2019 has been an amazing year for US business! In economics it’s called a “Goldilocks economy” when growth is neither too hot to cause inflation, nor too chilly to cause a recession. Most business owners are experiencing the positive results of a busy economy that’s humming along nicely.
Now that business is steady, it’s the perfect time to take a look at your Return on Marketing Investments (ROMI) so far this year, and make any changes for 2020.
Both B2C and B2B businesses will experience the holiday sales bump, usually starting around November 1. If your B2C operation sells edibles, giftables, clothing, textiles and the like you probably expect winter orders to start coming in during September and October. All the more reason to look back at your 2019 marketing efforts today, before you get immersed in holiday business.
Marketing Strategies and Tactics
Has it been a few years since Marketing 101? Here’s a refresher!
Strategies are the big ideas you set as goals.
Marketing strategies are big goals. In 2019 you may have focused on:
- Becoming known for affordability
- Customer acquisition
- Branding / Re-branding
- Increasing Sales
Strategies are broad and sometimes vague, unlike tactics that are specific.
Tactics are specific marketing methods you use to accomplish your goals.
There are probably thousands of different marketing tactics, but here are some common ones you may have used in 2019:
- Website design and search engine promotion
- Direct mail campaigns
- Trade show advertising
- Email campaigns
- Social media campaigns
- Digital Signage
- Experiential Marketing
You’re probably thinking about some of your 2019 strategies and tactics now. Maybe you remember ones that worked well. Maybe you’re trying not to remember the one that bombed!
The whole marketing industry was turned on its head with the advent of the internet. Back in the 1990’s email was still considered a fad. Phone books, radio, and newspapers were prime media. It was a simpler time.
Jump forward 25 years and every business has the requisite website, Facebook page, Twitter account and more. Yet in this crush of data consumers are finding ways to tune out unwanted advertising.
Zero-click results on Google provide instant answers for users who ask a simple question to their devices, leaving billions of web pages unread. Pay-per-click advertising may see a dip in cost and effectiveness in 2020!
So what is a marketing professional to do?
Savvy marketers will look for even more online content in 2020, and use chatbots to engage customers quickly. However, it’s time to look outside of online avenues and reach customers on a more personal level.
Experiential marketing is the future of branding and customer acquisition strategies.
During a thriving economy, consumers can finally turn their time and funds towards enjoyable experiences. “Stay-cations” are OUT, world travel is IN! Travel is so “in” that during 2019 world travel has been the second fastest growing industry worldwide!
Experiential marketing, like the program books and digital signage we provide at Onstage Publications, is not a marketing tactic to be overlooked. Performing arts advertising is very personal and deeply meaningful to consumers, which is precisely what makes it so effective.
I’m sold on experiential marketing. But there’s no room in the ad budget.
That’s why we’re encouraging you to take a really close look at your marketing strategies and tactics right now. Review your 2019 marketing investments and drop the deadwood…chances are there is misspent money in there somewhere. Don’t stick with a dinosaur of advertising (like newspaper for instance) just because you’ve always done so when your budget will get a much better return elsewhere in 2020. Contact us to learn more about experiential marketing, performance arts, and advertising.
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