CMOs acknowledge that conventional marketing strategies were adversely impacted by the sudden pandemic situation
The economy has taken a downturn due to reduced business activities during the pandemic shutdown and organizations, effected by reduced client interactions. One reason is also that legacy infrastructure and strategies and inefficient marketing plans were unable to retain the old customer base or bring in new customers. More and more organizations have shifted to online and virtual interactions to ensure social distancing.
Marketing leaders are now planning on new marketing strategies which have helped the business to grow even in an uncertain situation.
CMOs say that marketing departments should first assure the clients about the continued support they will receive from the organization. Then they need to follow that up with queries on the services and products they expect during such a crisis. Such surveys will be helpful to keep the organization at the top of its game. These surveys can be conducted via different options like online communities, social media platforms, live chat options, and survey tools for the organization. These tools can be used to get feedback from clients.
Special offers to clients
Marketing leaders point out that a good marketing strategy would be to offer product bundles at special or discounted prices to prospects or clients in dire need. Organizations have also offered free upgrades wherever feasible. Some have come up with extended grace periods or paused subscription options as per client requests.
CMOs say that engagement with clients and prospects should be encouraged on as many campaigns as possible. Organizations should pay special attention to ensure that the campaigns are creative, smart, and relevant to the current scenario. Live streaming on social platforms has gained special viewership in the lockdown period. Marketing leaders can consider ways to incorporate the social engagement measure in their strategy as well. Organizations can opt for shifting offline events and tours to online/virtual events, they can even develop their format for such online events.
Marketing leaders encourage online interviews of the C-suite executives and industry experts to boost the image and trust of the organization.
CMOs point out that in the current scenario, organizations should focus on retaining their current client base rather than expanding. When the current base is strong, an organization is benefited by more sales without having to spend on attracting new clients. Better service to existing clients can result in the expansion of the customer base via positive reviews and referrals.
Marketing leaders have started re-assigning the previous demarcation of budgets. Diverting the conventional funds from marketing promotions, in-person meetings, tradeshows, etc., to paid advertising, online webinars, content creation, etc.
CMOs prefer partnering with organizations that complement their goals and visions. Such collaborations lead to a shared audience, fresh and exciting offers, and better expansion.
Marketing leaders call for optimization of services for better acquisition. This includes online shopping carts, onboarding, marketing campaigns, renewal processes, etc. Retention is very good leverage for the latest acquisitions.
CMOs say that organizations call for the adoption of updated decision making measures, protection of cash flow, better communication, conversion of potential clients, good CTAs on the website, etc.