Don't Panic - Adapt to Strengthen Your Brand for a Recession
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In our most recent webinar, Staying One Step Ahead from Crisis to Stabilization, we took a closer look at what ROI Genome insights can tell brands about planning for the future in the midst of an uncertain present. You can access the full recording of that webinar here.
The biggest takeaway? When it comes to not only surviving, but thriving in times of economic volatility and global uncertainty, it’s not about strength. It’s about the ability to adapt and scenario-plan. No one knows what will happen tomorrow, but we can apply our expertise and data to make informed decisions today that will allow us to stay one step ahead and succeed in the future.
It’s not the strongest that survive, but the most adaptable
One thing is certain: brands will need to adapt strategy in order to thrive in a post-pandemic world. That starts with knowing which channels are having the greatest impact on your KPIs. Oftentimes, it’s not the channels you might think.
For example, paid marketing drives from 20% - 85% of website visits for brands, and surprisingly, most of those web visits are not driven by digital advertising. It’s critical for brands to understand that all marketing is omnichannel, which means that digital media isn’t the sole driver of digital behavior, and conversely, offline advertising like TV isn’t the sole driver of offline behavior, as the example below demonstrates.
Given the radical changes to consumer behavior and the inability for many around the world to travel freely outside of their homes, brands need to embrace omnichannel now more than ever. Most importantly, don’t make assumptions about which channels are delivering results - instead, dig into the data and shift spend based on what is actually working, not on what you presume should work. Having a clear look at media impact by channel allows you to adjust your marketing mix based on new goals and consumer behavior.
One critical way to plan for future adjustments is through scenario-planning. In the case of the current situation, that means tying operational factors to varying degrees of potential severity based on how your business is being impacted. Simulate your plans against each potential scenario to optimize not just marketing, but non-marketing business drivers as well. Be sure to track sales on an ongoing basis to evaluate the trajectory and refine your plans as needed.
As brands prepare to move from the crisis stage into the stabilization stage of the pandemic and accompanying global factors, an adaptable mindset is key. Armed with the willingness to be agile and the data to make smart, swift decisions through scenario-planning, brands can move forward with confidence, even if the path forward is full of twists and turns.
To dive deeper into this topic, access the full recording of our most recent webinar.
- Mike Menkes, SVP
In this webinar, we take a deep dive into how brands can prepare now to succeed on the uncertain road ahead.Watch now