As businesses become quality and cost-conscious in the new normal, they look for ways to achieve a balance between both. You require top-notch processes without spending a fortune on them. After all, your business should run seamlessly, but it is hard to spend a lot on marketing during a crisis.
The lean approach can get you close as it focuses on enhancing the quality and curbing waste from processes. You can expect to do more with less, without compromising the quality of products and services. Not surprisingly, most businesses are integrating the approach into their processes. From production to employee management, sales, and marketing, everything is going lean for valid reasons.
Lean marketing is the latest trend in the landscape, and organizations of all sizes and domains are making a beeline for it. With this approach, marketing is no longer based on intuitions and guesswork. The practice uses data and experimentation in marketing processes to drive iterative improvements.
These agile changes enhance outcomes and reduce wastes, making campaigns more laser-focused than ever. The benefits it serves extend much beyond, and you can discover them by digging deeper.
Let us explain why lean marketing makes sense in 2021 and beyond.
LEAN is the need of the hour
A lean approach to marketing is the need of the hour amid the COVID-19 crisis. Volatility and uncertainty are rampant in the market at this point. As situations in the market change rapidly, businesses need to reinvent themselves quickly to stay ahead in the competitive landscape.
If you go lean, adaptability comes organically to your organization. It gets easy to adjust the business strategy, realign processes, and stay true to the company’s long-term goals. At the same time, it drives resilience and helps to capitalize on new market opportunities quickly and cheaply.
You need to stay agile and resilient to survive in the new normal and drive growth in the future. Lean marketing covers you on all fronts.
Focus on the customer
Traditional marketing plans the final product ahead of time, so it lacks the flexibility you need right now. Your marketing team does not have the room to adapt or adjust products and campaigns down the line. Since they do not test and measure success throughout the campaign runs, they can easily get disengaged with the customer.
The lean marketing approach is the exact opposite as it makes the organization customer-focused. Your team has a complete picture of customer expectations, so they can tweak products and campaigns to match.
Every time expectations change, it is possible to adapt and align right away. It gives better chances of success and minimizes wastage as everything fits with each other.
Lean marketing enables you to get quick feedback and fine-tune campaigns in real-time accordingly. Marketers need not invest hefty resources and lots of time into a campaign and wait till its launch to see how it performs.
There is a shortcut to project and assess the outcomes early before going too deep. Your team can run smaller experiments and get quick feedback when they want. It serves as valuable insights into the viability of the campaign.
So you have the opportunity to tweak and improve before going full throttle with the initiative. Knowing what does and does not work enables you to work on things that matter and avoid wastes.
Measurable with metrics
With lean marketing, you can define metrics for tracking the results of your efforts during execution. The right metrics enable you to understand what works and what doesn’t. Data serves as the most significant tool for lean marketers.
For example, poor email open rates show that your campaign has weak subject lines. Likewise, low click-through suggests you may need to test new calls-to-action. A poor conversion is a sign that you have to rework your copy, design, or call to action.
With such clear metrics, you can pick the right areas and skip the insignificant ones. Metrics also make you more confident about your actions as they eliminate guesswork from them.
The lean approach improves the overall marketing strategy of the business. So six sigma training for your employees is a worthy investment, no matter how costly and time it takes.
You can check https://www.6sigma.us/ to understand how it works and what skills your employees imbibe with the training. They become better decision-makers as they dive deeper to understand the impact of campaigns even before implementing them on a large scale.
They can pick priorities and focus on things that make a difference to the success of your business. Employees with lean skills can help you make marketing processes more efficient in the long run.
Diversification for risk coverage
Startups and small businesses run on limited budgets, and it makes sense to diversify marketing campaigns. It curbs the risk of losing everything if a single all-important marketing campaign fails.
Lean marketing involves investment in diverse marketing channels and tactics. It serves as a safety net as campaigns balance gains and losses if some succeed and others do not. You can test them across multiple channels to gather actionable information quickly.
With a lean process, you do not invest too much money, time, and resources in a single campaign. Instead, you act fast to make quick gains and give up things that do not work.
Lighter on budget
As businesses realize the value of budgeting in the new normal, lean marketing becomes more relevant than ever. It lets you segregate effective tactics from wasteful ones, so you can free up your budget for things that work.
Lean campaigns work on delivering the right message to the right customers at the right time. You can prevent wasting resources on the audiences who are not listening. Going lean also enables you to reduce complexity in processes and be more agile.
Switching to lean marketing principles is the smartest thing that any business can do in 2021. They make you future-ready, save money, and enhance efficiency, all of which are the needs of the hour.