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In a time of uncertainty, Canadian businesses are facing challenges, from potential tariffs to fluctuating market conditions. While it’s tough to provide concrete recommendations, there are ways to stay adaptable and resilient. Let’s dive into the key takeaways from SocialNext's webinar on how businesses can navigate these uncertain waters.
Key Takeaways:
1. Embrace Uncertainty – Plan for the Unknown
The current environment is highly unstable, making it difficult to offer specific guidance. This uncertainty should prompt a thorough audit of your business habits and strategies to ensure you remain adaptable.
2. Know Your Context and Culture
Understanding the cultural context you operate in and the global environment around you is crucial. These factors have a significant impact on your business, and being aware of them will help you make better-informed decisions.
3. Budget for Innovation (A Strategy I Love)
Allocate funds to experiment with new strategies and tactics. This allows your business to remain agile, especially during uncertain times. Trying new things can give you a competitive edge when the market shifts. This is one I use with all my clients! It’s important to set aside funds to try new ideas and stay flexible.
4. Scenario Planning
It's important to meditate and plan for various potential outcomes. This helps prepare your business for any changes, ensuring that you’re not caught off guard when things evolve.
Focus on Constants: The 4 Ps of Marketing
Even amidst uncertainty, some things remain unchanged. The 4 Ps of marketing—Product, Price, Place, and Promotion—should always be top of mind.
Product: Clearly define what you're selling and what sets it apart. Highlight its features, benefits, and unique qualities.
Price: Develop pricing strategies, including discounts and payment terms, to stay competitive.
Place: Identify your distribution channels and how to reach your customers.
Promotion: Use a mix of advertising, sales promotions, PR, and direct marketing to engage your customers.
Keep Your Focus on the Customer
No matter what happens in the global economy, customers will still need your products. Make it easier for them to buy from you, perhaps by adding Canadian symbols like the maple leaf to your marketing materials. This shows support for your community and connects your business to the local identity.
Business Identity and Model
To navigate uncertain times, it’s important to clearly define your business model and identity. A great example is London Drugs, which has always prioritized its Canadian roots. Their marketing strategy highlights local employees, shares stories about store owners, and features Canadian-made products prominently. This community connection builds loyalty and trust.
This example was shared with us to highlight how London Drugs has stayed true to its core values—focusing on local community and Canadian-made products—long before any external pressures like tariffs or digital advertising trends came into play. Their marketing strategy has been built around fostering trust with the community, and that’s something their audience deeply resonates with. By showcasing local employees, sharing stories of store owners, and highlighting Canadian products, they’ve tapped into a sentiment that has only grown stronger.
With the increasing demand for Canadian-made goods, especially in today’s climate, London Drugs can now adjust their strategy to meet this shift, fulfilling customer needs while staying true to what they’ve always valued. Whether it’s showcasing more "Made in Canada" items or celebrating local stories, their authenticity and flexibility allow them to continually connect with their loyal audience.
Let Your Brand Be Your Anchor
Align your marketing efforts with your brand message and values. Knowing who you are and what you stand for can guide your decisions and help you connect with your audience. In chaotic times, a strong brand identity provides stability and direction, keeping your business consistent and trustworthy.
Advertising Impact
Prepare for potential price increases and reduced product availability, especially if tariffs become a reality. Develop an advertising plan that focuses on business growth and serves your customers' needs. In today’s climate, it’s important to ensure your marketing strategies align with your brand’s values, particularly if you're focusing on local and Canadian audiences.
Paid, Owned, and Earned Media
When thinking about your marketing strategy, it's important to consider the three types of media: Paid, Owned, and Earned Media. These media categories help structure how you’ll communicate with your audience across different platforms:
Paid Media: This is media that you pay for, such as ads on Meta (Facebook/Instagram), Google Ads, or even sponsored content. Paid media can help increase your visibility quickly, but it's crucial to evaluate your budget and ensure you’re targeting the right audience for effective results.
Owned Media: These are the platforms you control, like your website, blog, email newsletters, and social media profiles. Owned media is essential for building brand loyalty, and you can share the most authentic content here—stories that align with your brand’s values.
Earned Media: This is the publicity you gain through word of mouth, media coverage, social media mentions, or customer reviews. Earned media can be the most impactful since it's based on your reputation and what others say about you.
Understanding how to balance these three types of media will help you build a stronger, more consistent presence. In times of uncertainty, focusing on owned media (like your website or blog) is a smart way to control your messaging while also complementing it with paid media for visibility and earned media for credibility.
Stay Neutral Politically - If That's Who You Are!
Avoid making political claims unless it directly aligns with your brand. A subtle Canadian flag or message of support can connect you with your community without diving into politics.
Opportunities for Brands: Advocacy and Highlighting Choices
Emphasize Canadian choices and buying habits. Brands can attract attention by highlighting the value of Canadian products, which resonates with local customers. Additionally, American audiences may be drawn to the value of their dollar when shopping for Canadian-made goods.
Bottom Line: Stay True to Your Business
Stay true to your business. What are your values, and who do you serve? Look at companies like London Drugs—they’ve always built their strategy around local loyalty and showcasing Canadian-made products. By highlighting their employees, sharing their stories, and emphasizing their connection to the community, they’ve fostered trust and growth.
With the increasing demand for Canadian-made goods, they can now adjust their strategy to meet this shift, fulfilling customer needs while staying true to their core values. Whether it’s showcasing more "Made in Canada" items or celebrating local stories, their authenticity and flexibility allow them to continually connect with their loyal audience.
By keeping your core values and community connections at the heart of your strategy, you’ll be able to navigate any uncertainty that comes your way.
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