Navigating Marketing in a Post-Pandemic Landscape: The economic repercussions of the pandemic still linger, impacting marketing budgets across industries. In this fiercely competitive landscape, brands are compelled to explore innovative and cost-effective ways to stand out. The question arises: How can you make your brand shine amidst the stiff competition, maximizing return on investment (ROI)?
Key Takeaways: Crafting a Targeted Approach
1. Audience Alignment: Where Your Audience Is
1.1 Contextual Content
Align your media strategy with your audience’s preferences and behaviors. Craft content that caters to your potential visitor’s intent at each funnel stage, from building context at the top to specificity at the bottom.
2. Top of Funnel Strategies: Building Awareness
2.1 Video Activation
Lead your top funnel activations with videos to drive awareness and recall. Key performance indicators (KPIs) include aided and unaided recall lift and top-of-mind awareness.
3. Middle of Funnel Strategies: Nurturing Engagement
3.1 Video & Static Mix
Nurture your mid-funnel with a mix of videos and static content, driving consistent traffic. KPIs involve engagement rates, retention rates, quality website/app visits, branded search volumes, and click-through rates (CTR).
4. Bottom of Funnel Strategies: Closing the Deal
4.1 Search and Retargeting
Close the bottom funnel with search, retargeting, and other high-quality signal-based audiences. KPIs include cost per acquisition (CPA), return on ad spend (ROAS), and lifetime value/customer acquisition cost (LTV/CAC).
5. Success Metrics: Measuring Across Funnels
5.1 Tailored KPIs
Measure success using different KPIs for each funnel stage. Consider overall customer acquisition cost (CAC) for a holistic view across marketing channels.
5.2 Incrementality Testing
Address attribution challenges and privacy concerns through incrementality testing, paving the way for more accurate insights.
Evolving Search Landscape: Adapting to Change
6. Changing Search Queries
6.1 Shifts from Keywords to Conversations
Acknowledge the evolving search landscape, moving from keyword-centric approaches to more conversational searches.
6.2 Diverse Search Sessions
Recognize shifts into multiple search sessions and emerging search trends like “Near me” and “best of.”
7. Changes in Bidding Strategies
7.1 Beyond Keywords
Note the changes in bidding strategies, driven by the expansion of capabilities beyond traditional keywords within the Google ecosystem.
8. Search on Verticals: The Dominance of Marketplaces
8.1 Influence of Marketplaces and Social Media
Marketplaces and social media sites are becoming significant players in product searches, capturing a substantial share of digital ad spend.
9. AI’s Impact on Search: The Unfolding Potential
9.1 The Uncertain Impact
AI’s impact on search engine results pages (SERPs) is not entirely clear, but potential lies in keyword targeting, search volume, and implementation.
9.2 Site Optimization
Anticipate that site optimization will be crucial as AI tools evolve to deliver more relevant and up-to-date information.
Shifting Strategies: Addressing Newly Evolving Segments and Needs
10. Adapting to Gen Z
10.1 Changing Search Patterns
Recognize the changing search patterns, especially with Gen Z becoming the dominant customer segment.
11. Social Media Influence
11.1 Behavioral Shifts
Acknowledge the significant influence of social media on consumer journeys, driving behavioral shifts.
11.2 Emerging Platforms
Focus on emerging platforms and short-form content to cater to the needs of an evolving customer base, including social video, short-form video, connected TV (CTV), and TikTok.
12. Retail Media Networks: The Third Wave
12.1 Digital Advertising Evolution
Consider Retail Media Networks as the third wave in digital advertising after Search and Social.
12.2 Share of Ad Spend
Analyze the significant share of US digital ad spend on Retail Media Networks, expected to grow to 19.1% by 2024.
13. Diversification Strategies
13.1 Push Media Diversification
Embrace media diversification in retail push media and observe social channel growth in consumer packaged goods (CPG) push media.
13.2 Cost-Effective Marketing
Diversify away from expensive and highly competitive channels by understanding user behavior and optimizing spending accordingly.
Conclusion: Navigating the Dynamic Marketing Landscape
In conclusion, the world of marketing is ever-evolving, requiring brands to stay agile and adapt to emerging trends. By aligning with audience preferences, embracing innovative channels, and staying informed about the changing search landscape, brands can not only survive but thrive in this competitive digital era.