3 Ways Businesses Can Succeed in the Age of Adaptation

    3 Ways Businesses Can Succeed in the Age of Adaptation

    Without a doubt, the COVID-19 pandemic has wreaked havoc on a variety of important sectors. Many businesses and organizations have been hit hard by the pandemic’s effects. Digital marketers were no exception, as they tried to keep up with the ever-changing needs of their consumers.

    Marketers have had to become increasingly adaptable and agile in recent years, and especially in 2020, to satisfy ever-changing consumer needs.

    According to Nielsen’s 2021 Annual Marketing Report “The Era of Adaptation”, marketers across several industries, including technology, travel and tourism, retail, and financial services, had to adjust the mix of their marketing spend by as much as 59% in 2020 to adapt to the pandemic. As consumer preferences shifted, it had a cascading impact on business goals and finances. Marketers had to become innovative in order to keep up with the competition and activate campaigns with minimal resources.

    The pandemic has taught marketers to anticipate the next unforeseen event. Marketers should continue to adapt and stay on their toes in order to provide engaging client experiences while achieving favorable business results. Here are some strategies that companies can adopt:

    Also Read: Customer Experience is All Set to Drive MarTech in 2021

    Make quick changes to marketing initiatives with trustworthy measurement tools

    Marketing analytics and attribution measurement technologies, which provide marketers with real-time insight into altering consumer preferences, are just as important as spending. Marketers can adjust their campaigns before customer preferences shift using techniques like cross-channel measurement and identity resolution. Marketers can discover that manually tracking changing consumer preferences is challenging, if not impossible, in the present environment. With third-party cookies being phased out in the coming year and data being eroded, traditional marketing-technology stacks will become less valuable, and marketers will need to acquire visibility into individual encounters.

    Marketers can quickly and safely alter their plans on the right channels thanks to modern technology that provides granular information into how customers are reacting to ads across social media platforms and devices.

    Invest in a variety of channels to increase conversions

    Traditionally, omnichannel strategies were created to ensure that the customer purchasing process was seamless between online and offline environments. Marketers should now bestow equal attention on each individual touch point rather than just the point of purchase in an age where the consumer journey can be more fractured. Marketers should also spend in many channels to contact clients at every stage of the funnel in order to accomplish both fast wins for the business and the development of their upper-funnel, brand-building activities in order to be successful.

    Also Read: In the Digital Age, Marketing Must Be a Two-Way Dialogue

    Regardless of the funding, run campaigns and use measurement tools

    The adoption of marketing analytics and attribution systems is frequently hampered by a lack of funds. Instead of discontinuing campaigns completely, marketers should seek to keep existing customers interested. Future-forward measurement tools will be critical to achieving this goal.

    The marketing technology sector has evolved in recent years by expanding the range of products and price structures so that even small businesses can benefit from marketing analytics tools like identity resolution and cross-channel measurement. These pricing models can benefit any size business, but they are especially advantageous for companies with limited resources that want to use these solutions to better influence their campaigns and marketing efforts. These systems can assist marketers even those with little budgets—allocate their funds properly while showcasing their achievements to business executives, as marketers face growing pressure to perform.

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