Contribution Marketing – Meeting Social Needs is Necessary for Brand Goodwill and Recognition

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    Contribution Marketing – Meeting Social Needs is Necessary for Brand

    In the  COVID-19 crisis and confusion, B2B marketers need to adopt new strategies to survive. Perhaps contribution marketing strategies could help to grab customer attention during this unprecedented time

    Businesses across industries, especially the healthcare, retail, supply chain, and remote communication, are adopting contribution marketing to expand their businesses in the time of the COVID-19 crisis. The majority of the top tech companies have already made their services free and readily available to the target audience. Such a free trial in the time of crisis will generate brand recognition and loyalty in the long run, even after the pandemic is over.

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    Contribution marketing is a relatively new concept as compared to relationship marketing, content marketing, paid marketing, and others. This is different as it focuses on contributing to the public good, not expecting any immediate return on investment. Contribution marketing enables firms to contribute a product or service to fill in the immediate need. And, once the product meets the customer expectation, they tend to purchase it after the free trial is over.

    In times of crisis, there can be no better way to ensure that the product or service enjoys maximum reach through word-of-mouth, good reviews, and recommendations. And this is the only type of marketing that should be focused on right now because building brand equity and goodwill always yield great returns in the future.

    Extraordinary times like the now, call for exceptional marketing efforts with innovative ideas. And, contribution marketing is entirely relevant, unprecedented, and new.

    Before launching a contribution marketing strategy, there are some key points that need to be addressed by marketers.

    • Identify the product or service that fills up for an immediate public need
    • The best way is to contribute time, money, and effort to a constructive marketing strategy focused on reaching out to the maximum audience
    • The relevant offers should be articulated in the best way possible
    • Focus on providing the best customer experience that will stay fresh in the user’s mind even after all this is over

    Despite all the pressures and uncertainty, marketers should not respond with hasty decisions to this crisis, driven by fear. Relevant targeting is the need of the hour and not mere deep discounts and fire sales. Just preying on people’s fears by merely mentioning “COVID-19” or “coronavirus” on the latest campaign is not going to help.

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    Value addition to the clients using contribution marketing strategies is what will get the required success to the B2B marketers. It’s not about offers and monetary value. It’s about how the services and products can help the target consumers in real, tangible ways. Even from a practical business continuity standpoint, building goodwill through free exposure is the key to emerge heroic in the entire COVID-19 crisis.

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