Strategies for CMOs to Maximize Marketing ROI in the Post COVID Era
The lockdown caused by COVID-19 has skyrocketed the global economy and consumer confidence. It also did something unique: it forced major changes in consumer behaviour. According to a BCG survey, consumers are cutting spending, focusing on essential local shopping and shopping primarily online. Companies are responding to these changes and developing new models that help them become more economical and efficient. For example, many retailers have decided to close their physical stores and bring them online. It is unclear if this simple virtual life will last long. However, the expectations that CMOs will use this new standard to deliver business results are very clear. To do this, the CMO needs to focus on four key areas:
Performance marketing to get more value for your money
70% of marketers have already stopped or reduced their advertising investment because they are working on a limited budget due to the cost limits required by COVID-19. Marketing campaigns are increasingly measured based on performance and ROI. To demonstrate ROI, marketers need to leverage freely available data and make informed decisions early on. The role of data analytics and artificial intelligence (AI) will become increasingly important in improving campaign decision making, testing performance faster, and modifying courses to create maximum value.
MarTech to streamline operations and increase efficiency
Data plays an important role in identifying the best marketing opportunities, but the role of technology is enhanced to increase efficiency. Currently, more than 8000 MarTech solutions are available, and the adoption of cost-effective solutions will increase. Campaign management tools, automation, social sentiment dashboards, 360-degree performance dashboards, project and workflow management tools, chatbots, and more, all marketers.
The backlash faced by various brands’ insensitive use of COVID-19-related marketing underscores that consumers are fed up with irrelevant and insensitive messages and retaliate. In one survey, 60% of adults stopped buying from brands because they didn’t like the advertising campaign. Social media enhances the virality of this negative word of mouth, and what’s on the wall is that it’s responsible for what the brand posts. This means more checking and balancing in what they say with the channels they choose to display. You may soon see the AI system see unacceptable languages and inappropriate messages before the campaign run.
Build connections in a truly borderless world
One of the biggest impacts of COVID-19 is the digitization of the world overnight. From remote workforces to changing consumer behaviour, virtual worlds have opened up many new opportunities for marketers to take advantage of. For example, marketers can use cloud-based communication and collaboration tools such as Zoom to virtually attract viewers. This is a cost-effective and much wider reach effort.
Follow the new normal.
Being a marketer is an interesting and rewarding time. Changes are everywhere and the result. We are seeing accelerated adoption of technology in many aspects of marketing.
Hope these strategies can help you in maximizing your return on investment in this covid 19 pandemic.