How to Survive The Evolution of Digital Marketing in 2020

Almost every industry has experienced massive change due to the effects of the recent global pandemic. Many businesses were forced to make a rapid transition from working offline to online which required a completely new approach to their business strategy.

The business impact of Covid-19 affected every area, including operations, HR, technology, and all other aspects of business. The effects are global, enduring, pervasively disruptive, and impossible to ignore.

In order to survive, businesses need to be flexible so they are able to pivot when needed, and in this article, we take a look at five ways to help you survive the evolution of digital marketing in 2020.

Put each of them in place and be ready for whatever changes happen in technology or in the market so you can adapt on-the-fly.

1. Adopt a Digital-First Approach

The Coronavirus has totally changed business dynamics. One of the first and most important things for businesses to do in order to survive the massive changes in digital marketing is to adopt a digital-first approach.

Going digital-first is not a new concept, but in today's world, it is a crucial one. People can't go to the shops for all their needs, and they are going online instead. This means that businesses without strong online offerings automatically fall behind their competitors.

Even after things return to normal, it's likely that this new trend in customer behavior may continue, which means there is no way around it: businesses have to go digital-first if they want to survive.

Some brands like Joe Wicks' PE workouts have taken this digital approach a step further by coming up with immersive experiences that are entirely online.

Source

This is a tactic that your business can adopt to help you get people talking, reach new audiences, and continue to grow now and in the post-Corona world.

2. Focus on Sustainable Business Growth

Another way to help you survive the evolution of digital marketing in 2020 is to focus on sustainable growth. Find out what's working well in your industry, and with your audience and do more of that.

With budgets slashed, it's important to rethink your customer acquisition and customer retention strategies. Scrutinize your marketing ROI and remove all ineffective strategies and those without a trackable impact.

Now is the time to consider turning to channels like referral programs, grassroots marketing, etc. which may be less traditional but considerably more effective in the long run.

As you make adjustments to your strategy to keep your business viable, keep in mind that there’s vast untapped value in your existing customers.

So, instead of reducing your profit margins in an effort to acquire one-off customers, you may want to focus on various customer retention strategies that will help you engage with your happy customers and bring long-term results to your business.

3. Review and Refine Your Business Model

Direct to Consumer (DTC) brands have exploded over the past few years, and demand for DTC brands is higher today than ever before.

Businesses have cut out the middleman and this has empowered them to build stronger customer relationships. These relationships are rooted in their ability to adapt and provide competitive prices.

That's why DTC businesses have managed to thrive despite the evolution of digital marketing. While a lot of other businesses struggle with managing complex supply chains, direct-to-consumer brands have quickly modified theirs so they can continue to run smoothly.

Brands ranging from biotech to beauty have successfully navigated the current global crisis and they will continue to thrive as more and more people discover the immense benefits of going direct even after normality resumes.

Now is the time to review and refine your business model in order to sell directly to customers online.

4. Strengthen Bonds with Customers

Your consumers and clients want to be heard and understood. Your brand needs to ensure that you always keep your ear to the ground to find out what your customers want and need.

For a long time now, brands have managed to get away with just saying the right things. That is no longer the case. Now, in addition to providing your customers with what they want and need, they expect to see living brand values.

The brands that are getting more attention now are those that are helping out during the COVID crisis.

In fact, many brands like Dove, Addidas, and Disney, as well as many smaller brands that have chosen to create campaigns around helping people stay safe and healthy while in lockdown have received far more social media and press attention than any marketing stunts could ever achieve.

That's why it's important to focus on brand-building during the current climate as people are becoming more considerate of who they are doing business with. In short, your business must live values that your consumers will identify with.

5. Adjust to Remote Working

With many businesses’ and employees struggling to navigate the sudden and massive move to remote working, it's important to ensure that leaders display support and solidarity with their teams.

You must keep the members of your team informed about the business’s strategic decisions and provide them with a platform where they can voice their concerns and suggestions. This will help to make them feel included.

This is also a great time to teach your employees how to build a learning mindset so you can prepare them to deal with an environment that changes constantly and sometimes abruptly.

Conclusion

The bottom line is that if your business doesn't adapt, it won't survive the evolution of digital marketing in 2020.

Implement the tips outlined above so you can be ready for whatever changes come your way. And in time, as things begin to return to normal, you can decide which of the changes you've made that you want to build on going forward.

What changes have you made to your overall strategy to help you survive the digital marketing evolution? Let us know in the comments section below!