Inspired by Elon Musk's Twitter Takeover, Here Are 10 Marketing Tactics That Will Help You Make the Most of Big Changes to Your Company Whatever your think about Musk's Twitter takeover, there are definite lessons any entrepreneur can apply from it to help their marketing efforts.
By John Boitnott Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Unless you've been living under the proverbial digital rock, you've no doubt read at least a few news pieces, and more than one deep think-piece, on the wild amusement park ride that Elon Musk's takeover of Twitter has seemed to become. In just a few short weeks after taking over the reins, Musk's Twitter has seen a nearly 50% reduction in its workforce, a remarkable exodus of advertisers, a likely investigation of the company's compliance with an FTC agreement it entered into years ago and the looming specter of a potential bankruptcy case.
Of course, any major corporate restructuring or acquisition carries with it all these risks and more. Inherent in any big growth step like this are potential pitfalls and traps for the unwary, any of which can prove a marketing nightmare for any of the stakeholders.
These 10 marketing lessons from Musk's takeover of Twitter will help you make the most of big changes in your company's future, whether that's a takeover, merger or any other sudden and risky growth opportunity.
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1. Focus your attention and efforts
Let's start with the issue of multitasking. Don't try to do too many things at once. The energy surrounding a new acquisition or merger, for example, can be intoxicatingly powerful, and it naturally attracts the spotlight. For a marketer, you and your team can be tempted into making lots of big plays if there's much attention on your department or business. However, this can often lead to biting off more than you can chew.
Choose your strategies and marketing initiatives carefully during this time. Focus your efforts on those choices mindfully, and put other projects aside for a bit, at least until everyone finds their footing.
2. Don't be afraid to experiment with new marketing channels
What worked yesterday might not be the best choice right now. In a time of change, a change of tactics might well be what's needed.
Explore your options when it comes to marketing a new company or product (or expansion of one) and take a deeper look at what's worked in the past. Then consider evolving priorities, missions and corporate cultures. These changes may warrant a change in strategy as well as tactics.
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3. Know your audience and what it wants
Corporate culture doesn't merely extend to the employees and workplace. It also extends to the company's brand, users, prospects and reputation in the marketplace. To avoid missteps with these stakeholders, marketers must make sure they know who they're dealing with and what those people expect from the company.
For example, large SaaS and social media companies have wide networks of users who experience the company and its culture in a specific way. Major alterations to that culture or "vibe" can radically throw that user base off and alter their perception of your brand. If possible, avoid actions that throw off users this way.
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4. Make sure you do your due diligence upfront
A vital part of the acquisition or merger process in business is the phase in which due diligence is performed. A thorough understanding of the strengths, challenges, assets and liabilities is crucial to a fair negotiation and final deal. Sometimes, this process might shorten a bit due to outside factors or market pressures. While understandable, it can lead to a lack of understanding that results in a marketing misstep down the road.
This isn't necessarily a marketing lesson in itself — it's a matter of corporate financial and legal intelligence. But things can certainly turn negative quickly for an entrepreneur if you give short shrift to due diligence ahead of time. Knowing what you're getting into in as much detail as possible, both the good and the bad, is the only way to properly prepare for the future and anticipate challenges when purchasing a company or otherwise expanding.
5. Be prepared for backlash if a campaign goes wrong
Mistakes happen to everyone, and in the heated atmosphere of a new growth opportunity such as a takeover, expansion or acquisition, a relatively minor mistake can suddenly seem to take on a life and a brain of its own. If possible, decide in advance how you'll respond, at least in broad strokes.
Create a crisis response plan that can help you adapt to the situation if things go awry. It's probably not feasible to have a detailed plan or response ready to go for any eventuality. For one thing, in today's fast-changing digital environment, threats and risks evolve from day to day.
6. Respond to negative feedback sincerely and appropriately
You can't please all the people all the time, as the adage goes. And when your company is experiencing sudden growth, you're bound to experience some growing pains, too. Expect to make a few enemies and cause some dissatisfaction along the way.
When that happens (not if), you'll need to respond to negative feedback. In almost every case, the better practice is to do so with sincerity and as much authenticity as you can bring to the exchange.
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7. Keep your branding consistent
Make sure you're sending out a single, consistent marketing message that's aligned with your company's values and mission across all platforms. Every aspect of each of your marketing campaigns must be aligned with the others, even if there are different objectives for each.
8. Have a backup plan in case things go wrong
Whatever grand plans you have in store for your business, whether it's in a period of change or not, you'll want to make sure you've got a backup plan ready to go if things don't turn out the way you'd like.
For example, if advertisers aren't in alignment with your new direction, you might find yourself in need of a strategy to win them back. If your user base suddenly finds itself leery of your company's commitment to data security, you'll have to regain their trust somehow.
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9. Own your mistakes and take responsibility
In that same vein, it's important to take ownership of missteps when they're truly yours to own. The buck stops somewhere, and in most cases, neither the press nor the public in general are terribly excited about entrepreneurs, business leaders or marketers who point fingers while absolving themselves of blame.
10. Don't ignore your new and existing staff
Sometimes hard decisions need to be made, and on occasion, that means making cuts, even deep ones. Additionally, the old company culture might not vibe well with the planned changes, particularly in a takeover or purchase situation. Yet it's never an easy thing to terminate the employment of half or more of your workforce.
Playing fair with everyone, including those you retain as well as those who get laid off, is essential to strong marketing and PR. As Musk's termination of half of the Twitter workforce made clear, a lack of notice and a perceived ruthlessness in making terminations on this kind of scale can backfire on a company's reputation. It's even worse if you then have to go back to several employees, hat in hand, and ask them to come back to take care of mission-critical tasks that weren't fully considered when the cuts were first announced.
A long-term employee who suddenly and without warning finds themselves unceremoniously dumped might feel motivated to do some real damage. Treat people fairly, and as much as possible be upfront with them. Give them time, resources and severance commensurate with their positions and length of service wherever possible. This will help keep a necessary cost-cutting endeavor from blowing up into a PR disaster that threatens to override every good marketing move you make.
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