Marketers who invested in digital tools were able to pivot amid the COVID-19 pandemic.
The latest report from BrandMaker says investment in marketing innovation and automation helped half of the marketers to quickly pivot as the COVID-19 pandemic affected marketing. The other half reported they were less agile and that workflow collaboration tools were insufficient.
The majority (80%) of marketers think their workflow processes will be more collaborative due to workplace changes driven by the pandemic in the next year. The report notes that 90% of all marketers are planning to pump up investment in digitizing marketing while 75% expect employees to continue remote working in 2021. A shift in budgets from brand campaigns to pipeline and lead generation is expected by 80% of marketers and nearly 65% anticipate a move away from agency towards in-house content creation and management.
One-third of marketers had to reduce their marketing budget by 60%-80%. Digital marketing played a key role for many companies by allowing them to communicate and sell to consumers. Meanwhile, organizations that had earlier invested in automation were ready to survive and pivot during market changes.
The COVID-19 crisis has made global marketing firms re-evaluate their entire 2020 strategy and campaigns. Those with agile martech systems fared better than their counterparts. Clearly, it is essential for marketing organizations to become agile, effective, and most importantly highly productive to meet the current challenges. They need to have collaborative and nimble workflows that are highly measurable owing to the anticipated budget cuts from the brand to the pipeline.
Organizations are focusing on investments to enhance digital channels as more and more marketers are figuring out how to emerge from the crisis and plan for 2021. The report notes that the majority of them are investing in digital marketing processes and collaborative workflow tools, as several organizations expect employees to continue to work from home. In addition to the investment in digital tools internally, marketers appear to be moving away from agencies and into in-house efforts. However, while the in-house model’s focus on cost and efficiency may be appealing in a tough economy, existing problems with the approach may be amplified by the shift.
Marketers also expect to invest more in lead generation campaigns and shift from branding efforts. This transition is expected to support the desire to acquire new customers online.