It’s been almost 5 months since we were catapulted into lockdown and the unprecedented nature of COVID 19 meant that there was no tried and tested ‘rule book’ for our response. So, as we continue to press on, I wanted to take a quick look at how marketing teams have combated the crisis so far and what has been put in place to aid their digital reach.
Neha Singh, BAM Communications, noted that “During most crises, marketing teams are the first to go, but this crisis is different. Right now, internet usage is up by 50 to 70 percent. While your customers may not be buying, they are engaging”. (Forbes)
It comes as no surprise that agencies have found themselves recommending clients increase their digital marketing capabilities. As an organisation you now need to be more connected than ever to your customers / clients. Given the change in strategy towards customer engagement along with market volatility, ROI will be directly affected by a company’s ability to successfully bolster their digital marketing and outreach.
Perhaps think about how can you differentiate yourselves online? – can you diversify your product offerings or benefit from investing in marketing automation tools? An important factor that will affect how digital teams and agencies recover from COVID-19 will depend on how they can find new revenue streams and improve the quality of their customer / client journeys. At a time when you need to set yourself apart a focus on increased personalisation and more impactful targeted content is key. In other words, there just isn’t room for ‘half-hearted’ outreach if you want to continue to be competitive.
Email marketing has come out on top in terms of one of the most effective channels (Salesforce and Uplers reports). Despite email campaigns being perhaps considered as antiquated – it is a relatively inexpensive but powerful channel. Personalised email campaigns generate 6 times higher revenue per email. A staggering 70% of companies don’t actually personalise their emails according to a survey by Salesforce. Updating these campaigns are a great way to achieve relatively quick results. If the budget allows then perhaps consider an investment into automation tools – a trend that many of my clients are moving towards.
‘Anchor content’ is also a great way to increase online presence as it can be used in many different forms e.g. webinars, referenced in blogs and articles, videos and so on. The development of thought leadership also contributes to a stronger customer / client journey. Webinar campaigns are now also considered the most successful way to engage customers / clients in financial services (Salesforce).
Whether you are looking at investing in technology or the expertise required to execute strategy, it is crucial to hire the right individuals. These skills are in higher demand than ever and failure to digitise effectively could mean you get left behind.
The overriding theme that has emerged is a simple one – adaptation is key. How is your business adapting and how are you effectively monitoring these successes and failures as you keep up with change? Whilst some changes will yield quick results, it is also important to be patient as some initiatives, such as new revenue streams will take time. Start planning now and for the long term, this is not the time for a quick fix contingency plan!
Make adjustments, leverage tools, analyse the results – continually adapt.
Hannah Mayes, Managing Director