Do you do digital to do digital?
Last February, my colleague Philippe Boutin-Lizotte wrote a very interesting article about a strong trend observed among many clients . In this text, Philippe related a significant change in the objectives of the advertising campaigns of certain clients: more than ever, the return on investment (ROI) had become a subject of obsession. A very legitimate source of concern, but sometimes so strong that it comes at the expense of the long-term success of media investments.
However, this obsession with ROI having become less popular due to the economic recovery, we are seeing the emergence of a new worrying phenomenon, which we could call " I do digital, because I have to do digital!" ".
The cause of this trend is simple: when the pandemic hit, in March 2020, a considerable number of companies had to " garroche " (pardon the expression!) in the digital universe in order to minimize the losses , taking into account only factors whose impacts would be felt in the short term.
If, in July 2020, some results were encouraging, these companies hit a wall during the holidays: suddenly, growth was no longer there.
In this context, several organizations have decided to multiply marketing offensives on all digital channels, believing they can stimulate demand. On the B2C side, they launched campaigns with influencers, invested in a new e-commerce site and set up unprecedented sales campaigns; On the B2B side, they bought advanced CRM licenses at great expense, invested heavily in SEM and started writing blog articles.
However, after 3 or 4 months of intense offensives, these companies are struggling to generate stable growth. Of course, some offensives have generated income, but the results obtained are often very small compared to the expenses they required. Companies finding themselves in this unfortunate situation then face one of the trickiest questions: what if digital does not generate growth and the traditional method is no longer valid?
The easy answer: call Adviso!
Joking aside, it is true that digital technology can be an important vector of growth for these companies in the same way that a renovation has the potential to increase the value of your home. However, it is still necessary to know where to invest and, above all, to clearly identify the levers to activate.
I therefore propose a 4-step game plan aimed at helping you not only to get back on the path to growth, but also to better plan your marketing offensives.
BACK TO BASICS
This first step is probably the easiest to implement.
When an exceptional situation like a global pandemic hits us, it's easy to lose sight of our primary and secondary goals. We have little choice but to go into survival mode and do everything to minimize losses. However, it is impossible to predict when and how the long- awaited “ return to normal ” will take place . In fact, this one will probably never happen.
Once the tree has fallen, can it really grow back in exactly the same place and in the same way?
This is why, once the storm has passed, we must go back to basics by remembering the primary elements of the product or service we are offering. To do this, it is essential to do some introspection and take the time necessary to ask yourself the right questions.
It should not be forgotten that if the world has been transformed by the pandemic, consumers have also changed and that they have most likely changed the way they consume your product or use your services. They have evolved, so you need to understand how this affects their relationship to what you are offering them. In fact, it's a bit like consumers telling you the most famous break-up phrase:
" It's not you, it's me " .
If you want to continue to please them and respond adequately to their needs, you must understand their evolution. This also applies to B2B marketing. The world of work is completely transformed. Certainly, we immediately think of teleworking, but the priorities of workers have also changed, and this will certainly have an impact on the way companies do business.
Get back to basics by adequately identifying the needs that your business meets.
DEFINE BUSINESS OBJECTIVES
Now that you know each other better, it's time to talk business . Whether you have experienced rapid growth or significant losses, you must redefine your business objectives.
These objectives are crucial to ensure uniformity and consistency in the decisions you make. They must therefore be precise, measurable and well segmented, so as to give your teams a clear vision of the direction taken by your organization.
Indeed, business objectives are much more than simple sales objectives! They can include the number and quality of leads generated, the traffic needed to grow, recruitment, etc. Sales will of course be influenced by the other objectives that you have defined.
These will serve as your compass and guide every decision you make in the future, so make sure they involve all departments of your business.
STRATEGY AND EXECUTION
Once your objectives have been redefined, it's time to take action! You need to define a new strategy that meets your business needs and ensure your company's growth, and break it down into different tactics.
When developing your strategy, avoid thinking only in the short term, and keep in mind the returns on investment that could bloom in a few months or years. We all want to experience instant success, but buying cycle times differ from company to company and market to market. It is therefore advantageous to plan your tactics well, so as to obtain good results at each stage of the conversion funnel .
At this point, it is possible that you realize the need to launch a new structuring project, such as the redesign of the website , the activation of Google Analytics 4 or the development of a data strategy , which would delay the implementation of certain tactics.
In order to avoid this type of problem, it is strongly recommended to draw up a tactical roadmap, in order to plan over several years. You will thus be able to plan the budgets necessary to achieve your objectives while seeing the changes to be made from afar.
A good example of the application of this principle? The disappearance of third-party cookies. It is now inevitable, but its postponement to 2023 gives us the opportunity to prepare in advance. It is therefore possible to integrate this change beforehand into our overall strategy and to reserve a budget to deal with it adequately when the time comes. 2023 may seem far away, but we're never too far ahead when major disruptions threaten to affect all of our marketing offensives.
I can already hear you saying that patience is not really a stage. You are right, but it nevertheless remains the essential element of this article. In fact, patience also (and above all!) means realism, and it is essential to have a reasonable approach to the results targeted by your offensives.
For example, if you think that by investing $20,000 in digital marketing you can generate $200,000 in sales, you are wrong. Not that it's impossible, but ratios of 10 to 1 are rare, very rare. Indeed, if you know full well that the youtubers who offer their services by promising to make you thousands of dollars in two weeks are scammers, then why would you ask your agency (Adviso perhaps ;)) to achieve such utopian results?
I often jokingly say (but is it really a joke?) that if generating this much value were that easy, then I would buy all my clients' businesses and soon become the next Jeff Bezos.
So be realistic in the targets you want to reach and make sure you grow by building on lasting and solid foundations. This, unfortunately, will take time and, as I said, patience!
WHAT TO REMEMBER FROM THESE 1500 WORDS?
In conclusion, since it is clear that the COVID-19 pandemic has rapidly upset people's consumption habits, businesses, whether B2B or B2C, must adjust their approach to a changing context, in full boiling. To do this, it is essential to take a step back from the product or service offered to the consumer, to review their business objectives, to develop a coherent strategy and, finally, to be patient throughout. this tedious process.
There is no miracle recipe, but some are certainly more effective than others. So if you are looking for the best ingredients, know that the Adviso team is at your entire disposal.