Back to Basics In The Times Of Permacrisis
In light of the recent launch of her book ‘Marketing & Communication on the Job’ the Brandberries sat down with best-selling author Marwa Kaabour on a discussion of how she sees the world for marketing on the job nowadays.
The Collins Dictionary’s pick for the word of the year, ‘Permacrisis’, provides an apt definition for the extended period of instability that encapsulates the current situation. While it may feel disheartening to face such instability, it’s important to note that there have been significant positive movements worldwide amidst this crisis. One notable change is the increasing number of marketers adapting to social selling, a strategy that has been gaining momentum in recent months.
Incorporating social selling into marketing strategies can have a significant impact on brand perception and customer engagement. It involves building relationships with customers through social media platforms, leading to increased trust, brand loyalty, and ultimately, sales. By leveraging this approach, marketers can navigate the changing landscape with greater ease, tapping into consumer sentiment and current trends to keep up with the ever-evolving market.
There has been massive growth in social media (from brand building to sales funnels) with social selling taking. According to recent social selling statistics, online sales continue to experience tremendous growth. It is estimated that by 2023, social media-generated e-commerce sales will account for 12.4% of the total U.S. retail e-commerce sales. Businesses that use social media for sales report revenue growth at a rate of 61, underlining the value of a social selling strategy and its role in helping businesses remain competitive and maximize revenue growth in the post-COVID era.
In the first quarter of 2023, mobile devices (excluding tablets) accounted for 58.33% of global website traffic, highlighting the significant rise of mobile usage. This shift in user behavior is reinforced by the fact that Millennials, a digital-first generation, have entered the workforce and become a crucial customer segment for most brands. Brands are increasingly focusing on catering to the preferences of Millennials, 83% of whom want brands to align with them on values. Additionally, online shopping has become the norm, with the highest penetration observed in the B2B segment. B2B eCommerce site sales are projected to reach nearly $1.77 trillion in 2022, representing a 12% increase from the previous year.
The increasing eco-anxiety among consumers is driving brands to take action in response to the climate crisis. Consumers are eagerly seeking green initiatives and change, leading to a significant rise in brands adopting and committing to Environmental, Social, and Governance (ESG) practices. Commitments towards carbon neutrality and achieving net-zero targets have reached their highest numbers in recent years.
In the evolving landscape, the marketing role has expanded beyond traditional boundaries. From Brand, Advertising, and Digital Marketing to encompass customer experience, business growth, and innovation. Brands that prioritize going back to the basics and adapting to these changes can emerge stronger than their competitors, positioning themselves for success in the market.
Revisiting your USPs
A USP answers the question: ‘Why would customers choose you over others?’ A USP helps your company uphold an accurate image about its offering.
Here is a checklist of questions that helps you assess the effectiveness of the company’s USP:
Has the brand differentiated itself from others in the same segment?
Is the proposition authentic, overpromising, or underpromising?
Is this proposition good enough for the company to succeed in present market conditions?
Will it help the company thrive in the future?
Your many years of experience may not always be the first and best ammunition for you on the job today. The face of digital marketing and PR has changed in the past five years. According to a report by Gartner, in 2021, 52% of marketing leaders increased their marketing budgets as a direct response to shifts in consumer behavior during the pandemic. Embracing these changes and adopting new digital marketing and PR strategies is crucial for businesses to stay competitive.
In these challenging times, there are ample reasons for marketers to be excited.
The economy is taking shape, new avenues of renewable energy are emerging, and we are adopting new ways of living and eating. Companies are taking sustainability seriously, pledging net-zero and other measures to reduce their impact on the environment. For instance, ADIPEC, which has focused on energy and the future in recent years, has become a powerful global platform to present a more inclusive approach to energy.The changing sentiment among customers towards brand loyalty, from price and quality to sustainable practices, has pushed companies to act on the climate crisis. Brands are learning to embrace sustainable pricing and appreciate the benefits of long-term gains over short-term profits. Patagonia serves as a great example of a sustainable brand, using 100% renewable energy in the US and 76% globally. They also minimize their emissions by up to 80% through using recycled fibers and innovative dyeing technology, demonstrating the move towards sustainable practices in the industry.
To read more, visit the full article on: https://www.thebrandberries.com/2023/08/17/back-to-basics-in-the-times-of-permacrisis/
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