Match marketing spend to new consumer behaviors
Adapting to new consumer behaviors post-COVID-19 will be vital to ensuring a healthy ROI for marketing spend. As China reopens, eMarketer is forecasting that ad spending in China will still grow in 2020, but at 8% rather than its previous forecast of more than 10%. Significant marketing spend on time-sensitive purchases such as travel and dining will be lost while lockdowns continue, whereas spending on other products and services may just be postponed to a later date.
Marketing spend is being redirected. Digital engagement options including content marketing and influencers may replace experiential and traditional event budgets. Prioritize media and channels that are less impacted and allocate resources accordingly.
- Review cancellation clauses so that you know your options. Be realistic and proactive in considering the viability and issues of experiential marketing and meetings
- Work with marketing suppliers to evaluate alternative options for cancelled physical events. Will replacement virtual events or webinars be as effective in reaching your target audience and deliver the ROI you're expecting?
- Consider alternative channels for your target consumers so that you can make changes and seize opportunities
Aside from logistics and marketing, here are some of the broader actions you can take across categories to build resilience in your procurement organization and across your supply chain: