09 May 2022

When the World Zigs, Marketers Zag

Even before the pandemic, change was ever-present.

As the world opens up post-COVID, the way we work continues to change, as do our customers’ habits and the way we are interacting with them. If the past two years are anything to go by, I’m confident that marketers are ready for whatever the world throws at them.

Flexibility and responsiveness will be critical as we’re in for a bumpy ride according to IBM’s Chief Strategist and VP, Saul Berman.

“The next five years will be more disruptive than the last 15. This is not business as usual,” he said at an industry event recently.

But there are a few things that will remain the same. In last month’s column I talked about the importance of trust. It is and has always been at the heart of customer relationships and it’s what holds great teams together.

What has also remained steady for brands is the importance of consumer centricity and unlocking business growth.

And marketing has a critical part in both. Today, its role is being recognised as a growth driver across the business – rather than a cost centre – as more CMOs take on the role of Chief Growth Officer (CGO).

At the same time, global factors such as the Covid pandemic and the escalating situation in the Ukraine have led to macro-economic changes – from cost of living and inflation to supply and demand issues – that are impacting our brands in more ways than one.

So, what does this all mean for marketers coming through the ranks?

Increased cross-collaboration

Marketing isn’t solely responsible for a company’s growth. It’s a collaboration between all parts of an organisation. But as key drivers of growth, marketing leaders must influence, engage and bring together every area of the business to unlock its true growth potential. And as advocates of the customer, they need to work closely with cross-functional teams to create seamless experiences across every part of the organisation.

Seizing opportunities

While changes can often seem like challenges, they can also offer new opportunities. Many quick-thinking brands turned supply chain issues into a marketing tactic – using scarcity to keep customers interested and drive demand.

And while the rise in cost of living has been felt globally, its impact isn’t spread evenly across all customers. Recognising this, many marketers are focusing on continuing to create meaningful experiences that are relevant for not only the needs but also the mindsets of different target audiences. Understanding context will be vital to keep customers engaged and maintain trust.

Focus on trust

In the data-driven era, privacy has been at the top of everyone’s agenda, including government, brands and customers. At IAPP’s recent Global Privacy Summit Apple CEO, Tim Cook said protecting privacy is “the most essential battle of our time”.

And while it’s certainly one of the most important and complex issues of our generation, I don’t see it as a battle. I see it as an opportunity.

There is a lot of regulatory change ahead to finally begin catching up with two decades’ worth of technological change. As marketers, we need to go beyond mere compliance. We are not only our customers’ advocates, we’re also the guardians of their data. It is our responsibility to treat it with respect, use it responsibly and protect it as best we can.

And when we own this responsibility and put it at the core of our business, it will build the kind of trust that is imperative for long-term relationships and loyalty.

As we start wrapping up the financial year, I’ll leave you with these questions to consider for the year ahead.

1. What considerations are going into your strategy for next year?

2. How will you nurture cross-functional collaboration to drive your growth agenda?

3. How will micro-economic changes impact your business and customers?

4. How will you turn these into opportunities?

5. And have you thought about how changing privacy laws will impact your strategy?

Now is the perfect time to start planning.