How companies are addressing the coronavirus pandemic could forever leave a mark. Some are waiting it out, and some are proactively adapting to the changes.
While a proactive approach seems more attractive, the way a company utilizes its marketing will be a telltale sign on how they will be able to keep up after the coronavirus.
People being forced to stay at home during the coronavirus pandemic has caused a vast increase in data collection. But, while all this data seems beneficial, human behavior may not be so predictable since historical data is not available. Therefore, that opens the door for inaccuracies.
According to Gartner, bad data can cost a business an average of $15 million per year in losses. Even if a company is using software that incorporates machine learning, there still needs to be some historical data to understand the meaning behind the new information.
Therefore, companies like YouTube are explaining how mistakes can happen during this time. The company said how “automated systems will start removing content without human review.” They want to respond quickly while knowing that some video removals will happen despite not violating any policies.
While companies need to respond quickly, they also need to have a team of marketing experts involved in their decision making.
Digital marketers, who utterly understand data analytics, should be able to help go through the limited data while collaborating with business leaders to help drive decisions.
This is the time to use your intuition on what is right for the business. Digital marketers will need to rely on those nontraditional marketing skills of the 21st century, such as creative problem solving.
As time goes on, companies will be able to collect shifts in human behavior to make better-informed decisions based off new data. Until then, marketers will need to utilize those soft skills for solving a problem. This will be the best way to help business leaders.
During a time when everyone is facing challenges, companies need to continue communicating their brand identity and values. Since everyone is online, this is the time to leverage digital to the fullest.
Unfortunately, there are companies scrambling to build their online presence. From new ecommerce websites to e-learning solutions, companies are looking for ways to gain revenue.
While important, you must remember that the product or solution is still at the bottom of the sales and marketing funnel. That means there are many steps a person will need to go through before being ready to buy, especially during difficult times.
Lead nurturing through inbound marketing is a way for you to build relationships and credibility. You must listen to the needs of your audience and provide information that helps solve the problem. This can be challenging in a time where data is not accurate.
However, when using your intuition, you should know how to address the problems of your target audience. Most companies have personas created for helping them to produce meaningful messages.
This is the time to revisit those personas. Because of the coronavirus pandemic, needs may have shifted. Therefore, you will need to update your messages.
Inbound marketing is more important than ever because it helps businesses to build those relationships online. It is the best way to convert leads into loyal customers.
Forrester Research says that when companies excel at inbound, they can generate 50 percent more sales-ready leads at 33 percent lower costs. Those numbers sound good to companies who had to make budget cuts because of the coronavirus pandemic.
According to HubSpot, “61 percent of marketers say improving SEO and growing their organic presence is their top inbound marketing priority.” They also said that “55 percent of marketers say blog content creation is their top inbound marketing priority.”
The reason why this is so important is because a company cannot just create an ecommerce website or present an e-learning solution. They will need to nurture their target audience with quality content that is optimized to be found by the search engine robots.
Inbound marketing includes the sales and marketing funnel, which is vastly different today because of the digital revolution.
People go online to get instant answers to questions. The modern-day funnel includes more marketing than sales because of the steps a company needs to go through to nurture a lead.
This is even true for those who believe in the flywheel approach for lead acquisition. The funnel includes the flywheel; because once a lead turns into a customer, they “circle” back into the funnel for upselling or for increasing brand loyalty.
So, with this big push to get everyone online, will the sales and marketing funnel change again? This is something companies need to ask themselves.
The sales team typically comes at the end of the funnel to help close the deal. What will that look like for those who are only searching online for answers? Will this create a new type of searcher or buyer?
Leaving a mark on society, you need to ask yourself if business will forever change. Because inbound relies on online content, your company should be putting that at the forefront with their online products and solutions.
It is the only way they are going to stand out in a world dominated with advertisements and mixed messages.
Business, as usual, will change. Therefore, the way your business responds to getting into the now will make a mark. This is the time to get strategic and use human intuition to leverage the resources available online to effectively nurture a lead and increase revenue.
Ashley Schweigert is the owner of Marcom Content by Ashley, LLC.Reblogged 4 months ago from www.clickz.com