Marketing 2.0 - Upgrading to business resilient marketing strategies
The art of surviving a long war in business
Fear and uncertainty were the hallmarks of the year 2020 due to the global pandemic. Resilience played a major role during the last two years, especially in the business world where organizations struggled to survive.
The pandemic saw businesses aligning their marketing strategies to address the unprecedented heavy reliance on technology. Everyone was glued to their gadgets, be it to address their domestic and healthcare needs or entertainment. And, today, close to two years later, this digital transformation continues to boom.
For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.
Such connected and innovative organisations will be able to cater to a clientele that is gearing up for life beyond the new normal. As a result, both in-person and online shopping are on the rise. Marketers have their task cut out — cater to the changing industry landscape. So, what does it take to build a resilient and robust marketing strategy? Here are eight pointers that will provide the desired impact.
Increase brand visibility — make your website SEO-friendly: Where do your target customers find products or services that they need? The internet. Most of us, almost mechanically, open Google using our gadgets to search for relevant information on products and services.
Hence, it’s important to improve your website’s visibility. The better the visibility, the greater your power to attract prospective customers.
Increase your online presence through social media marketing: According to a recent survey, an average Indian spends three hours on social media sites every day. This statistic reiterates the power that social media platforms have on your businesses. Promote and sell your products or services by investing in ad campaigns on Facebook, Google, LinkedIn, and YouTube.
Further, take advantage of new trends like short videos. Started in early 2020, this trend is here to stay. It’s not just TikTok in this space now. Instagram Reels and YouTube Shorts are vying for users’ attention.
Influencer marketing: We are influenced by what we see, hear, and read.
What about social media influencers? Does influencer marketing really work? Most marketers agree that it does. According to Business Insider, influencer marketing is likely to become a $15 billion industry by the 2022.
Get creative with content: Content is king. The content you put out in your blog, social media marketing platforms, videos, and podcasts decide the traffic to your website. Its quality determines audience engagement with your business. Sharing relevant articles and media promotes brand awareness and keeps your business at the top of mind.
Retain existing customers: Value a loyal customer. While it is important to pursue new customers, retaining old ones is rewarding in the long run. Retaining an existing customer is also cheaper. How much? According to Forrester Research, about five times cheaper than acquiring new customers.
Offer incentives: As lockdown restrictions ease, and businesses begin to reopen, a good way to encourage people to come in is to offer exclusive deals. Offer discounts and freebies — they are good ways to attract customers (both old and new) to invest in your product or service.
Connect with your customer: Keep up with your customers’ changing needs. Gather information about customers regularly. Track what they are buying and seek their feedback. This will enable you to constantly improve customer experience and satisfy customer needs.
Measure outcomes: Management thinker Peter Drucker often said, “If you can’t measure it, you can’t improve it.”
This underlines the importance of measuring and quantifying your outcomes. Use feedback loops to understand how well your marketing activity is working; where you need to cut down; where you can take more risks; and where to maintain status-quo. Measuring marketing performance is critical; it contributes to sales outcomes.
Partners that are here to stay, hold sway: While it is okay to be sales-oriented, keep in mind your customers’ priorities as much as your own. They are your long-term partners in growth. Customer focus and a drive to make every interaction value-adding, while simultaneously eliminating non-value-adding work, is what makes an organization more resilient.
Customers are the ones that make and grow your business — no matter what your strategy is.