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The Coronavirus has changed everything about the way customers shop, work, and live; consequently, the 4 Pillars of Marketing have changed too. As a result, right now more than any time in history is the best time to rebrand, strategize, and update your marketing plan in the fourth quarter and fuel the burners for 2021.
Rebrand With The 4-Ps of Marketing
So, let’s take a look at the kind of radical changes occurring in the 4-Ps of Marketing. We’ll also explore 2 additional Ps that will play a vital role in planning and ROI in the coming months.
Whether we are talking about social media, digital marketing, billboards, emails, direct mail, text messaging, or voice; where people will hear your message is drastically different because new media habits are being formed.
These shifts in media consumption from radio to streaming, television to OTT, and in-app viewing; means almost every category’s results will be up in the fourth quarter of 2020, so picking the right media platform on which to advertise in 2021 poses a real conundrum.
The good news is that cutting-edge attribution technology is now widely available. This technology should be a key tool in all your media mix allocation, result-driven planning, and decision making.
Beware of those who recommend a specific marketing tactic like Facebook ads, SEO, or digital ads guaranteed to save the day. All advertising is good, but starting with a marketing strategy trumps tactics every time for measurable ROI.
A revolution in the way you do business and where you conduct it will dictate how you go to market and even with whom you compete; it will also change the expectations of your target consumer and complicate your sales efforts. As an example, the automotive industry is rapidly becoming more dependent on digital selling and must live up to the standards Amazon, Carvana, and others have set.
This suggests a new P – PERSONALIZATION. Whether you are experimenting with artificial intelligence, augmented reality online, or even training in-store staff to deliver a concierge-like experience; a whole new set of plans is needed to address the intense personalization that the new post-pandemic customer demands.
Your customers’ expectations or need for your products and services could mean new creative messaging or positioning in the marketplace; furthermore, how they use it, and where, will require a fresh approach in marketing. For example, how we consume movies and live performance means theaters, and entertainment venues must change their approach. This kind of segment upheaval could even bring new competition into to view or even clear the way for a category opportunity not yet dominated. A fresh look at your competitive landscape, rival products, segment movements, or new or challenger brands, all need to be strategically reviewed.
It has never been more important to explore how perceived values have shifted. While some are experiencing tight supply and frenzied orders, others are finding themselves with too many products and not enough demand. Not to mention payment options and whether to adopt revolutionary technology like bitcoin and Apple Pay or bring back old favorites like layaway! The availability of big data will help to determine what your best customers are doing and how to find look-alikes of the most profitable segments, which in turn will also help determine price and value strategies.
The key is being prepared with a plan for today’s specific conditions and having the discipline to go through the process it will take to identify any of your specific changes; because it is easy to get myopic, lazy, or lulled into doing “what we’ve always done” and completely miss an unforeseen opportunity or veiled threat.
Unless you expect to do the same thing in the fourth quarter or 2021 and get a different result, you’ll want to go through the process of strategizing and rebranding. Since everything has changed due to the pandemic, you cannot afford not to address the issues that will affect your bottom line.
As you can see this really is the best time in history to rebrand. But there are no short cuts for business planning, research, and brand soul searching. Doing the work is what gives you and your business a competitive edge. At Advanced Marketing Strategies, we have been guiding big brands in categories like automotive, casino resorts, grocery, sports and events, credit union, medical, retail establishments, and consumer goods and services for over 30 years. You’ll find we provide omnichannel solutions and a full range of services including media planning, branding, production, content creation, account services, strategic planning, budgeting, 3-D Brand Research, and more.
Contact us for a consultation and learn about how our Advanced Marketing Strategies 3-D Brand Process can help you rebrand, strategize, and update your 4-Ps of Marketing. We’ll help you take advantage of the best time in history to rebrand. You’ll develop a pandemic proof fourth quarter and 2021 plan that will endure during this unprecedented time in history.