Unfortunately, it seems as though it’s going to take a little longer to dig out of this recession. As marketers, we will have to continue to work smarter, keeping a careful eye on the budget even as we innovate and adopt new digital marketing strategies.
Do concerns about the economy have you reevaluating your approach in Q4? Many of us were beginning to loosen our belts just a notch. But, do you think you’ll be pulling yours in tighter, again? What do you see as your biggest challenges over the next few months?
Looking ahead, I encourage you to keep pushing forward. The digital marketing revolution shows no sign of slowing, and it’s critical that you remain in the game. I realize it’s a tough balancing act. However, you may discover that updating processes to work smarter equates to working leaner, as well.
To illustrate my point, here are three key trends I think we’ll be seeing as we move into Q4:
1. Plans that are more cross-functional. If resources remain constrained, it’s only natural that budgets will continue to focus on retention and cost-cutting. But, don’t forget growth. Use an execution-driven strategy to succeed, one that clearly outlines a game plan and how it relates to building business value. With less and less wiggle room, marketers need to apply rigor into where that spend goes. You need to assume accountability and demonstrate the impact of your campaigns.
Along those same lines, I expect we’re going to see more marketers leaning towards data management because strategies that include data analysis are now fundamental to success. The results from media, campaigns, customers and operations --coupled with the analysis of those results --are ultimately what prove ROI. Plus, the analysis allows you to feed back into the planning process so you can tweak campaigns, fine-tune customer lifecycle information and move forward with confidence. Success is wonderful. Replicating success is even better. You only get there with good planning and analysis.
2. Integrated marketing management (IMM). Watch for IMM to become increasingly important as marketers recognize that multi-channel marketing success requires the integration of operational, execution and analytical functions. IMM involves all key B2B and B2C marketing activities –campaigns, data, spend and assets –across both offline and digital channels . . . and then it goes even further, incorporating multiple data sources from throughout the organization. This integration of data, processes and systems has multiple benefits. It reduces complexity, improves effectiveness, facilitates workflow, enhances the customer experience and helps cut costs.
3. Strategies to innovate the customer experience. Consumers are in control, and they’re expecting more engagement, more relevant offers and a whole lot less hype. Consumer confidence is down, so marketers need to work even harder to keep customers upbeat. Make sure you know what motivates your customers and keep track of response rates, so you can develop deeper insights about what motivates your audience. The deep penetration of mobile technology offers marketers the opportunity to reach people wherever they are, so watch for more marketing directed to this one-to-one level, with real-time offers that are relevant to consumers’ immediate needs.
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