Businesses in the foreseeable future are going to be faced with unprecedented challenges.
Aside from societal and global conflicts and divides, closer to home is the uncertainty created by controversial decisions and statements being made south of the border.
Over the past few years there were a number of issues that consumers expected businesses to take a stand on. These ranged from the need to pull together during the COVID crisis to issues surrounding mental health and equality for all to mention just a few.
The hot topics that are currently creating a volatile situation for Canadian consumers and businesses are the egregious threats of crippling increases in tariffs and attacks on Canada’s sovereignty. These issues are going to create a complex marketing landscape that will have an effect on not only consumer spending but how they will align themselves with companies that share their values.
While the norm is to have long term plans and vision in uncertain times it is wiser to be a little more flexible and focus on some short term strategies. Part of this should include some contingency planning which involves identifying some key risks such as sourcing materials, supply chain interruptions and how to deal with them.
Many businesses and brands have already started campaigns to get a head start on offsetting these challenges such as the obvious “Buy Canadian” mantra.
However there are other opportunities for businesses to highlight their commitment to serving their customers.
For example in order to build a better relationship with your customers in a volatile market focus on providing excellence in customer service. In addition emphasis your unique selling proposition — the thing that sets you apart — then double down on it.
The challenge to navigating in this era of political polarization does not have to create a dilemma if you focus on maintaining your brand integrity and building public trust. Along these lines will be the necessity to monitor your social media advertising as the algorithms used may place you ad next to a story or article that does not align with your values.
Businesses that will do well during these trying times will be the ones that can aspire to be the leaders in facilitating conversations to help people deal with the big issues affecting their lives. The key though is to be proactive and ensure your communications are transparent and your position is clear.
For many years the business community has operated with a reasonable set of rules that many have relied on to succeed. The reality is that the next four years will be unpredictable. It is essential that you and your business are prepared to meet these challenges and take a proactive approach rather than waiting to see what will happen.
Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via email joesmith@shaw.ca