1. Focus on customer retention
Many businesses will feel the effects of the pandemic, even after it’s 100% safe to fully reopen. As a result, marketing budgets may be lower than they were pre-pandemic. While it was important to focus on lead generation and acquiring new customers or clients pre-pandemic, marketers may now have to shift their focus to customer retention and loyalty post-pandemic.
This approach makes fiscal sense, as acquiring a new customer costs approximately five times as much as retaining an existing customer (OutboundEngine). And believe it or not, increasing customer retention by just 5% can lead to a profit increase of 25-50% on average. Not to mention, it’s much easier to sell to a customer you already have than it is to sell to a brand new customer who has never tried your product or service before.
2. Prioritize digital marketing efforts
Even pre-pandemic, we lived in a digitally-centered world. At the touch of our fingertips, we could make purchases, fill out contact forms, and schedule demo sessions in a matter of seconds. The pandemic and resulting lockdowns have only accelerated the shift towards digital mediums.
Now more than ever, it’s important to increase your online presence and make it easy for prospective clients and customers to find you on Google. A strong digital marketing strategy may take a multi-pronged approach and include multiple marketing methods including SEO, paid search, paid social, organic social media, email marketing, and link-building efforts.
But not every company can invest in paid search and paid social advertising during difficult times like these. If that’s the case for your company, focus your efforts on organic search and social. According to a recent study from Search Engine Land, organic search is responsible for 53% of all site traffic. If you need a little guidance on SEO strategies that will improve your organic search, check out these top SEO tips for 2021.
If you do have the budget to spend on paid search and social, Google Ads and Facebook are great places to invest. In fact, a recent study by Neil Patel found that the average ROI for paid ads increased from 31% pre-COVID-19 to 53% post-COVID-19.
3. Offer payment plans
Businesses aren’t the only ones feeling the financial burden of the economic downturn. Consumers have had less spending money, less job stability, and less financial freedom throughout the pandemic. If your business sells something online, you may have seen a decrease in conversions.
If that’s the case, know that you are not alone and that a solution is available. Offering payment plans through services such as Affirm may help increase conversions. In fact, Affirm has found that their payment plans increase conversion rates by 12% on average. Even if you aren’t an e-commerce company, you can sell services or products while accepting monthly installments instead of charging the full price upfront.
Learn more about top strategies for marketing post-pandemic
If you’re interested in learning more about top strategies for your marketing post-pandemic, reach out to us at Real FiG Advertising + Marketing. We are a top traditional and digital ad agency with offices in Denver and Chicago, and we work with small- and medium-sized businesses to help amplify awareness and increase conversions through data-driven marketing methods.
Contact us today to learn more.