Maximise your marketing plans for the rest of this year
Revisit your marketing plan
With many marketing budgets slashed, it’s tempting to focus on shorter term performance marketing and sales promotion to hit targets.
Writing in Marketing Week, Mark Ritson explains in his article on Marketing in the time of Covid-19 that: “Confronted with a 50% cut in marketing budgets, the smarter play is to actually focus more of it on the longer-term brand-building mission. Performance marketing is going to underperform in the current market conditions.”
But how do you get that balance right? The answer is to revisit your campaigns at all levels. Look at what successful companies are doing well and stay true to your long-term brand values.
A great example of this is Amazon, which has continued to rollout it’s lucrative Prime subscription as well as other propositions such as ‘Amazon Fresh’ (which aims to take market share from online grocers).
For example, Booking.com maintained a high profile through using tips and advice in regular email blasts when people were unable to travel. It switched its focus on the staycation market and has since changed its terms and conditions to allow last minute cancellations in certain circumstances.
Arjan Dijk, CEO of Booking.com said that marketing automation has allowed his teams to use insight to help speed up growth in regions and demographic segments that still show a propensity towards buying travel.
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Royal Mail has introduced an ‘open for business’ scheme with a special discount of 10% off advertising mail and 15% off door drop mailings. Direct mail coupled with a digital marketing strategy could help you stay in front of customers and prospects in these challenging times.