Reinvent Your Marketing Strategies to Keep Pace with Dynamic Customer Behavior
Market analysts have observed the year 2020 has imposed a number of hard, eye-opening changes for marketers who only had a matter of months to overcome these challenges by leveraging various digital innovation. They further acknowledged that businesses who were quick to adapt technologically were much better equipped to survive than others who lagged behind. This blog will give you a quick overview of some of the strategies your organization can implement in order to steer through these tumultuous times.
Accepting Our Current Circumstances
There has been much chatter about the ‘new normal’ and what this will look like. However, it is time for us to come to terms with the fact that there isn’t any such scenario inbound. In reality our current circumstances form the dynamic confines of our playground through which marketers have been navigating for a while. In the wake of forced changes in work habits and behaviors, marketing teams would do well to gear up to continue maneuvering through this uncharted territory for the next few quarters or so.
Consumer behavior is increasingly volatile and unpredictable forcing businesses to cut their marketing budgets in an attempt to mitigate financial damage. Despite this, there have been client reports of marketing budgets cut without due explanation or data to back such a move. For instance, the returns on ad spending – justifying the cut. The key take-away from all of this is that there most certainly isn’t any ‘new normal’ and spotting consumer patterns is likely to stay difficult with their behavior remaining erratic.
Taking Action Amidst a Global Crisis
Another point noted by leading analysts is the range of marketing strategy trends that have developed in light of the current pandemic. Based on this they have managed to develop a list of best practices and suggestions to aid businesses in creating enhanced marketing tactics for the fiscal year ahead.
These three situations have been predicted, especially in North America, with each of these scenarios seeing a fall in US marketing spend.
Based on the above situations the second prediction with a mid-2021 recovery is most likely to occur – there is a 60% chance of taking place. In such a scenario analysts note that radio, print and out-of-home advertising will be amongst the first to crash with ad buyers making the switch to digital media completely. It is likely that marketing automation will continue to be used by marketers.
The final prediction elaborates a decline in marketing services up to 20% by the year 2022. This is a result of technology taking the place of analytical services provided by consultancies and other agencies. The only silver lining in this case is the accelerated adoption of technology and innovation out of sheer necessity.
Recalibrate Your Marketing
All of these predictions bring us to the question of how can marketers react? The time is ripe for reinventing your organization’s marketing purpose and processes. In addition to this, Forrester’s previous market research makes evident that in times of past recessions companies who continued marketing bounced back quicker.
· Marketers must place importance on innovating product, placement and price.
· Highlighting efforts towards customer experience is imperative in driving loyalty.
· Circling back to customer retention as opposed to acquisition especially in times of recovery.
AI for marketers is an important option to consider along with automation so as to drive agility by any means possible. This would also benefit a company in terms of developing resilience and marketing fortitude. Analytics for marketing could consider doing away with redundant programs and technologies.
Remaining Consumer Focused
The goal is to ensure that the consumer is kept at the center of each and every leadership strategy and operation. In translation this equates to ensuring that the main purpose of marketing initiatives is to resolve customer problems while simultaneously creating value for them. Despite the fact that consumer demands have recently become all the more chaotic, marketers must stay focused on what customers are actually looking for. A customer-centric approach to strategizing marketing campaigns is a sure-fire way to benefit marketing ROI while staying in the race despite a pandemic.
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