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FINANCES Use what you learned in 2020 If you analyze your marketing efforts in 2020, you are at a great starting point, as you understand what worked and what didn't. Find the details that made an impact on your sales flow. If your business has an option for e-commerce, pay extra attention to the conversion process; this style of the buying experience is more important now than ever, as people are spending more time online and at the same time more money. According to a report by eMarketer, this pandemic accelerated e-commerce growth in the US by 30%, reaching numbers that weren't expected before 2022. If your business did not take advantage of that boost, you still have time to adjust for 2021. Another segment you should explore is the traffic-driving element. This can be done by simply answering the question: what brought traffic to my store during the pandemic? Perhaps it was a BOGO (buy one, get one free) promotion, a special deal, an extra discount, a loyalty program, or something else. If you have a business that is limited by location, promote it online within a 10-15-mile range, and use retargeted marketing as an extra tool.

Plan for the unexpected It is impossible to predict the future, but that does not mean you cannot consider a few possible scenarios. For example, if your business is currently operating with limited capacity, have a plan in mind if new restrictions reduce that number, or increase it. Similarly, you should prepare for closures, curbside, or delivery only. You do not want to live expecting the worst-case scenario, but it is something you should consider when planning your marketing strategy. The unexpected trends should help your digital reach and interactions. Do not take this lightly as this is a full-time job that requires time and dedication. It may be a good option to look for a social media expert to keep up with trends, hashtags, and topics relevant to your audience so that you may attach your brand to them.

Learn to adapt; the quicker, the better If there is something that 2020 taught us, it’s that things can change quickly, without warning, and at any given moment. No one ever even imagined things would go down this path a year ago. However, the brands that survived and grew had a strategy for adaptability, a space to adjust the processes after understanding the new normal. If you prepare for it, when things go south, it will be easier for your business to adjust your marketing efforts.

In any other year, you would prepare a strategy and keep it running against multiple factors, like changes in the economy, but this year, you may have to stop and go in a different direction. Re-evaluating your Marketing Personas to understand your audience behavior may be the last piece of advice we have for you. Things change quickly, and if your evaluation was done before the pandemic, you should consider creating a new one. The way things changed are impacting deep in people’s behavior; some people are afraid of even going for a pickup; others are happier without having to interact with others as much as they did. Even with a Machine-Learning trend in the software development industry, we do not have a way to predict how 2021 will be, but we encourage you to plan and prepare for a first semester somewhat similar to 2020, with less panic, but with some ups and downs for your business.

Build on different pillars All marketing platforms reach a different audience. People you reach through the radio will likely not be the same audience you reach with television, while people watching TV may not be the same you reach through social media or a magazine. Each media type reaches a specific and targeted demographic, and each media impacts your audience in a different manner. At the same time, each media brings you a different response. For example, while social media may count for 70% of your clientele, 18% may have been attracted through television (typically the most expensive media), while 12% came to you through print advertising. If you leave television out because it's expensive, you may be giving up 18% of your business. Or if you leave a magazine out because it only attracts 12% of your revenue, you'll be giving up an audience that you would otherwise reach. Point and case, the wisest formula is to sustain your business through multiple pillars. Now, here is the key: your marketing pillars must all be active in bringing you clients at a cost-effective rate. Although your cost-per-lead maybe $100 through television, $1 through social media, and $15 through a magazine, if a new client is worth to you $500 net, you won in all three cases. If you leave the television and print out because it may be at a higher cost-per-lead than social media, you'll be giving up 30% of your potential revenue.

_____ For help in planning your 2021 marketing strategy, you may contact David JĂĄquez with AHAVA Marketing at 800.278.4829 | AhavaMarketing.com



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LUXCIOR - 9.1 - January 2021  


LUXCIOR - 9.1 - January 2021