But, marketers must leverage data to track and respond to changing consumer behaviour.
Brands should resist the pressure to reduce ad spends dramatically and continue investing in marketing efforts to position themselves during the crisis better. They should implement digital-first models and employ specialists along with agile teams to accelerate digital transformations.
Enabling digital transformation can help companies improve the efficiency of their business processes and better address evolving customer needs. Julian Barrans of TrinityP3 says, developing a “priority matrix” can help agencies allocate finances for essential activities based on client actions.
The article also suggests marketers should shift budgets towards performance marketing formats, and focus on mid and lower funnel campaigns and sales. Brands should further redraw their strategies and concentrate existing attributions for a quicker recovery, post-recovery.
[9 minute read]