As marketers and business owners, we gather around to strategise, assess markets, and prepare budgets for the new year, ready to fire and scale up efforts in anticipation. However, 2020 really tested the limits, and thrown us off our horses, practically turning our entire business world upside down.
In the month of January, we hope businesses start critically thinking about how to improve their digital marketing strategy, after seeing how imperative digitalisation is in 2020. As much as we can't predict the future, we surely can draw out lessons from the past year on what would have worked best and how to fortify our future as foolproof as possible.
After reviewing drawbacks in digital strategies that failed during the pandemic period, we improvise and identify new opportunities that businesses and marketers can tap into. In many of our articles, we also highlight the essence of a successful strategy- flexibility, and how to create an agile marketing system.
However, above all, 2021 should be the year of getting to know the customer all over again.
Companies are going to need to re-strategise their future business plans around very different digital behaviors, and it’s becoming clearer that we won’t be able to go completely back to “normal”.
Marketing leaders need to re-calibrate their target audience with useful data and predict if this behaviour will again evolve in the near future.
In summary, Digital marketing is the answer to getting your brand in front of thousands of new potential customers, and businesses can no longer ignore that.
There is an abundance of marketing myths and vanity metrics that amateur marketers use that result in a complete waste of time and resources. Choosing the right digital marketing elements and channels will depend on your individual company goals.
As we look into 2021, we have to ask which digital strategy will have a lasting impact, now that COVID vaccines are readily available.
Top 5 Most Crucial Article-Recap Before 2020 Ends
1. O2O (Online to Offline) Strategies To Help F&B Owners Tap On New Income Streams During Recession Periods
This is a new business model in which business owners use both online and offline channels strategically to achieve marketing goals such as creating awareness for their products and services or score conversions in their brick and mortar stores through online advertising methods.
Your online-to-offline (O2O) strategy should guide the growth of your business in the long term. This involves developing a holistic and data-driven understanding of your customers and using this effectively in your marketing and sales across all online or offline channels.
Alibaba Group Holding had coined a concept of “New Retail” which is driven by “the integration of online, offline, logistics and data across a single value chain.
If businesses were more agile and had the concept where online and offline channels share the same importance in achieving success, they perhaps would not be caught in a situation so dire during the circuit breaker period.
We urge retailers to get ready now, and be prepared always, not acting only when the next crisis hits.
In 2021, Social media will become a top channel for purchase, instead of just discovery. “Social media platforms like Facebook are making it easier for consumers to go from discovery to purchase without ever having to leave the platform, creating a simple and seamless path to purchase. With social commerce continuing to grow into 2021, retail brands will have to adapt to these platforms with new rules, similar to what many did with Amazon.”
Social media isn’t as straightforward as it used to be and there are tons of new developments that are catered for business growth. In 2020 alone, social marketers have had to pivot from their original strategies to cope with changed consumer behaviour and evolved lead generation strategies.
With social media advertising, you can have consistent sales coming in according to how you plan your campaign.
Read the article to learn how to plan your social media goals, choose social media strategies, and achieve profitable success with them in 2021.
The key to business success is creating fluidity and impeccable communication between your marketing and sales team. The buyer has changed, and their behavior will continue to evolve at a faster rate than it ever has, especially in this post-pandemic world.
The buyer is in control of the sales process and is digitally empowered and connected to make the most informed decision. Marketing and sales have to be integrated today, in order to achieve business success.
At iFoundries, we've always been passionate about coagulating our marketing and sales team to perform increasingly better in driving sales campaigns. In the last few years, we found our focus inevitably shifted to be on marketing and sales alignment predominantly as it helped us generate more and better leads and grew our business to profitability.
Most companies in Singapore have done no alignment between the two teams, causing massive profit loss and limiting the company's revenue growth.
Learn how to get your marketing and sales team on the same page to generate more visible marketing revenue, gain high customer retention, and see your overall productivity in business increase.
4. Singapore Companies Should Critically Adjust Their Marketing Strategy According To Changed Consumer Behaviour
The COVID-19 Pandemic has leveled out markets and set almost every business, big or small on an equal playing field. Most brands needed to figure out how to retain their regular customers with improved strategies. Whereas, some brands will use the opportunity to steal market share by appealing to consumers who have picked up new buying habits and behaviours.
Are businesses filling the gaps to meet your prospects' new and changing needs?
If you are a local business owner reading this, have you reinvented your business with all the new touchpoints with an updated purchase journey mapping? If you are answering no, or are unsure, your business is at the mercy of the global economic recession plunge.
Leaders need to quickly re-think digital transformation strategies or regret missing opportunities that might turn around their business. Take full advantage of market research, consumer behaviour data, new customer acquisition approaches and useful partnership opportunities.
Surviving an uncertain recession period is all about adaptability and resourcefulness. Are you leveraging your resources to stretch their benefits for your business? The PSG grant for e-commerce will be many Singapore businesses' lifesaver this upcoming year. Why?
The great acceleration of e-commerce, fuelled by COVID-19, undeniably made one of the biggest impacts on e-commerce, being an unexpected catalyst for e-commerce's entire growth timeline and infrastructure.
The companies that managed to keep their heads above water in 2020 are the ones that already had strong omnichannel systems in place.
They built goals with the future of omnichannel in mind, recognizing the importance of a seamless online and offline experience, and are now ahead of the curve.
Having a seamless e-Commerce strategy that ties well with your brick and mortar business should be the focus of your business strategy in 2021.
The Productivity Solutions Grant (PSG grant) falls under the IMDA’s Go-Digital campaign. It aims to support Singaporean SMEs in the procurement of IT solutions and other applications to enhance productivity and accelerate digital transformation. Eligible SMEs must be at least 30% owned by Singaporean citizens/PRs.
iFoundries is one of the approved partners of IMDA Singapore and we offer eligible SMEs e-commerce packages with funding support up to 80%* of the qualifying cost.
On top of that, your company may also receive up to $10,000** of Digital Resilience Bonus (DRB) payouts for adopting digital solutions including ours.