The 14 Ps of Mixed Media Marketing - Part 9

Pliable
Marketing pliability may have come too late for some businesses. Your marketing plan must be flexible to changing market conditions. 2008 and 2009 have been most volatile. Unfortunately, many businesses that have sunk in the previous 12 months and that will go bust in the near future should really attribute their failure to failing to adapt to market conditions.

The ability to adapt is fundamental to survival. In marketing and business, survival does not happen by holding on, it happens because of change. How can a business expect to thrive by doing what it always has done when the economy changes? It cannot. It must change to meet the market and economic climate. This is why the word “climate” is used. Businesses must adapt to the environment.

Similarly, if a new opportunity is found, you may need to shift and change your strategy to make the most of it. Market research will reveal opportunities. Deciding to pursue an opportunity will change the marketing plan.

Marketing plans are meant to be implemented to plan and to schedule. However, if the market is changing for better or for worse, then adjustments to the plan must be made. Pliable marketing will allow for these changes.

You can make your marketing strategy pliable by not being locked into long-term contracts with advertisers or buying into inflexible advertising like expensive printed directories. Yes, a $6000+ ad in the Yellow Pages is expensive for any business; especially when more people are searching online for local services. The message is inflexible, nothing can be changed for a year and often the ad is out of date before the next edition. This is the trouble with traditional media, it is very hard to change and update.

If there was a sudden market-shift that had your customers buying an alternative to your product, how would your business take on that change? How would your marketing change? What markets would you need to pursue? Continuous marketing research will keep you on top of the trends so you have more time to react and be flexible.