The New Financial Year is Here!

We’re two months into the easing of restrictions and everyone is out and about, getting back into their usual pre-COVID habits. It’s no longer feeling like such a novelty go out for a coffee with a few friends. And, the weekends are busy again. We have lots of visitors coming to enjoy the beautiful Northern Rivers. You could almost say, things feel pretty much back to normal for most of Australia.

In saying this, the situation in Victoria is a bit different. Things are certainly not back to normal with the tightening of restrictions in parts of Melbourne. These so-called 'hot zones' have reverted back to the same restrictions from the start of the pandemic in order to slow the spread of the virus. It's disheartening to hear, but we have our fingers crossed this is only a little bump in the road for affected Victorian businesses.

Considering all of this, the new financial year already here! It’s time to reflect on the financial year that was, reset focus and plan for the one ahead. This is the perfect time to adapt branding and business operations to new consumer behaviour and appeal to new markets in innovative ways.

So, let’s take a look at 4 tips for planning for the Financial Year 2020-21.

  1. What is your Point of Difference?

In order to stand out against your competitors, you first need a point of difference. Something distinct and novel that consumers recognise, remember and come to you for. Maybe this is your brand story or brand personality. Or perhaps there is something unique about your delivery of your product or service. Is your customer service different or special in some way? Whatever it is, make sure your offer to consumers includes a point of difference that entices consumers your way. And spread the word about it.

  1. Organise a Content Calendar

At the moment, your social media presence is more important than ever with consumers turning towards online communities to connect and share with others. For businesses, social media is key to building trust and transparency and for keeping your audience up to date with new information. And so, now is a great time to get your social media content organised for the next little while. Think about what messages and content you want to share, make a plan and schedule your posts into a calendar. Why? This will help keep you on track and hold you accountable to your social media marketing. Along with your social media strategy, remember to mix it up a bit with well-chosen local media outlets, like radio, community magazines etc.

  1. Set a Marketing Budget

The new financial year means it is time to think about your budget. Considering the last few months have been a bit of a roller-coaster (to say the least) for every business, your budget may very well look a bit different to last year. With everyone in re-set mode, do set aside some money to market your business – a general guideline is 5% of your turnover. It is so important right now to make sure your brand messages reach your target audience, increasing awareness and desire to purchase your service or product. And trust us, a bit of money, especially in the digital marketing space, can make a significant difference.

  1. What’s your Digital Marketing Strategy?

Your consumers are online, and the best way to reach them is to be online too (no way!). Traditional marketing and advertising in print is still great, but online marketing is so flexible and in times like this, flexibility is what you need. With no lead times or deadlines, you can change your online messaging instantly to suit any situation.

If you need some help with your FY21 planning, check out our Back to Business programs.