Eight Market Optimization Tips To Find Success In A Shifting Economy

Expert Panel, Forbes Coaches Council


Forbes Source:

https://www.forbes.com/sites/forbescoachescouncil/2020/11/05/eight-market-optimization-tips-to-find-success-in-a-shifting-economy/?sh=4668789c28a3


With the economy in flux and massive upheavals happening all around the world, market optimization may prove to be a complicated undertaking for businesses this year. In such an environment, if you can’t reach the right eyes with your product or service, you risk facing the same challenges currently rocking many other businesses.

To become known as a trusted authority in your industry, you must increase your visibility among strategic target audiences. Here, eight experts from Forbes Coaches Council explore different ways to effectively optimize your company’s marketing tactics in a constantly shifting economic landscape.


PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.


1. Follow The Money

Find the need. It’s critical to distill whatever you’re doing and delivering into what it is that customers actually need, whether or not they know it yet. Stay customer-focused in product pilots, surveys, your website language, blog posts and in all communication. Focus less on yourself and more on what’s happening in the market and with your customers. Spin it toward them. - Joanne Markow, GreenMason


2. Invest In Your Branding

Invest in your personal and business branding. While there is panic in the markets, double up on your business branding. Take the lead while your competition is in fear, confusion and turmoil. Be street-smart. A leader with a strong personal brand (the “intangible” asset) is always one step ahead of his or her rivals. - Jon Michail, Image Group International


3. Focus On Staying Relevant

Staying relevant is the key! Ensure that your product or service is geared toward your customers’ changing needs, even if that means disrupting what may currently be available. This requires business owners and leaders to think out of the box and cultivate more innovation and creativity among their people. This allows you to secure your position in the market and even attract new customer groups. - Linda Aiyer, InfinitU Consulting


4. Get Together For A ‘Content Party’

Get your team together for a “content party.” This is a creative team meeting where, in one or two hours, you generate referral marketing or stories designed to attract new customers that serve a specific purpose and can be executed immediately. We do these weekly for ourselves and clients. Webinars, podcast episodes, articles and emails are the mediums we focus on. - Mike Koenigs, The Superpower Accelerator


5. Use Data To Optimize Digital Marketing

When things are going well, it’s easy to get complacent about your digital marketing performance. But it’s amazing how small tweaks in keywords, ad copy and imagery can instantly increase your conversions and decrease your cost per click. So, move with the market, make small daily changes and track the results. The impact could be significant. - Gabriella Goddard, Brainsparker Leadership Academy


6. Create People-Centered Feedback Loops

Create constant, people-centered feedback loops for both your employees and your customers. Your employees who work on the front lines with your customers possess a wealth of knowledge on how to improve the customer experience and customer-related organizational processes and systems to increase brand loyalty. Also, seek continual feedback from the customers themselves and never get complacent. - Jonathan H. Westover, Ph.D, Utah Valley University & Human Capital Innovations, LLC


7. Pay Attention To Who Your Seekers Are

This is particularly important for service-based organizations. It’s normal to become so entrenched in your offerings that you miss what your potential customers actually want and need. Oftentimes, meeting this need only requires a small tweak, but it’s missed because we are too narrowly focused on what we already provide. Pay attention and adjust accordingly. - Cheryl Czach, Cheryl Czach Coaching and Consulting, LLC


8. Distill Unique Solutions

Besides focusing on branding and product or service value, as everyone tries to do in a shifting economic landscape, we also need to pay close attention to existing competitive alternatives and unique attributes or solutions that we bring to the table. The more we can distill what is truly needed and deliver that in a very enticing way, the better our market optimization. - Izabela Lundberg, Legacy Leaders Institute



Article: ©2020 Forbes Media LLC. All Rights Reserved.

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