How to Manage the Economic Rebound from the COVID-19 Pandemic 

Last year at this time, every business I worked with was figuring out their way forward as the world was gripped in a global pandemic of historic proportions. Some businesses faced economic devastation, while others, especially digital-first enterprises, benefitted undeniably from the rise of the stay-at-home economy. But everyone began to learn how to manage uncertainty. Even companies such as Amazon and Facebook that thrived during the hard times could not confidently tell their investors what was around the corner.

In 2020, I advised businesses to monitor their own audience behavior closely and to maintain their investments in marketing and communications so that they’d keep pace with consumer behavior that was undeniably surging online. Now that state economies are rebounding across the United States and more people are vaccinated, how should businesses approach digital? Here are a few tips for managing the COVID-19 rebound. 

Be Ready to Pivot. Again. 

In 2020, we all witnessed a dramatic change in consumer behavior that few businesses could have predicted. IBM said that the pandemic accelerated the shift to eCommerce by five years. Many saw the surge in online usage exploding and adapted. For some businesses, adapting meant increasing their spend on digital marketing and advertising. Others made even more dramatic changes to their businesses by quickly incorporating new services such as buy online, pick up in store (BOPIS). Unfortunately, some businesses dialed back their digital marketing and missed a huge opportunity to benefit from the online surge. 

But none of that matters now. 

What matters is what you do going forward. And you may need to pivot again. We’re seeing signs that a “COVID surge” in online adoption might be abating. For example, Netflix reported a slowdown in new subscriber growth in recent months. To be clear, we’re living in a digital-first world now, and COVID-19 certainly had a lot to do with that. But we also know that as vaccinations take hold, people are more willing to shop offline. As more state economies open up, smart businesses will prepare themselves for a more diversified multi-channel experience. 

Pro tip: Have a pivot plan in place. Don’t wait for change to happen. Plan for it. Forrester Research advocates for formal pivot plans that involve tactics such as agile budgeting and constant re-assessment of your marketing efforts against any sudden shifts in consumer behavior you detect.  

Take Stock of Your Customer’s Journey 

In early 2020, Clubhouse did not exist. It’s now leading an explosion of social audio apps. For brands trying to figure out where to amplify their story, keeping track of constantly evolving apps can be bewildering. But not every app or platform matters equally to every brand in their quest for reaching the right audiences at the right time. Instead, it’s essential to align reach strategies with the sales funnel. Achieving awareness on the hot app of the day may be exactly what your brand needs—or not.

It depends on how each digital touchpoint plays into a Connected Content strategy for building awareness, converting customers, and building relationships. Social media can be very seductive. But more is not always better. The question is how does social help you move a potential client down the sales funnel? 

Pro tip: Audit your customer’s journey. Has it changed? Are they showing up in new places? Is their time spent on the tried-and-true destinations going up or down?  

Mind Your First-Party Data 

The writing is on the wall. Apple and Google continue to wage war on third-party cookies that make it possible for businesses to track consumer activity across the web and serve up personalized ads. Google is dropping its support for third-party cookies on Chrome in 2023. With its latest iOS update, Apple enabled its Application Tracking Transparency framework that requires apps to ask iPhone users to allow them to track their behavior. Reportedly, only 4 percent of the population has opted in for tracking on their iPhones. 

These moves are putting more pressure on businesses to create personal experiences that capitalize on the value of their first-party data. And it seems like everyone is diving in with new tools to help marketers do that – as recent announcements from firms such as Adobe, Group Nine,  LiveRamp, and Salesforce attest.  

Pro tip: It’s time to re-assess how well you are wrangling your own first-party data.  

Mind Your Purpose 

Businesses have been embracing purpose-driven content in their marketing and communications for years. What’s changed since COVID-19? Brand purpose is a front-and-center conversation now. For example, what do you think McKinsey’s purpose is? If you guessed, “Improve the way businesses operate,” you’d be wrong. McKinsey says, “Our purpose as a firm is to help create positive, enduring change in the world.”

You’ve probably seen the same data I have about how consumers, investors, and employees are all rallying around brand purpose even more so. That’s because our expectations of businesses mirror the way society changes. During an outcry for a more racially just world, it’s no surprise that most Americans expected brands to take a stand against racism in 2020. If you are not taking a serious look at how you embrace purpose in all aspects of your digital marketing, you’re doing yourself a disservice. Your mileage may vary as a business, but there is a definite shift going on in the relationship between businesses and their audiences – more so than pre-COVID-19 days. 

Pro tip: Do a brand audit. How are you sharing a narrative about your brand purpose? How well does that narrative reflect your internal culture? 

Build Customer Loyalty 

The great digital land grab of 2020 is over. Many businesses saw such an uptick in demand for goods and services online that they could not keep up. But now businesses need to ask, How am I going to keep customers coming back? Simply fulfilling online orders is table stakes now. Brands need to think about how they’re investing into customer loyalty programs such as online offers that bring customers back.

They need to invest into the customer experience online with sites that stand out – and in an increasingly cluttered digital-first world, that’s getting hard to do, as The Wall Street Journal reported recently. Because the barriers to entry are low, the digital world is saturated. Businesses need a more integrated approach to attracting consumers and keeping them onboard (such as using first-party data to retarget compelling content that is more personal than ever). The name of the game is return on ad spend now. Bringing people to a website is one thing; maximizing that spend after they convert is quite another. 

Pro tip: Examine your return on ad spend and measure customer loyalty. Examine your customer experience and ask how well it builds loyalty. 

Contact Investis Digital 

If you’re trying to figure out how best to pivot your strategy and build audience loyalty, please contact Investis Digital, and we’ll be happy to help.