By: Wendy Greenwood, Contributing Author
No one has a playbook for marketing in today’s reality. We’re in a massive period of change, including a global social movement. The current health crisis and the movement for social justice have created new priorities for consumers. As economists predict that a U-shaped recovery is unlikely, consumers are focusing on essentials and looking for value. So what does this mean for marketers?
There has never been a better time to reinvent your brand. Opportunities abound as most American consumers have recently switched brands. Whether it’s due to limited availability or convenience, recent data from McKinsey indicates that 75% of Americans have tried new brands and places to shop. Loyalty has been upended. Are you ready?
McKinsey also reports that consumers are likely to keep the behaviors they’ve adopted during the stay-at-home orders, especially online shopping. More than ever, brands are doubling down on omnichannel retailing, digital advertising and social media. Marketers are prioritizing social commerce with attention to customer reviews, personalization, gamification and immersive experiences. Brands are expanding ecommerce into social channels, such as Instagram, so customers can shop where it’s most convenient for them.
Brand awareness is not enough. Action is everything.
Safety and health are big priorities for consumers. Brands who put their employees and customers first will be remembered. Take a cue from some of the top retailers, which are revamping policies and operating procedures. Walmart will be closed on Thanksgiving, to support their employees. Who would have made this prediction last year? Everything is on the table for discussion.
It’s true that certain categories such as Health and Wellness and Athleisure are thriving, but it’s not as simple as being in the right category at the right time. Canadian fashion retailer, Aritzia, saw its eCommerce sales increase by 150% during the past quarter, but its brick and mortar sales were greatly impacted. In response, it established a relief fund to support employees so that no one would be laid off or furloughed. It has already reached its goal of $20 million. Aritzia is also supporting its suppliers by joining a global call to action with the International Labour Organization to protect worker’s rights, health and income. By visibly changing the status quo, resilient brands can survive.
Build a Diverse Marketing Team
One of the fastest ways to reset your marketing is to assemble a diverse team. Look for diversity in terms of ethnicity and age. Seek out people with differing points of view and a variety of skill sets. Learn from each other’s experiences. It may sound like a mash up but learning and listening can spark curiosity and illuminate creative solutions when they’re needed the most.
Get Creative with Content and Channels
Brands are searching their ecosystem for new opportunities. Lululemon Athletica, a Canadian brand focused on yoga and activewear, acquired Mirror, a leading in-home fitness company, to expand content creation between the two brands and to reach new customers. Who can you team up with to increase your value proposition?
Look for new channels for communication and advertising. Podcasts have exploded, as people listen to them almost anywhere, from driving in their car or working out at home. According to Mediapost, podcast advertising revenue is expected to increase 14.7% this year – close to $1 billion in the U.S.
Brand storytelling is another effective way to engage customers. Canadian apparel retailer Roots has created a limited release called the “Tamakwa Collection,” named after a summer camp where the company’s founders first met over 50 years ago. Telling their story through owned channels such as email, social media and web, Roots has evoked feelings of nostalgia among its customers and inspired them to check out the new collection.
Reinvent Your Customer Experience
Retailers are reimagining a new customer experience. Experiential beauty brands such as Sephora and Ulta Beauty have been impacted as staff are restricted from closely interacting with their customers. Ulta Beauty is looking to technology with its GLAMlab digital tool where customers can virtually try on makeup. Think about what your brand can do to reinvent your customer experience. Malls everywhere are scrambling to reimagine children’s visits with Santa this holiday season. Let’s face it, there’s never been a better time to toss out legacy marketing programs such as this one and create something new.
No one has a playbook for what’s happening. There is no crystal ball for what’s next. The best way forward is to change your point of view and see things differently. Understand where you’re vulnerable and what your customer is going through. Discover new solutions and then act on them with purpose.