The economy continues to experience an economic downturn, and customer acquisition is not as affordable or attainable as it once was. Paid advertising is more expensive, customers engage less, and competition in the ad space has increased significantly. GROWL is here to help you understand the best practices you need to implement in your marketing strategy while navigating this evolving economy.
RISE ABOVE DIFFICULTIES
Look back over the past couple of months and identify what worked and didn't work for you as a marketer. Focus on the elements of your processes and procedures that have helped you rise above and overcome difficulties. More specifically, think about how you overcame the challenges that the pandemic brought you. What worked during that difficult time? What was the pivotal moment you started to see a change? What would you do differently? Use the analytics behind your tactics to help drive decisions with more security, making you work smarter and getting the exposure you need.
Using data to dissect your current practices is the most efficient way to identify which are providing a good return on investment, allowing you to strengthen your marketing plan. Applying this approach to all your marketing efforts will ultimately level up your creative approach to these new economic challenges.
As you rise above these difficulties, we recommend using strategic approaches to identify which efforts will improve your conversion rates before you try to roll out new products or launch new initiatives. This allows you to make the most out of what you already have, whether that be organic social media posts or examining the user experience on your website. Here are some cost-effective strategies to kickstart your new year.
UNDERSTANDING THE DATA – Focus on understanding your new or existing customers and their needs by analyzing your website, email, and social data, and aligning your data-driven marketing strategy.
- Align your campaign KPIs to your SMART goals
- Identify your key metrics that support your strategy
- Validate your data
REAFFIRM YOUR BRAND STRATEGY – You will want your brand to stand out from the over-saturated market. Building brand awareness and building on your strategy will set you apart from other companies.
- Be your customer’s advocate
- Focus on your message
- Be flexible
EMBRACE CONTENT MARKETING – Try to emphasize your organic inbound inquiries. Practice creating insightful and creative content to draw people in and provide value.
- Create and share valuable content
- Practice quality control
- Constantly evolve your strategy
EXPERIMENT WITH VIRTUAL EVENTS – Virtual events are always an economical way to bring awareness to potential customers or clients worldwide and grow ROI.
- Your customer experience matters
- Measure your ROI
- Continually improve your customer experience
TRUST YOUR TEAM – Trust your team to help you strategize and level up above the competition. No one knows your clientele more than your Marketing or Sales team.
- Activate your team
- Support the culture
- Get involved
Your strategy is your key to success, regardless of the economy. An agile marketing strategy combined with brand innovation and using your data can set you apart from your competitors and be the difference between failure and success in an economic downturn.
Create a robust strategy to engage with your loyal customers and continue showing them why and how your product and services are the best, encouraging them to convert.
No matter how the economy fluctuates, innovation remains a crucial element of a successful marketing strategy. Like the economy, your customer engagement will also fluctuate, but those customers will never stop needing (or wanting) your products or services. Focus on innovation to keep your name top of mind.
We hope these best practices give you the confidence to succeed in this evolving economy and help you understand the impact that making these minor adjustments can have on your business. With these best practices, you have everything you need to lead your strategy and increase your brand awareness as you move through this recession. Ready to get started? Download the linked assets above or schedule your free consultation today to discuss your tactical marketing.