The pandemic has changed the way we shop, work, and interact with brands. Don't let your business fall by the wayside.
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While some industries have benefited from being agile amid the pandemic, others are still struggling to generate revenue. In the corporate world, it has been particularly difficult to forecast upward trends. So how can companies bring dynamism into the future when the markets open up again?
The answer starts with asking yourself: Do you want to be a follower or a leader in your industry? Do you want to play it safe and let opportunities slip by or be remembered as a visionary and run a company that transforms challenges into successful opportunities? As the author Napoleon Hill said in his book: Think and get rich, "Every adversity has the seeds of equal utility."
Similar: 3 Ways Your Small Business Can Get More Focused On Hispanic Consumers
Think about how famous brands started their business or how your company was started. Whether you, someone else, or a family member saw an opportunity in the market, they took a leap of faith and decided to start something positive. This person was driven on purpose.
Our society is going through an era of evolution in which innovation, creativity, cultural relevance and real customer relationships are decisive for brand loyalty and the longevity of the company.
I firmly believe that companies face a major internal and external challenge if they do not embrace change and recognize that society is evolving and that technology plays an important role in this. Now more than ever, forward-looking thinking is crucial for success.
Here are three helpful tips that can help you get a better perspective as we continue to adapt to unprecedented circumstances.
1. Accept changes
I understand: sometimes it is difficult to change our thinking (and others) and adjust our daily routines. However, if your company is to evolve, there is no getting around it. I continue to see managers whose decisions are based on personal feelings or prejudices. They don't take into account what customers want from their brand. To be successful as a brand, you need to be socially and culturally relevant today – meaningful in the lives of consumers – and be up to date with new technologies and market trends.
The media consumption behavior of consumers has changed dramatically. In addition to offline or online communication, the holistic brand experience is crucial for your success. It starts in your online touchpoints. It is not enough to talk about yourself as a brand; You have to be relevant. To communicate better as a brand, you need to be more personal, accessible, intuitive, culturally and socially relevant.
2. Leadership starts with you
According to a report by Harvard Business Review, 80% of US CEOs say they do not trust or are unfazed by their CMOs. Unsurprisingly, CMOs have the shortest tenure in the C-suite.
One of the biggest challenges in the C-suite is that those who have kept their jobs are afraid to challenge their leadership teams as unemployment increased significantly during the pandemic. Still, they need to help them face the fact that the market has changed and the mainstream is becoming multicultural. They know there is a need to have these difficult conversations as everyone company-wide is under pressure to perform better. The question is, wouldn't it be better to take on the job you were hired for and bring industry innovation and disruption instead of just going through the old tactical moves knowing that your days may be numbered?
It's time CEOs ask themselves, "What kind of CMOs would you like to have in today's market?" Someone who will challenge you and your team with innovation and smart thinking so you can gain a competitive advantage? a Yes Sir or Madam type who just does what every previous person in that role has done year after year?
3. Know your consumers
You need to have a deeper understanding of your current and future customers. You need to know everything about them – from their media consumption patterns to their buying behavior. Often times, companies develop a Hispanic marketing strategy / plan that is based only on third-party research. In many cases, they develop a partnership with a Hispanic media network and let them manage their communications. This is a formula for disaster.
Most marketers will realize that the future growth of their brands depends on winning with Hispanics. However, many marketers have also convinced themselves that their general marketing efforts are sufficient to engage with Hispanic audiences. This is absolutely wrong. As a result, only an average of 6% of US ad spend goes to the Hispanic market.
Related: 6 Reasons Corporate America Missed Trillions of Hispanic Dollars
According to the US Census, more than 50% of the US population will be multicultural by 2045. Hispanics lead this growth. Remember how much growth and profit you will leave on the table if you don't address this audience right away.
As Napoleon Hill said in his book: Freedom from fear"The world needs pioneers who find a chance in adversity, instead of people who use social noise as an excuse to maintain the status quo."