How Do You Pivot Your Digital Marketing Strategy Due to Market Changes?
In the ever-evolving landscape of digital marketing, adaptability is key. We sought insights from Directors of Marketing and Marketing Managers on how they've navigated shifts in the market. From maintaining a long-term strategy amidst change to diversifying channels with email and content marketing, here are five lessons learned by industry experts.
- Maintain Long-Term Strategy Amidst Change
- Offer Expert Knowledge to Showcase Authority
- Leverage Crisis for Agency and Client Growth
- Refocus on Priorities Amidst Restrictions
- Maintain a Consistent Social Presence Throughout
Maintain Long-Term Strategy Amidst Change
When you're faced with market changes, economic uncertainty, or something as sudden as a global pandemic, the worst thing you can do is abandon ship on your long-term strategies.
Digital marketing is a lot like the stock market. You should have a range of portfolios focused on short, aggressive growth, some on safe, long-term growth, and some in between the two. Instead of looking to 'cancel' your plans or your investments, run an analysis on what your business needs in order to operate and what portfolios (marketing channels) will keep you afloat.
Once you run this analysis, trim the fat on dollars you're already wasting, and you'll likely come to a conclusion that you don't need to change too much of the main strategy at all. Of course, you should update your messaging and your calls-to-action depending on the situation and industry, but the strategy remains steady.
Offer Expert Knowledge to Showcase Authority
A couple of years ago, our digital marketing team encountered a significant shift in the legal services market landscape. With changing client expectations and increasing competition among law firms, there was a pressing need to pivot our strategy to stay relevant and competitive.
Recognizing the growing demand for informative and transparent legal services, we restructured our digital marketing approach to prioritize content marketing and thought leadership initiatives. Leveraging our clients' expertise, we developed a comprehensive content strategy comprising blog posts, whitepapers, and webinars aimed at showcasing their thought leadership in their respective legal domains. This insightful and educational content resonated well with the target audience, driving increased engagement and lead generation. Our clients experienced heightened visibility and credibility, ultimately resulting in enhanced client acquisition and retention.
This experience reinforced the importance of agility and foresight in navigating dynamic market landscapes. By staying attuned to emerging trends and proactively adapting our strategy, we were able to effectively address shifting client preferences and market demands, ultimately driving success for our clients in the competitive legal services industry.
Leverage Crisis for Agency and Client Growth
I saw a big difference in 2020 in how different clients responded to the crisis—and it showed in their marketing. At our marketing agency for accountants, our CEO began speaking out often, with a strong opinion, about how our clients should respond, and we expanded our services at no extra charge to help our clients serve their clients better when they needed it most. Our agency grew as a result, gaining more new clients than ever during a national economic crisis.
A small school client of mine adapted overnight to home learning, doing 'school' at home while other schools simply shut down. I helped them talk about it on social media, and engagement on those platforms soared, garnering attention in the community and the local newspaper.
I recommended to my small home decor client in the Midwest to start a social media campaign inviting followers to showcase their design talents while they were locked down at home, but he declined and opted to wait it out. Though they survived (thankfully), that was a missed publicity opportunity which could have afforded growth instead of a downturn during a time when their community was primed for a feel-good moment.
Refocus on Priorities Amidst Restrictions
As a digital marketing expert, I once managed a campaign for a client in the travel industry promoting international tours. Initially, our strategy focused heavily on targeting international travelers, emphasizing exotic destinations and adventure experiences. However, due to unforeseen circumstances like travel restrictions and safety concerns related to the global pandemic, the market dynamics shifted dramatically.
We quickly pivoted our strategy to focus on promoting local and domestic travel options, highlighting nearby attractions and staycation packages. We also incorporated flexible booking policies and safety measures to reassure potential travelers.
Lesson Learned: Adaptability is key in digital marketing. Market conditions can change rapidly, requiring swift adjustments to maintain relevance and effectiveness. It's essential to continuously monitor market trends, be prepared to pivot strategies when necessary, and always prioritize the needs and concerns of your target audience. This experience reinforced the importance of flexibility, proactive planning, and customer-centricity in digital marketing strategies.
Maintain a Consistent Social Presence Throughout
As COVID emerged, many of our clients depended on foot traffic and word-of-mouth for marketing. With fewer people out and about and less in-person interaction, we had to prioritize SEO to ensure their visibility on search engines and maintain a consistent presence on social media to reach them as they scrolled through their feeds.
This taught us the importance of adaptability. Marketing strategies should be flexible and responsive to results. If a particular approach isn't yielding the desired outcome, whether due to a pandemic or any other factor, it's crucial to explore alternative options.