Here are three interesting tidbits we’ve seen in media recently that can help you refine your marketing strategy to adapt to today's environment:
#1 – A Success Story: Direct Response Marketing
The cost of digital marketing is way down. In fact, reaching 1,000 people on Facebook and Instagram now costs 40% less and before the lockdown. That’s because many firms are pulling back their ads at a time when more people are visiting the websites, opening up huge amounts of inventory. So reports Dynamic Business.
In this environment, direct response marketing has thrived. Direct response marketing efforts are designed to prompt consumers to take immediate action, like downloading an app, and that are less concerned with longer-term brand building. To underscore this point, Morgan Stanley analysts “believe the approximately $40 billion app install market—a huge direct response sector—was ‘likely the most material contribution this quarter.’” Marketers, even those that have products that don’t appear to lend themselves to this medium, should explore ways direct response marketing may help their efforts.
#2 -- Now Is The Time to Increase Your Spend
A recent article from Bandt contends there are five reasons marketers should consider boosting their spend during the pandemic. After all, consumers are still seeking information from trusted brands and, inevitably, the pandemic will come to an end and some firms will be caught flatfooted while others will have some momentum behind their efforts. The five reasons are as follows:
- Spending during the recession can increase your brand share of voice
- Brands need to be where consumers are
- Customer retention is important
- You can invest in important projects, like improving the user experience on your mobile site
- Investing in artificial intelligence and/or machine learning is often viewed as too hard to undertake during peak times. If your business is experiencing a lull, this may be an opportunity to invest in the technology.
#3 -- Focus on Trust, Confidence and Loyalty
“The current crisis has brought into stark relief the importance of brands meeting the moment with authenticity,” according to Brian Gregg and Jesko Perrey, both senior partners at McKinsey, as reported by Forbes. “To do this, marketers will need put even more focus and rigor around their value propositions and customer experience through purpose-driven customer decision journeys that create trust, confidence, loyalty and differentiated experience wherever they are.”