How do we generate demand when customers are cash-strapped and tightening their budgets? How can we find new audiences? And what are the most cost-effective ways to reach them? Here we’ll find the most efficient customer acquisition strategies during a pandemic.
Marketers are facing some of the most challenging queries in these times. But again, great problem solvers are influential leaders, not born but made. These leaders learn to adopt a remarkably open and curious mindset. They adhere to a systematic process for cracking even the most inscrutable problems. They are excellent problem solvers under any conditions. And when conditions of uncertainty are at their peak, they are at their brilliant best. The key to their success is about:
1. being ever-curious on every element of a problem;
2. being creative and experimental, with a high tolerance for ambiguity;
3. having a “dragonfly eye” view of the world, to see through multiple lenses;
The coronavirus outbreak is a global humanitarian crisis that has affected millions of people. We can see the economic impact of the pandemic across various sectors. In the consumer goods sector, consumers are shifting from where they shop, what they buy, and how much they are buying at an unprecedented scale and speed.
Manufacturers are looking for actions that they need to take during and beyond the crisis. They are doing so by determining the extent to which these changes in consumer behaviour will affect their channels and brands.
So how can executives adjust commercial levers now to improve business performance? How are they preparing for the new consumer behaviours post-crisis?
Companies that take thoughtful and swift actions can build the resilience needed to weather the storm and emerge stronger. They have to research consumer spending habits and behaviours that will likely be in the aftermath of the pandemic. The bricks and mortar stores that involved face to face meetings and events have to re-evaluate their marketing strategy.
The Internet is a best friend to people now who are in isolation due to the lockdown. It opens up the possibility to move your digital communication to the next level! People will be seeking updates, answers, and ways to improve their personal and professional life. If your business has a solid digital marketing strategy, you are in a better position to weather this storm.
Recreate your Marketing and Sales Funnel
It is a best practice to change your marketing and sales funnel to accommodate this new reality. It is true not just in Sydney or in Australia, but to the rest of the world as well. Refer to marketing and sales consultants, and they will tell you the same thing.
Although consumers are not buying right now, they will do so in the future. Offer them free trials, free courses, free sessions or even free premium content. Offering consistent and high-quality content to your customers helps build trust and brand awareness. It will also help to connect to your audience better. Consumers now have the information they need to make purchasing decisions which will encourage conversions.
Digital marketing gurus, HubSpot and Neil Patel, are leading the way with freebies and discounts. Neil Patel is offering Ubersuggest premium features for free while HubSpot is giving out up to 50% discount on their platform.
Respond to the Crisis
Many companies are responding to the Covid-19 crisis in an accommodative and considerate way. They are offering new services, select resource pages, and other helpful approaches. Here are some examples.
Sisense is offering relief packages for customers, professional services, and strategic consulting. It is offering free analytics to consumers and communities to help fight Covid-19.
HubSpot has introduced several support measures and resources to help customers and communities in these trying times. They are new content series, marketing and sales benchmark data. A HubSpot community connects like-minded professionals globally.
Quasar is helping customers by offering aid on business continuity. The company is helping medical device firms, facing challenges to meet production goals.
Virtual events occur on the World Wide Web. The only need is connectivity to the internet.
Virtual events are invaluable for companies during this crisis for several reasons. 1) You reach a wider audience because people can join in from anywhere in the world. 2) You save a big chunk of your budget —you don’t have to incur the costs of booking a venue and hiring an event planner. 3) You can set better measurables.You can determine the number of people who attended the event. Other details include their location, popular sessions, and the mode of payment by the attendees.
Wistia’s CouchCon is an excellent example of a video marketing platform for enterprises. CouchCon was its first virtual event, held in 2018. The virtual event featured 13 influencers who taught the attendees about using video for marketing. Content Marketing Conference allows you to watch CMC 2020 on-demand for free in May during the pandemic. AltGDC is a primarily-virtual conference on game design and development.
Identifying the Pain Points
The Covid-19 crisis has affected many industries. These industries need to reinvent themselves for the future. The tourism industry, for example, can conduct virtual tours of tourist places.
A good marketing strategy should involve identifying the new pain points of your customers. It will offer lucrative opportunities for your business to leverage. In the wake of this crisis, the following are an example of companies capitalizing on customer pain points.
Quasar Medical is a medical device manufacturer that identified an increased demand for medical devices, as many manufacturers were shutting down due to the pandemic. The company sought clients looking for new manufacturers to meet their needs.
Vintage Grape is a wine manufacturer. They opened an online store to sell wine online.
Game makers and sellers are winning big in the pandemic. The demand for board games and puzzles has increased significantly. With so much time in their hands, people are turning to traditional board games and puzzles.
Artists and handicrafts are taking their works online. They are getting extensive viewership in return. Many people consider them as essential professionals at the time of this crisis. They are using art to unite and to help people to cope up and heal in the face of the pandemic.
When a crisis looms, it is the ideal time for bold and creative entrepreneurs to step more into action. They adopt strategies to ensure the survival and success of a business. This article enumerates successful marketing strategy examples for lucrative changes in customer acquisition during and after Covid-19.
Brands are now having to come up with alternative ways to reach consumers. For example, purchasers may be less concerned with the latest CBD-infused face cream as they are for their groceries. Plunging stock markets point to a growing possibility of a recession. As a result, this would crimp spending on discretionary products, including clothes.
Kering, which owns Gucci, Saint Laurent and other luxury brands, suspended new store openings and advertising altogether in China, where the virus outbreak was the most severe. Advertising in fashion publications big and small is one of the first places brands look to cut costs as they brace for a global economic downturn.
In a note to investors, Sequoia Capital, a venture capital firm that has invested in brands like Glossier and Zappos, advised brands to “raise the bar” on what they consider essential marketing costs.
That doesn’t mean brands should halt consumer outreach efforts altogether. Instead, they need to adapt, especially in a fast-moving crisis where the playbook is changing daily.
“We have to be much more nimble,” said Bridey Lipscombe, co-founder of Cult marketing agency, which has worked with Amazon Fashion and Tommy Hilfiger, among others. “Of course, budgets will be smaller, but I think we can really demonstrate strong [returns on investment] if we’re creative.”