Rome is burning. Or, at least for many marketers, that’s how life might feel these days. Marketing leaders relying exclusively on Facebook ads are having their wits tested at the same time that their email open rates are dropping and a shift in strategy is required with iOS 15 downloads climbing by the day.
Meanwhile, forecasting marketing budgets with boatloads (literally) of inventory stuck somewhere between Asia and Los Angeles is darn near impossible. B2B marketers don’t have it any easier as the supply chain and cash flow issues continue to make their way across all industries.
Many marketing leaders will do the practical thing and hunker down and try to wait it out. And they might be successful. Sure, Black Friday / Cyber Monday sales and the overall performance for Q4 will be disappointing, but at least they’ll still be standing on the other side as we progress into the second coming of the Roaring Twenties.
Marketing leaders pulling back and passing on the opportunity to innovate will find themselves increasingly vulnerable to inferior competition (yes, including your favorite house brand knock-off) as their moats dry up. If you can’t find some way to reach your customers and meet their needs, they’re far more likely to settle for less and shop your competition rather than doing without.
That’s why we’re advising our clients to seize the moment and use the fires to ignite growth and customer retention instead of simply letting their competitive advantages go up in smoke.
Let’s start with the reaching your customers part first. Consider strengthening relationships with influencers and even making a concerted effort to hit your high-value prospects with direct mail retargeting and connected TV ads.
Also, if your ad account is underperforming these days, you’re not the only one, but you might be the only one not seeking help. Pay for someone smart (or a top-notch marketing agency like Fidelitas) to audit your underperforming channels to find opportunities for improvement. You can’t afford to run sub-optimal creative to poor-performing ad campaigns on Facebook and Instagram this year. The Easy Button is broken.
When it comes to meeting your customers’ needs, go the extra mile. Run your promotions early and include gift cards to bank early wins. Push gift cards, perks, and unique client experiences to drive sales across the finish line when inventory starts to run out. For example, offer product X that the customer wants (arriving in January) with an instant download of ABC Digital Asset, such as an NFT, additional gift card for 2022, and branded merch that you can produce locally. Instead of discounting your products by 20-30% in November, add 20-30% of value and build brand loyalty instead.
These issues are going to get worse before they get better. Make sure you’ve got a Strategic Partner to help you navigate the fires before they burn too hot. And if you don’t, just reply to this post and we’ll help however we can.