2020 has put unprecedented stress on companies. So as businesses wrap up for the year, planning a market strategy for 2021 can feel overwhelming. Systems like the Profit First Formula help enterprises to plan for the future. Businesses first pay profit, taxes, personal then operating expenses and a rainy day fund.

In addition to the Profit First Methodology, companies need a strategy-based marketing plan to prepare for 2021. Many successful businesses focus on customer-centric marketing planning. A customer-centric marketing plan revolves around the needs and interests of customers. In other words, companies create a roadmap using common sense, observation, and getting honest customer feedback.

Talking to Customers

The good news is getting customer feedback is easier than most companies realize. There are five questions to ask customers.

What can my company do to serve your needs better?
How satisfied are you with our products/services?
What value do we provide?
What are your biggest challenges?
Why did you choose us over the competition?

These five questions make it possible to pinpoint strengths, weaknesses, and what services should be added. Innovation is only as effective as the customer base it brings in. While it may seem nerve-wracking to ask customers how to improve services, they are customers for a reason. Talking to customers provides valuable information and builds increases customer trust in a business.

Innovation VS. Expansion

Two types of companies have emerged in 2020, those in need of innovation or those ready for expansion. For the roadmap to work, it is crucial to decide whether the future is innovation or expansion. Determine whether cash flow is a struggle or if the customer base has grown in the current economic environment. Once a company chooses its business goals, marketing goals become clear.

Innovation means understanding what job customers are trying to do when they hire your product or service. The Jobs-to-be-Done theory is that customers are never looking for a particular product when they start shopping. They’re looking for a solution for an issue they’re facing. This theory explains how customers start a relationship with your company. In other words, the Jobs-to-be-Done theory is the key to innovation.

With a market expansion strategy, marketing goals need to align with business goals. Customer research determines messaging, content, and ad strategies. Companies can use the Jobs-to-be-Done theory in this situation as well. The company can also lead by putting out the kind of information an ideal new customer is seeking. Businesses can also build their brand by improving their presence on current customers’ platforms.

Starting the Year Off Right

Whether focusing on innovation or expansion, companies need a strategy-based marketing plan. The key to having a solid marketing strategy in 2021 depends on building a customer-centric approach to business.

2020 has been a challenging year, plan to start 2021 positively and set the intention for success!