Ways Businesses Can Get Ahead After COVID: Performance Marketing and Brand Building
The world is now feeling its way to get out of lockdown. During this time, brands need to invest in performance marketing strategy and brand building.
Assean Sheikh is the CMO and co-founder of the craft beer company Flavourly. He said something about Brand Building at the Performance Marketing 360 of Campaign. He considers brand building as a medium to long-term channel that can help the business grow. It can work on decreasing the sensitivity to the price. Next year, the company will be in a great opportunity for investment. That is because of the next year's panel in professional marketing. They aim to invest in performance marketing strategy and brand building.
He declared that the world is now in a recessionary environment after the crisis. In the recession last 2008, most of the brands cut back on the brand building process.
Yet, a lot of them have been missing a trick.
It is vital for brand building to become balanced with the activation of sales. Yet, this environment may make marketers and companies pull out from this activity. Because of that, it increases the inventories available. It can lead to a decrease in the cost for media. Yet, there is now less competition for the attention of the customers. You may double the effect, pay less, and get a better deal because there is less competition.
Deep and Fast
At the start of the pandemic, everyone reacted fast and cancelled lots of campaigns. But, with the campaigns at the lower and upper funnels, the ones at the lower funnel had a greater hit. As you check out the other times of recession, you won't be able to see this. Instead, you will see the opposite. Before getting hit by the crisis, people saw bad performance advertising. The cause of this was the lockdown. Businesses that advertise may not advertise if they can't operate.
When it comes to the marketing strategy of the tech giant IBM, Wolf said that the pandemic led the company to change. She said that the behaviours of the audience changed during Covid. The disease affected the people's habits in social media and consumption on media and the web.
They recognised the fact that people in a lockdown stayed longer on the internet. Yet, their usage hasn't been the same as the past. Twitter may have been successful before and during the Covid outbreak. Yet, people only checked out Twitter to become part of real-time conversations. These occur in their area and includes the breaking news.
She said that the meaning of this was people did not become interested in the brand's content.
This made them urge their teams to have organic content and paid campaigns pulled back. They even thought about what could be vital information for the audience as of the moment. They also checked if they need to be present on the platforms on specific days of the week. There may be times when it could be better to stay silent and pull back. This is so they wouldn't end up being in a room and talking about something that people don't care about.
Lockdowns are now getting eased. Yet, Wolf has argued that this must not become the reason for any brand to get back to their past image. That is because there are significant changes in the expectations of the audience.
People are now expecting brands to have their values communicated. They also want to weigh in on ethical and social issues and act responsibly. There may be times when there is social injustice or a pandemic. When this happens, keeping the business normal and remaining silent may not unacceptable. This applies for the social solutions and offerings.
Sheikh of Flavourly insisted brands should avoid any recessionary behaviour after Covid. Marketers that invest in performance and brand would be in a great stead.
People would come out of the slump in the environment. Once confidence appears, companies would begin reinvesting in the building of their brand. Yet, during this time, they may only keep pace in generating a share of the voice. In case you are in this position, we recommend investing in it immediately.
It's beneficial to return to mid-to-long term reinvestment and planning. As the lockdown eases, people leave the mindset of crisis in the short term. When this occurs, marketers need to plan and allow advertising for brand performance. They need to aim for the brand to bounce back. We recommend it for performance marketing to bounce back more.
Brands are now beginning to invest more in accountable media. This includes performance advertising. In the past few months, there was a year-on-year growth and a higher growth year-on-year before Covid.
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