Marketers in a Covid-19 environment must wisely choose their marketing strategies.
In today’s competitive world, the majority of marketers use ROI as a major element of success and tend to do more during the Covid-19 world. But, there is a risk by taking ROI alone, as one would focus on marketing efficiency than effectiveness.
The key question that every marketer should ask themselves is- What should they choose, “effectiveness or efficiency ?”. But both elements lead to higher conversions and revenue, so the question is, is there a difference between both? And the answer is yes. Both elements have a similar aim, where efficiency and effectiveness are wholly different components of a marketing strategy.
Measures of marketing efficiency include CPRP, CPT, CPA, CPM and click-through rates while marketing effectiveness is more financially driven. They are co-dependent on one another for profitable results. The task for every brand is to first, build brand considerations that drive in enquiries, conversions and then leading to sales. And by taking a long perspective brands should build Net Promoter Score and have more brand promoters than detractors.
These are powerful effective ways to market one’s brand in post-Covid-19 environment:
- Brand Salience – It is one’s intensity of awareness about the brand. Brand salience is important as it is the lifeline between the brand and customers that are to be built over a period of time.
- Innovation – Constant innovation is needed in today’s life and will continue thereafter. The innovation of products or services should reflect in its marketing and communication strategy.
- Content matters – Content marketing is essential for every brand. As content can inform, educate, entertain, inspire, help, and reward. Good content can establish meaningfulness and it can help to build values for brands and also change attitudes.
- Plan for the consumer journey- Here, it is critical for a brand to do two major tasks; be present in the initial set and manage a drop in drop-offs in the evaluation stage.
So coming to the conclusion, if a marketing strategy is not effective, it will be difficult to sell its product at a competitive price especially in a post Covid-environment. As the ultimate purpose of marketing is to sell more to more people at higher prices. So, therefore marketers should choose effectiveness post-Covid-19.