Saturday, July 31, 2021

Marketing Strategies for an after COVID World

Marketing Strategies for an after COVID World

The pandemic has proven one big thing – businesses will continue, insurance and finance will continue. But never the same way again. Even when COVID cases hit zero, there is no going back.

In two years, customer behavior has changed dramatically. Imagine what it’ll be like another two years after? 

As marketers, are we thinking ahead? Or are we going to cross the bridge when we get there? If we want to stay competitive, we have to plan for the post-COVID world and embrace the fact that the changes we’re dealing with today are here to stay. 

Here are 5 key marketing strategies for a post-COVID world.

Multi-Channel Engagements

In a 2021 Digital Marketing Stats by WordStream and Localiq, it shows that in the US alone, the average time spent on digital media daily is now 8 hours, compared to 5.5 hours (and decreasing) on TV, radio, magazines, and newspapers.

A simple online presence is not enough. We need to have multi-channel engagements that’ll target all digital platforms. 

  • Post regularly on social media to increase organic visibility. 55% of the global population are social media users.
  • Go live, stream videos, and upload more video content. 31% of the increased video usage was to find information about a brand, product, or service.
  • Invest in paid searches (search ads, social ads, display ads). Paid search visitors are more likely to become customers than organic visitors. During the pandemic, paid search and social media were the only channels that maintained a positive growth rate. But make sure you’re practising ad scheduling to avoid wasting budget, being all over the place with no return of investment. 
  • Email marketing is still a thing in 2021. More than 50% of the world has active emails, which is equivalent to 4.1 billion people. The average open rate is 18%. 

Of course, relevant content to all platforms is also necessary to get the attention of the audience.

Transform to Digital Experience

We have to go all-in with digital, creating a seamless and secured digital experience. With coronavirus still on the loose, 40% of people are still uncomfortable walking into physical branches.

With this, neobanking is on the rise while legacy banking is declining. In 2020, there’s a 35% increase in digital accounts applications, and 2.4x more Google searches for “open a bank online”. 

How are our online and mobile channels? 79% of polled consumers are expecting a fully digital experience. Of this number, millennials and Gen Z are taking the big slices. Might as well give it to them.

Measure your Success

Numbers speak for themselves. They would help you track our course, whether we’ve made the right decisions or need to be making changes soon. 

But measuring success is not just about the numbers but also the whole customer experience. In the highs and lows of the numbers, we need to realize how and why we got those numbers so we can make necessary adjustments, if needed, or retain the current courses of action.  

More than having an online presence, are customers doing more than just seeing us? Are we focused only on the customer’s initial experience or are we present in the entire customer journey to conversion?

Value Consumer Data

Consumer data indicates potential customers and helps us predict what products or services to offer, at the right time, with the messages. 

Transactional data analysis and predictive analytics allow us to personalize what we offer our customers instead of insisting on a “one-size-fits-all” and still wondering why we can’t make a sale. 

When reaching out to customers, we need to know exactly what they need, to increase the response rate, and avoid being looked over and wasting resources.

Existing versus New Customers. In which do we give more weight? Do we approach them the same way? Consumer data will also shed some light.

We will never revert to the old ways. Marketing is redefined. What worked in 2019 will no longer be effective in a post-COVID world. 

We can help you leverage your marketing strategies. Contact us. 

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