We may be inching towards further restrictions that could affect many aspects of life, social and business. Collectively we have developed some experience of how to deal with this change following our first lockdown. And one thing we have learnt is that we now need to realise every opportunity.
Before Covid, in a more 'multichannel' world, marketing was justifiably a multichannel activity. We prioritised finite marketing resources across a raft of performing channels. With live and face to face now curtailed, more of a focus is being placed on digital channels.
Digital will no doubt has been invested in heavily in the past, with the implementation and integration of a variety of PAAS and SAAS systems to provide the functionality needed to deliver your marketing activity (You can see what I have previously written here about the need to reappraise how you are using your martech stack). If you are now marketing in the way you did when your platform was implemented, you are certainly missing an opportunity. PAAS and SAAS systems are constantly evolving delivering new opportunities to marketeers to personalise and tailor marketing to achieve precise objectives.
One of our enterprise clients was engaged in providing a services through live events, not surprisingly traffic to that service fell away, as the product line had to be suspended in the first lock down.
But opportunity was still there, thier free online resources were experiencing increased interest. There was traffic but no new income. Creating personalised connections targeted at bridging the gap between the free content and the readily available physical product lines, presented a fresh business opportunity that we were able to quantify at over £300,000 per month, if we assumed only a 1% migration of traffic. The huge positive was that the traffic, content and ecommerce opportunity was all happening on one platform. Reappraising how the platform was being used and a reprioritisation of existing resources opened up a whole new income stream. Very welcome in the current trading climate.
A clear understanding of the current capability you have available and a good knowledge of your site visitors is marketing bread and butter but the point to remember is that the world and your consumers have changed massively in 2020. To assume that your clients and your platforms have not is closing off opportunity.
The good news is that pivoting your business does not always require a redevelopment of your marketing stack. In our experience bringing how you are using it in line with your current market situation can deliver opportunity and release untapped revenue.
What is essential is a clear and agreed appraisal of the opportunity and a shared understanding across your business that the pivot is justified and designed to address a clear business opportunity.
At JumpRock our methodology includes the deployment of priority assessment tools. Understanding implementation cost, business opportunity, newly identified user requirements, estimated revenue and finally time to value.
We ensure that when we produce a gated roadmap. We can work with your stakeholders making sure they can be confident that it is workable and justifiable for the whole business.