Mediaboss Marketing

The New Year is my favorite time of year. Im always so inspired by all the possibilities.

This year is a bit different, though. Following that unprecedented year of 2020 with some of its challenges remaining Im a little more cautious.

With everything thats been up in the air lately, at least we got some definite answers last week:

With the certification of the Electoral College votes, we definitely know who our president will be in a couple of weeks.

Georgias runoff election determined which political party will control the United States Senate.

COVID-19 vaccines are here. Theyre ready for some populations and will be on the way for others in the coming weeks and months.

Thats the sort of predictability the stock market loves. And that ought to translate to a little more certainty for individual businesses as well.

The COVID-19 pandemic and everything related to it caught most business owners by surprise. Not to mention supply chain interruptions, employees working remotely and restrictions on when some businesses could be open. Even worse, it caused many businesses to close.

Yelp has reported that permanent business closures have reached 97,966 as of the beginning of this year. And 60 percent of those wont be reopening.

While we dont know what this year holds, you still have to fortify your business against unforeseen circumstances, while planning for the future.

Digital marketer James Jorner has offered ideas on http://www.entrpreneur.com for business survival in 2021. Ive combined some of those with my professional experience, and Ive created these bite-sized chunks for your consideration.

Top of Mind Awareness Make sure youre in front of your potential customers. If there are still lockdowns in 2021, that becomes more difficult. Now is not the time to totally slash your marketing budget. You may need to make some reductions. Just be sure to focus on keeping your company out there in the public eye.

Social media platforms could be your best friend in the coming years, according to Jorner. Whether you use influencers or paid social marketing, you need to put in the effort to remain visible and relevant.

Brand Innovation Every day, innovations are created which can simplify the buying process for your customers. You need to make sure youre doing everything possible to make life easier for your customers.

If you want to become a leader in your industry or niche, explains Jorner, you need to innovate. This cuts across marketing, product delivery, customer retention, etc.

As Steve Jobs said, Innovation distinguishes between a leader and a follower.

Employee Satisfaction and Retention Remote working has its advantages and disadvantages. Its more cost-effective, and it can be more efficient. There are definitely some missing links, though.

Research shows that most employees want to feel heard and know that their work matters. They also want to know how their contributions fit into the overall mission of the company.

Your company culture can suffer with remote workers, as the sense of collaboration and personal attention can often be lost. While it may take more of an investment of your time as an owner or manager, its more important than ever to reach out to your employees, especially those in remote working situations.

Financing and Budgeting No doubt about it. Budgeting during uncertain times like these can be very tough. Budgeting is like a road map, though, and you put your business at risk when you dont pay attention.

Budgeting determines whether your marketing, asset acquisition, employee compensation and other parts of your business can go smoothly, says Jorner. And, in times like this, it helps to build in contingencies. You need to be nimble enough to respond to market changes.

Asset Protection While its not a pleasant subject to think about, its important to have a plan for protecting your assets. You dont want to be vulnerable if you can help it.

One lawsuit/court case could do severe damage to your holdings. Nobody starts a business and considers the possibility of entering a court case. Seventy-eight percent of lawsuit defendants in the United States never thought it would happen to them, explains Jorner.

Be Ready to Adapt to Anything No one saw 2020 coming. And it was as if everyone had to adapt or die.

Home offices replaced work offices. Zoom meetings replaced face-to-face collaboration. Brick-and-mortar buildings lay dormant.

How adaptable are you? Adaptability has been defined by professor and author Patrick J. Rottinghaus as the capacity to cope with and capitalize on change, and the ability to recover when unforeseen events alter life plans.

2021 is uncertain, says Joyner, but what is absolute should be your ability to adapt to anything. Whether its in your service/product delivery, marketing or customer engagement, you have to be ready to dance to the tune of whatever the market throws at you. And attack it creatively.

As we get further into 2021, there ought to be more clarity. Perhaps by the third quarter, youll be able to have more foresight. Until then, do the best you can to become adept at adapting!

2021 Linda Arnold Life 101, all rights reserved. Linda Arnold, M.A., M.B.A., is the founder of a multistate marketing company, as well as a syndicated columnist and psychological counselor. Reader comments are welcome at linda@lindaarnold.org For information on her books, go to http://www.lindaarnold.org or Amazon.com

Excerpt from:
Business strategies for the New Year | Opinion | wvnews.com - WV News