May 29 2020
The internet and digital communications provide the lifebuoy to hold on to in these tempestuous times. Engaging with your target market and generating organic content is more crucial than ever before, as the opportunities for meaningful physical interaction are all too scarce. Here are some guidelines on designing cost-competitive strategies to achieve excellence via online platforms.
Staying relevant and accessible amidst the global pandemonium should be a high-priority mission. Your primary stakeholders are also facing unique challenges, and it is crucial to tailor your marketing mix to ease their burden in specific areas. For instance, as customer acquisition costs are 5 times greater than customer retention, it’s paramount to reach out to existing clients by offering flexible payment schemes. You can also enhance customer service, for example, by dispensing with delivery charges, extending usage limits, and making online interactions more convenient and responsive. When it comes to employees, it’s quintessential to grant them the flexibility to adapt to their new work ethic, while offering training and moral support, to ensure that safety comes first and productivity levels do not suffer.
Due to the inevitable shifts in the local and global marketing dynamics, it’s a good idea to review and customize your strategies and attach metrics for evaluation. For instance, form a new game plan with suppliers and distributors based on the latest market trends and data analytics, while keeping in mind that there is no one-size-fits-all approach for different markets and customer segments. In markets that have shrunk considerably, for example, it is important to amend pricing strategies and invest in fostering brand goodwill and exposure. In addition to this, consumer data management plays a significant role in gauging the success of your new tactics as well as holding on to website visitors who may be valuable customers in the future.
An unprecedented pandemic should not deter your visionary business plan; you can still come out strong with a few tweaks to your marketing strategy! For instance, digital marketing should be shifted to the spotlight, fuelled by fresh and innovative content; from shoppable and user-generated posts to interesting surveys, polls, and giveaways, customized mobile apps, and features for interactive online community building. Your communications must be spread and tailored across different channels with seamless inter-platform integration, to capture the interest of diverse target market segments. Your website, for instance, must be easy to navigate, sport clear calls to action, and engagingly communicate your unique brand story.
Re-vamp your budget by allocating funds kept for trade shows, international expos, and conferences, to amplify your digital marketing campaigns. It’s crucial to focus on humanizing your brand by involving your customers in this turbulent ride. This can be achieved via sharing behind-the-scenes action and candid posts regarding challenges and accomplishments, to inspire and connect on a more profound level. Managing consumer expectations is also a vital process, and while it’s important to be customer-focused and optimistic, you need to be realistic and not promise beyond your resources and capabilities.