Marketing has changed significantly in the past year and as we look forward at post pandemic, we need to redefine our marketing strategies. Harvard Business Review (https://hbr.org/2021/03/10-truths-about-marketing-after-the-pandemic) had an interesting article addressing 10 ways in which the pandemic challenged critical truths about marketing and offered us new rules to market moving forward. Let's take a closer look at the top 5 and see what types of changes we should make to our marketing strategy as we look to grow our businesses.
1. Old truth: Marketing begins with knowing your customer.
New truth: Marketing begins with knowing your customer segment.
It is important that you target specific consumers based on their circumstances and what is most relevant to them. You will need to understand the consumers geography as well as need to be personally relevant, important to align to their values. It is critical that you create that personal human connection. This can help bring better insights to your media strategies.
2. Old truth: You are competing with your competitors.
New truth: You are competing with the last best experience your customer had.
Digital transformation has accelerated this past year; therefore it has raised customer expectations for more of a digital experience. There are 3 strategies that can help an organization focus on this:
1. Brand Scores should be one of your KPIs
2. The right data and technology should be in place
3. Align individual and collective goals across the customer journey
3. Old truth: Customers hope you have what they want.
New truth: Customers expect you to have exactly what they want.
Customers are concerned only with getting what they want when they want it. They insist nothing gets in their way. To accomplish this, organizations need to place data and technology at the core of their organization. Many organizations are looking at investing in some degree of machine learning and/or artificial intelligence. This data enables you to create more relevant experiences across one or more dimensions of the four Cs:
4. Old truth: Courting customers is just like dating.
New truth: Courting customers is just like online dating.
Marketing used to be like going to as many parties or bars as you could in the hope you would find that special someone. It was a world of many face-to-face encounters. Now, finding your perfect match may be less about chance and more about data and algorithms. In marketing terms, we have seen a shift from brand marketing to build reach to performance marketing to generate leads. The pandemic's acceleration of digital channels only exacerbated that trend.
5. Old truth: Customers must sit at the heart of your marketing strategy.
New truth: Customers must sit at the heart of your customer journey.
Now a days, it is important to look at your operating model and consider the processes, technologies, talent, data models, and KPIs to find the right ways to align around the customers' needs. Then drive change accordingly.
As we look into these new marketing truths you see the joining of strategies, operations, and technologies that are required to drive growth in a post-Covid-19 world. Implementing them will give you the path to pandemic recovery and long-term success. We at MCA Consulting would love to discuss with you how we can help you through the Post Pandemic Journey. Please contact us for a free 30-minute discussion on how we can help you move forward and accelerate your business. Looking forward to hearing from you!
Margherita C. Amplo
President, MCA Consultants