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Marketing…where do we go from here?

by | Oct 21, 2022

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  • A common problem was that it’s now more difficult to benchmark your own performance. Should you compare your results to 2021? 2020? Or do you have to go back to 2019, the last ‘normal’ year? Or are all comparisons redundant, at least for now?
  • Members from the travel sector have had it particularly hard. With very little opportunity for customers to travel, they needed to decide whether to keep selling holidays, knowing that the vast majority would be cancelled, or to effectively shut up shop until stability returned to the market.
  • Most agreed that branding is more important than it had been. Customers are looking to do business with companies they trust – a result of having had their fingers burned during the pandemic. Is this a problem for the cheaper providers?
  • Existing customer models have become outdated, with standard recency – frequency – value models disrupted by dramatic changes in customer behaviour. How do you identify your best customers, if their spending patterns have been disrupted?
  • On whether changes in customer behaviour are permanent, there was a general consensus that things were moving back to some sort of normality, but that consumers were far more aware of value, risk and the competing demands on their disposable income. More than ever, it’s essential to have a strong value proposition to convince customers to part with their money.
  • The bottom line? You need to look after your customers, now more than ever. Be clear on your value propositions. Send personalised, relevant comms. Keep your brand strong even if you have nothing to sell. And use your data to find trends and changes in behaviour so you can act on them immediately