Even though economic uncertainty still remains a pivotal issue for B2B Marketers, not taking actions and giving up early isn’t going to help brands sustain longer.
From a business perspective, the pandemic has reinforced how important it is to remain agile. Constantly changing marketing demands in the face of economic uncertainty is nothing new, but the constantly changing scenario has been so unprecedented for every industry.
The proliferation of pandemic has increased the importance of staying agile for most enterprises. Being flexible in their approach and pivoting from earlier planned marketing strategies is nothing new. However, in an uncertain marketing landscape, it is essential that the way CMOs develop their approaches and methodologies is in sync with today’s constantly changing dynamic marketplace.
These unique circumstances of today’s marketplace present an opportunity for the leaders to re-look at their job responsibilities and reinvent the dynamic of today’s marketing landscape.
Below are the 5 steps that could help marketing leaders create a successful path through the wildly disrupted markets at this point in time, and in the post-pandemic world:
Restructuring the Customer Journey Maps
To succeed in their efforts, brands need to re-architect the customer journey maps in order to reflect the new model of customer behavior post-COVID-19 world. They need to stress on moving digital to the first point entry for customers and developing a broader digital marketing strategy. This will provide them with insights to plan a roadmap for their customer journey.
The uncertainty of today’s marketplace presents a perfect opportunity for creativity. Brands should let go of their traditional notions and opt for innovation in redesigning experimenting in their marketing approaches. One of the best ways to do that is by realizing the customers’ present challenges and developing products and campaigns according to those.
This also opens doors for brands to tap into channels that they were unaware, that also bring opportunities to address the current market with new revenue streams.
Leverage existing technologies
The pandemic has brought a lot of strain to the existing marketing budget. This has significantly reduced and in some cases, even halted investments in martech. Hence, marketers should craft different strategies to be extremely critical of existing marketing technology. They should carefully consider the use of each marketing tool and its disposal, and be agile with the existing resources.
Taking daily updates
Paying close attention to different web traffic patterns and eCommerce buying behaviors should be on top of the list when it comes to today’s marketing behavior. Brands should observe the strategies that are days, weeks, and maybe a few months before deciding on taking longer-lead actions. They should break down the business siloes in chunks to ensure rapid sharing and reprioritization.
Rethinking about Sales and Marketing Teams
Since the roles of sales and marketing teams are taking on each other, brands should centralize distributed functions that make sense to bring similar roles into a center of excellence. For brands that operate on multiple fronts, their marketing teams should be adaptable and approach their marketing efforts with diversity, around a single vision.
The marketing landscape has never been more dynamic than today. Though the current crisis impact won’t fade away soon, rethinking about today’s adversities as opportunities can help a brand to become an industry leader when times get better.