2020 has been a defining year for many businesses in Asia. The state of the world economy coupled with a pandemic, have left businesses with no choice to adapt.
However, there is no stopping growth. 2021 will be another defining year in the strategic year in marketing as companies work toward increasing momentum.
In this article, we explore the different marketing strategies that your firm should consider this coming year.
The biggest lesson in 2020 is the importance of digitalization. As the pandemic impeded our ability to travel, we’ve found a new way of being present with digitalization.
More and more prospects are now working from the comfort of their homes, and a looming digital transformation has been given the fuel to become more common.
Companies that have relied on traditional face-to-face meetings and physical methods of communicating with their prospects have had to radically adapt overnight.
The trend towards digitalizing more aspects of a company’s marketing plan must spill over to 2021. Even if physical movement becomes laxer in the coming year, a lot of people have already gotten used to transacting digitally.
This means that:
- Creating omnichannel digital experiences have to be part of the buyer journey.
- Having meetings and setting appointments should be further facilitated through teleconferencing.
- Automating lead generation and nurturing has to be the norm for marketing teams to be more efficient.
- Virtual events are still going to be popular.
- Companies have to look at every aspect of their business and find ways to transform it digitally.
Social Media Marketing
Social media platforms have become integral to everyday lives, and it still poses to increase the size of the lead generation net.
There are several things that you can do to harness the power of social media and use it to supplement and lead generation or nurturing pipeline.
Here are a few examples:
- The use of email retargeting to help with lead nurturing and getting brand messages across.
- Connecting with leads on other platforms other than email like LinkedIn to elicit varied responses.
- Automating messaging to reach more prospects.
- The use of social media platforms to cast a larger net over prospects that meet a company’s criteria for an ideal customer.
- A/B tested ad campaigns to boost impressions.
ABM (Account-based Marketing)
More and more B2B companies are making the switch to account-based marketing because of how effective it is. As prospects demand more customized service, it’s no surprise that companies that can personalize their marketing are getting their fair share of leads.
ABM is more effective because it combines highly targeted prospecting with personalized marketing.
There has to be an effort to switch to ABM in 2021 because lead generation is becoming more competitive.
Companies should focus on targeting their prospects with messages that resonate with them. This results in higher response rates and more efficient usage of marketing resources.
In fact, ABM is reported to increase sales win rates by 38 percent and increase customer retention rates, too.
Focus on Branding
Branding has been the cornerstone of almost every successful marketing department. A good brand evokes trust and loyalty. Trust converts the customer, while loyalty keeps them coming back for more.
Dependable brands tend to survive a crisis, as prospects look for solutions; they are more likely to pick a brand that has a proven track record.
This is why it is critical to keep brand development a constant objective in any situation.
There are several ways to improve the firm’s brand image. Deploying visual assets, being involved in the community, and launching PR campaigns are all great ways of developing a brand that people can rely on.
Having a solid public relations campaign can help augment your marketing and branding campaigns because it shows stakeholders that you are concerned about their issues as well.
2020 has been a good year for companies that have shown compassion despite the pandemic, and 2021 is another good year to continue good public relations campaigns.
We’ve established that building trust and brand image is essential in the coming year, and influencers are around to help push for that goal.
However, B2C companies aren’t the only ones that benefit from an influencer campaign. Many B2B companies are now utilizing influencers as well to promote their brand message more clearly.
There is no shortage of industry captains and thought leaders in different sectors that command audiences that a company can tap into.
Furthermore, influencer marketing can be considered a more affordable and targeted method of advertising given current influencer rates and highly-specific audiences that follow them.
The biggest consideration to any marketing strategy that CMOs have to consider is optimum flexibility.
There are still a lot of questions that remain unanswered in 2020 and 2021 might not be everyone’s year; so it pays off to be adaptable.
Marketing campaigns and teams have to remain flexible no matter the circumstances:
- The ability to scale and cutback has to be a priority in marketing campaigns.
- Budgets have to be flexible to keep up with demanding finances.
- A push towards proactive monitoring and reactive A/B testing for more efficient campaigns.
Flexibility leads us to consider outsourcing as another strategy to consider in 2021. As budgets can contract overnight and lead generation becomes more competitive, it makes sense to consider outsourcing other marketing activities to make companies more efficient.
Not only does outsourcing mean more affordable marketing campaigns, but it also allows smaller companies to leverage professional services and access to expert solutions.
It makes for efficient lead generation and effective marketing operations.
There is a lot to be learned in 2020, but 2021 presents itself an opportunity to test new concepts and continue towards a trajectory for growth.
CMOs are at the helm of ensuring their companies’ sustained growth. Through proper strategy, they can navigate whatever the new year has to offer.