The last year may have brought a lot of uncertainty, but it also brought new ways of doing things and new opportunities. The coronavirus pandemic that hit in March 2020 required brands and businesses to adjust their operations overnight and strategize ways to grow revenues as consumer behaviors changed. As a result, many brands and marketers looked to digital advertising as a new way to reach their target customers and make a tangible impact on revenues.
According to McKinsey’s research, companies are more likely to thrive if they act aggressively to capture market share during downturns rather than wait for the recovery to begin. This agility, combined with a focus on customer value and support, often gives companies the first-mover advantage that other players cannot match. First movers during the current crisis could emerge stronger in the next normal.
The coronavirus pandemic may not be over yet, but planning for economic recovery is something that should be at the forefront of every marketer’s mind. As we head into 2021, marketers should look at how they can start preparing for recovery.
Below are a few tips to keep in mind as you think about your digital advertising recovery plan.
New year, new budgets?
While some brands were quick to reduce their marketing budgets during an economic crisis, it is essential to look at the bigger picture and how it can significantly impact your sales pipeline over time.
As you start planning for 2021, focus on how you can maximize each dollar spent on digital advertising. Ensure you are doubling down on campaigns and strategies that work best for your business and drive the efficient ROI. This means you need to continue to be flexible and adjust your marketing and sales models to change the buying process.
But don’t worry, you’ve got this. You’ve probably made adjustments over the last year that are having a positive impact on your business. According to a McKinsey & Company report, about 65 percent of business leaders said their new go-to-market models were equally or more effective in reaching customers than their former sales methods. With such high satisfaction, many businesses will probably question whether they should ever return to the old ways of doing things.
Continue to focus on your new customers.
With so much change over the last year, it can be challenging to see the silver lining in the situation. You might have acquired new customers to grow your business that might not have been aware of your business before this year. And that should be celebrated!
These new customers, as well as long-time loyal customers, have gotten you to where you are today. How can you reward them? And can you get them to spend more with you?
Think about using CRM onboarding in your digital advertising campaigns to offer a specific discount or offer to return customers.
CRM Onboarding allows you to bring an email or CRM data list to create highly-targeted custom audiences. Choozle uses LiveRamp as our CRM partner, which gives you access to their world-class technology for a fraction of the price. In fact, it is a $1 CPM for records uploaded to use CRM onboarding.
Consumer behavior has changed, and so should your strategies.
The coronavirus pandemic has upended previously held metrics and models on consumer behaviors and demand patterns across all industries. This means many businesses and marketers have to adjust their traditional forecasting methods as time passes. But actions that consumers have established over the last year could be around for a while.
As recovery starts, marketers and businesses should be aware that many industries may recover at different speeds and sizes. Agility will be essential in meeting this new demand and adjusting consumer behaviors. Continue to use a mix of strategies that reach your desired customer through their buying process. This next phase will require a new playbook: Pivot to an agile digital advertising strategy that meets consumers’ needs as they unfold or risk losing relevance in an already tight marketplace.
The transition from online to in-store will be slow.
The coronavirus pandemic triggered a forced massive, rapid change to how consumers engage with brands and companies. More consumers are opting towards delivery or curbside pickup and away from brick-and-mortar stores.
Brands and marketers need to continue offering various shopping experiences to meet the diverse needs of consumers. According to one survey from Shopify, 67 percent of respondents said they would likely continue using a curbside pick up even after the pandemic. This is more than just an indication of one trend; it’s indicative of overall buyer psychology.
Consumers will still want options as the overall buyer psychology and safety have been impacted a lot by the coronavirus pandemic. And if apps, pickup options, and others improve the consumer experience enough, they will still enjoy using them. But without these new safety-driven options as part of the package, brands could miss out on the sale, even into 2021
Some trends are evident for 2021 and marketing during a recovery, change. But we hope we’ve spotlighted a few tips and expert insights that you may not have considered as you start to put together your plan for marketing during a recovery.
