Businesses worldwide are re-energizing their marketing efforts as consumer buying behaviors gradually return to normal. As they do so, businesses must keep in mind that a lot has changed in the last year, and many of the old marketing strategies may no longer be applicable.
The COVID-19 pandemic has had a significant impact on enterprises and has resulted in a shift in market dynamics. Relationships between businesses and consumers are rapidly changing. Consumers are increasingly shopping for services and products in new ways, with emerging technologies to try new things. And to cope with extraordinary market conditions, consumers and businesses are turning to new business transaction modes. The simplicity of online buying encourages customers to maintain their newly acquired habits.
As a result, businesses are experimenting with new ways to complete transactions. The powerful combination of technology and marketing has helped customers in navigating these marketplace shifts. Some of these changes will certainly continue and become part of ordinary life as the world progresses beyond immediate survival.
Here are a few strategies that brands can adopt to gain competitive advantage in the post-pandemic world.
Also Read: The UK Economy to Return to its Pre-pandemic State Post COVID-19
Capitalize on personalization
As customers accept a merging of digital and physical experiences in the aftermath of the COVID crisis, brands must use personalization to maintain customer loyalty at a time when it is most vulnerable. Consumers are more inclined to shop with brands that provide relevant offers and recommendations, and will only engage with tailored content; therefore it’s critical for any marketing strategy.
It is possible to tailor marketing copy and offerings at a faster pace and scale in marketing. However, it can only be accomplished by collecting, analysing, and automating data in near real time. The goal for marketers is to communicate on a personal level with both existing and future customers in order to engage them. This will enhance the consumer experience, boost brand loyalty, raise revenue, and ensure consistency across all channels.
Personalization should never be overlooked – brands can strengthen their offering by providing a customized experience for their clients, which boosts customer experience and loyalty. To fully fulfil the promise of personalization, brands must ensure that they are using the data they have while promoting their product or service, as well as factoring in the experiential element.
Utilize accurate first-party data
Investing in Machine Learning-powered solutions like lookalike audience modelling allows organizations to take advantage of their valuable first-party data and target the right audiences on a personalized level without relying on a single identifier.
Lookalike audience modelling use machine learning algorithms to create a scalable model of a company’s ideal target audience based around the characteristics of existing consumers. This marketing strategy can help the company grow and broaden its reach while remaining compliant with privacy laws.
Companies must first ensure that their existing data is updated and accurate before implementing any form of lookalike audience modelling. After all, the Machine Learning (ML) model is only as good as the data it is based on.
Also Read: Three Key Takeaways from the Pandemic for Marketers to Thrive
Leverage Geofencing
As more people return to in-person purchasing, geofencing is becoming more relevant for brick-and-mortar merchants looking to better understand customer behavior and ensure that they are targeting the right people at the right time.
Despite the fact that more mobile users are opting out of tracking, geofencing still provides for privacy-compliant contextual targeting of customers, allowing retailers to reach a larger audience by using an approximate location strategy.
Because geofenced data enables retailers to predict which consumers are most likely to interact with their services and products, marketing campaigns that incorporate geofencing tend to generate a higher return on ad expenditure.
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