Groundhog day has felt somewhat of a daily occurrence in recent months but, putting aside things beyond our control for a moment, let’s step back and reflect on what continual repetition of the same things means for us in the world of marketing.
When it comes to your marketing activities, doing the same things over and over again isn’t always a bad thing IF they work and IF you are getting the results you want. If your marketing activities are based on sound strategic foundations, then well done and your tactics should be working well for you.
But none of us should rest on our laurels. Things change, and they can change fast, as this past 12 months has demonstrated. That’s why as marketers we have to continually assess the performance of all of our marketing tactics. Regular reviews and reporting all helps us to keep an eye on what is performing well for our clients and crucially also helps identify when a change in approach is needed so that we continue to optimise and grow.
The reason marketing is such an exciting profession to work in is because things do change, frequently, and new opportunities arise. A marketing strategy can start life with one identity and can evolve into something very different very quickly and that’s good as long as decisions are being made on the right insights.
Breaking out of a Groundhog Day approach to marketing and taking risks, albeit informed risks, can be a great thing for brands. Boohoo’s acquisition of Debenhams is a good recent example of diversifying and seizing an opportunity, in Boohoo’s case to expand its online retail offering to a much wider set of consumers.
I’m sure many people will be watching their journey closely to see what happens next. What we know is that Boohoo has ‘etailer’ expertise aplenty, but what will this mean when it comes to applying its expertise to the Debenhams brand and to a whole new customer base to what they are used to? We shall wait and see what transpires.
But what this does demonstrate is that for brands to grow and accelerate in the marketplace and add further value to their brand equity, staying still, staying safe, isn’t really an option. I used to love shopping in Debenhams – it had a bit of everything, but it did stay safe and it became quite stale as a brand both in the stores and the online shopping experience; stuck in a bit of a rut and didn’t move with the times – and to me, it felt like it was trying to give a bit of something to everyone rather than being really targeted. It’s a shame but the writing was on the wall a long time ago.
As marketers continually evolving, using actionable insights and putting aside budget to test and learn is vital – in doing so we can help brands grow and accelerate. If you need any help or support to break out of the same old, same old, please get in touch for a chat with The LaunchBox team.