This year has been a year like no other, with most businesses experiencing disruptions and a plethora of setbacks related to staffing, product supply, new government regulations related to Covid and so on. While these challenges have undoubtedly put extra pressure on SME’s, there have also been opportunities for businesses to maintain their viability and ensure future success by adapting their product or service to meet the needs of the market.

Investing in marketing during periods of uncertainty is something many business owners might find contradictory, but it could just mean the difference between sinking or swimming. Maintaining a digital presence via social media channels helps your business remain front of mind with your customers, and all it costs is some time and planning. For businesses looking to actively grow their client base, paid strategies such as retargeting and remarketing campaigns are an extremely effective way to achieve this. Retargeting campaigns involve paying for your ads to be seen by people who have shown an interest in your product or service and have previously visited your website or social media pages, or have searched for similar products online. Retargeting can be done via Facebook, Google Ads and other advertising platforms. Remarketing is a bit different and involves communicating with past customers, primarily via email, to showcase new products, promote any sales and ensure your business remains front of mind.

In our local area we have seen some great examples of businesses adapting to the current challenges by refining their product offering to better appeal to their target audience. Other businesses have taken the opportunity to undergo renovations so they can be ready to hit the ground running for the upcoming holiday season. It feels like the Mid North Coast has been busy with tourists since October so it’s likely that we could see a peak season that extends well beyond the typical 6-week period in December-January.

When pursuing any growth strategy, particularly one that involves diversifying or extending your product offering, it is important to carefully consider whether your insurance policies are still sufficient. Please don’t hesitate to give us a call if you would like advice or have any questions regarding your business insurance.