Strategies for Brands to Achieve Success in 2021

    Strategies for Brands to Achieve Success in 2021-01

    In several major markets around the world, including the United States and the United Kingdom, 2021 appears to be a somewhat different and much more promising year than 2020.

    Prior to the pandemic, brands often inspected agency contract compliance two or three years after making a marketing investment, which was a very backward strategy. Many advertisers have used the past year to play catch-up and get their contract compliance audits up to date, evaluating agency success far closer to spend, as campaigns have been paused, slashed, or cut altogether. Audits are rapidly becoming real-time or always-on.

    Advertisers will be well-served to keep their agency partners accountable when spending increases in 2021 by maintaining this rhythm, with audits as similar as possible to when investment is made.

    Looking at the year as a whole, here are four areas where brands can concentrate their efforts.

    2020 should be reviewed as soon as possible

    Industry experts advise brands that haven’t yet assessed agency contract enforcement for 2020 to check all campaign investments as soon as possible. Last year, carefully planned media strategies were torn apart in the heat and panic of most offices moving to work remotely overnight. Too many modifications were made to so many activities, but few of them were validated or mirrored in revised agency contracts due to the turmoil. This is why it is important for brands to revisit 2020 as soon as possible.

    Also Read: How Branding Can Help Businesses to Sustain in challenging Uncertain Markets

    Embrace the empathy dividend

    Many companies discovered that their commercial partners were eager and able to go the extra mile during the turbulence of the early months of 2020. Despite the fact that many had no option but to work, this was more than mere work to cover the gaps in the schedules. In corporate culture, there was a surge in empathy. It was easy for businesses to put themselves in their customers’ shoes. With very few positives expected to emerge from 2020, the empathy dividend seems to be a long-term benefit worth accepting.

    Maintaining relationships is a priority

    Human-to-human interactions have become even more critical as a result of the explosion of empathy. This is most apparent in advertisers’ partnerships with agency clients in the advertising and marketing world. Many of these relationships have progressed from solely transactional to reciprocal, long-term collaborations as a result of working together so closely and deeply over the past 12 months. Brands should carefully consider how to build on the increased goodwill and spirit of cooperation created during the pandemic in their long-term working relationships with agencies.

    Also Read: Increasing customer engagement in the post-COVID world

    Take away complexity

    Many companies have accelerated their digital transformations thanks to COVID, and this is especially true for e-commerce. In the first three months of the pandemic, consumer use of internet shopping grew by an estimated five years, across all decades. These trends are here to stay, with many shoppers especially older millennials who are unwilling to invest time in brick-and-mortar retail anytime soon.

    Digital media and marketing models are becoming more dynamic, requiring a greater number of supply chain connections. Mistrust is often a product of complexity. As a result, it is advised that marketers strive for total transparency or at the very least, as little ambiguity as possible – when working with various distributors, manufacturers, and partners. Also, organizations must ensure that this is written into contracts that are reviewed regularly and are legally binding.

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