, new technologies and trending practices can give your ventures the protection they need to survive in any economy. From cloud-based data services to agile marketing frameworks, you can secure your business with vital technology and strategies. Let’s explore how marketers across industries can work with their companies to make a real difference, then learn how to apply these essential protections. There are three important questions to ask.
How can marketers make a difference?
You may be asking yourself how marketing alone a source of business protection can be. However, as a marketer, you play a unique role. You can coordinate with every other department and spread the insights needed to help your business thrive. Virtually every business practice can be seen through the marketing lens and analyzed for improvements.
Data analytics, for example, are necessary to marketing success. Nearly every business now incorporates data into its decision-making processes. As a marketer, it is your job to analyze customer demographics, trends, and market competition to develop a powerful strategy. These insights can make all the difference when securing a business’s ability to thrive even in difficult economic conditions.
It is essential for marketers to effectively communicate data-driven insights across departments. Research and development, information technology (IT), and human resources (HR) need this important information. Providing this protection, however, means marketers must have the ability to collect and analyze data. Then, they need to effectively communicate that data across the company.
Marketers can make a difference by honing their communication strategies and learning how to apply a narrative to the data. Turning your data into a story can increase its memorability while at the same time driving empathy and innovation. A Stanford study showed that 64% of people could remember stories while only 5% retained statistics alone. Communicate across a business with narrative-driven insights to help fortify every department for future conditions.
What changes can you make for business security?
At the same time, marketers play a vital role and managing a company’s data infrastructure. This was perhaps most evident when the coronavirus emerged, and many marketers shifted to a remote working process.
Data management was often called into question at this time due to the changing processes and the explosion of cybercrime that affected millions of companies. As many as 90% of business executives said they experienced an increase in cyber-attacks as bad actors looked to capitalize on the fear and confusion caused by the pandemic.
Fortifying your business to protect both its data and its overall finances can be as simple as changing some processes. Fortunately, marketers can both advocate and apply these changes to address concerns both within the company and to the customers you serve. For example, information management systems have increased in popularity during the challenges of the global pandemic. Digitized cloud data services, for instance, allow companies to back up your data so that they do not have to fall victim to ransomware. At the same time, they help protect that data in the first place by mitigating the cyber threats through state-of-the-art encryption techniques.
Becoming more familiar with tech tools like these can help you record, store, and navigate information all within a flexible environment. Advocate for the adoption of this tech, and then making use of it company wide. As a result, any business can adapt to remote working processes and add security all with the following added benefits:
- Cost reduction in data management, security, and risk
- More efficient use of time through outsourcing server and IT maintenance tasks
- Improvement of space utilization through reduced in-office storage
These simple adjustments in your process can snowball into massive savings and time efficiency as you make effective use of cloud systems. Since these services are managed by experts with the tools and the experience needed to better protect systems, you can then reliably outsource data infrastructure that allows you to work from anywhere safely.
How can you build effective long-term marketing strategies?
With the tools on hand to manage your data flexibly and safely, marketers are then prepared to build effective long-term marketing strategies that can make a difference no matter the state of the industry. When formulating these strategies, there are two vital components that you must keep in mind. These are your ability to mine and analyze data as well as your framework for crafting effective messaging.
Cultivating the right resources to accumulate and disseminate data insights requires using the right platforms and harnessing the best techniques. Take advantage of every source open to you for tracking customer metrics and industry behaviors. Metrics every marketer should measure include customer lifetime value (CLV), customer acquisition cost (CAC), and brand equity.
By tracking these and more values, you will maintain a foundation of insights that can take you through all kinds of market changes. At that point, you can utilize predictive analytics in your digital marketing efforts to generate automated social media suggestions, search engine optimization (SEO) strategies, And even predictive product suggestions to accommodate the changing economy.
But all these insights are only valuable as the methods with which you apply them. An agile framework, for example, can help marketers make the most of the data they generate with a flexible approach. The agile methodology focuses on individual interactions and values the flexibility of processes over a definitive business plan. With this marketing approach, you can prepare your business to adjust as the market changes end view each customer as an individual. As a result, you will cultivate the customer loyalty and insights needed to maintain sales in the future.
Fortifying your business for the future
As marketers, we play a central role in the effectiveness of our organizations. Bridging customers and the products and services we offer; we cultivate data and generate actionable insights to lead businesses to success. With the help of data gathering, narrative communication, insightful resources, and flexible frameworks, marketers can build a defensive wall against the challenges of a changing economy. Apply these tips and strategies to fortify your own business for the future of marketing.
This guest blog article was written by Noah Rue, a freelance writer who is fascinated with the world of search engine optimization, marketing, and social media.