Changing commercial strategy during inflation needs a holistic approach to protect your margins and maintain long-term value and budget planning for your business and your customers. By applying Marketeers 5 ways SMART strategy, you will be able to achieve this.
Let’s dig deeper into our SMART strategy:
In this article, we reveal new insights about consumer research and online shopping habits in the MENA region during Black Friday 2022, and suggest actionable takeaways based on consumer insights that every marketer needs to know to execute effective black Friday communication starting now.
1. Slay Silos
Divided responsibilities lead to divided data, so breaking down corporate silos raises the goal of bringing together data that will benefit at:
- Helping at making better decisions.
- Sharing and Increasing productivity.
- Creating an environment for innovation.
- Promotes communication and collaboration.
2. Master the Techniques of Price Change
Price changes in these times is inevitable but it should not be made in bulk; to cope with it, consider the following:
- Effect of inflation on the market.
- What your customers are willing to pay.
- What features of the indispensable products.
3. Adjust Brand Value
Do consumers perceive my brand and truly understand what my brand offers? Those and a lot of other questions you might ask around this.
Your brand is a valuable asset, so adjusting its value will add to its worth.
Understanding your consumers’ needs and fulfilling these needs will encourage them to engage with your brand and provide you with the insights to develop your products.
4. Rearrange Distribution Channels
Profit from everywhere your consumers could shop by implementing an omnichannel distribution strategy which allows you to arrange your products on the best store shelves and also digitally in the e-commerce market.
5. Track Consumers Behaviour
The market is rapidly changing, and as a result, consumers’ behaviour is changing as well. By tracking your consumers’ behaviour, you will have the opportunity to stay ahead of your competition and fill any gaps that might be in the market.
Inflation is actually a challenge to businesses, but also could be an opportunity, Marketeers is here to help you find your business opportunities. We can provide you with real-time results through our online panel.