January is almost halfway over already. Your business is likely implementing all of the strategies and initiatives developed at the end of 2015. But, even the best laid plans can run into a few snags throughout the year. How do you account for every possible risk or challenge along the way? It pays to pay attention to the trends – both in economic cycles and current events. In 2016, you’ve got more than just the leap year to consider.
- New Businesses
According to an economic forecast from the University of Michigan, our state is still in a boom of economic growth. Additionally, recent reductions in corporate taxes have ranked Michigan among the top 10 pro-business states in the nation. Over 61,000 jobs are expected to be created throughout 2016 in the automobile, construction, tourism and government industries. Each industry’s marketplace is open to the threat of new competition. Is your brand positioned to maintain your share of the market, or will young blood pose a serious threat to your sales?
- Political Elections
2016 is an election year in the United States. For the next 10 months, candidates on both a state and national level will be vying for attention – and votes. The time directly before the primary elections in March and the presidential election in November will be filled with the faces of politicians. Television, outdoor and print alike will all be flooded with additional advertisers, creating a smaller number of spots and a strict adherence to rates to avoid showing favoritism to any one party, candidate or issue. How will you ensure your brand’s voice is not lost in the crowd?
- Summer Olympics
International businesses will face another challenge throughout the summer. Rio de Janeiro will be hosting the 31st Olympiad in August, creating a high demand for advertising on all NBC network affiliates. Seth Winter, executive VP-sales and sales marketing of NBC Sports Group and NBC Universal News Group, says that many advertisers use the month-long broadcast to build a successful and high-impact campaign that will bring real results from the soaring viewership. Just how many people tune in to the Games? The 2012 London Olympics saw a viewership of around 31 million viewers a night, and the network has predicted more than $1 billion in ad sales during the 2016 Olympics. What will you be saying about your business to such a large and captive audience?
Did you plan for these occurrences? If not, try reclassifying these upcoming events. Instead of challenges, think of them as new opportunities for your brand.
Consider how you can leverage each of these events for your business. Many voters seek out industry expert advice when it comes to making an informed decision before they drop their ballot in the box, especially millennials. A viewership of 31 million could be the best time for the official launch of your new product, and new competition may be the push your business needs to redefine and reposition your brand.
A keen sense of cyclical event trends will help you set realistic return on marketing investment goals throughout 2016. King Media has watched these cycles come and go for the last 17 years, and we’ll watch them happen over and over again in the future. We’ve had plenty of experience in turning challenges into opportunities for growth. From a competitive boom in the southwest Michigan winery industry to surviving – and even thriving – during the economic downturn that began in 2008, we know that some of the best ideas come from struggle and new challenges.
What will your 2016 bring?