Crisis mode – 2008 vs Today 

Say goodbye to traditional marketing  

When everyone´s world changed at the beginning of the year, it wasn´t just the social or the economic aspects that were different from one day to the other. A whole mindset shift rattled many businesses, no matter the industry. The Greek philosopher Plato once said: “Necessity is the mother of invention.” He wasn´t in the midst of a pandemic but his words are now truer than ever. Marketers had to adjust and pivot their campaign messages and offers. They could no longer rely on previous assumptions about their customers, including what, why, and how they buy.  

More than ever data was the most reliable way to change and adjust decisions quickly. Some tried to analyze the 2008 recession solutions and rework them for the current situation. For example, in 2008 a big shift towards performance marketing happened in many marketing strategies. Tracking the ROI in advertising activities became more and more important. Companies moved away from traditional advertising forms like TV ads to more trackable forms. When business came back, TV ad spends came back as well. This behavior won´t be very likely when the current crisis is over. 

Economically we will recover but contrary to the last recession people’s habits have drastically changed. Our lives went more online and even if some activities will come back IRL we´ve moved on. It has been nearly impossible not to convert to this new form of being. To match these new digital lives, advertising efforts had to shift to digital platforms, and for many inexperienced businesses this opened up a whole new world. The world of data and campaign tracking.   

The future will move to an advertising model that will allow for economic reporting within organizations to help stakeholders identify marketing resources and gain customers and revenues. Time to ask some uncomfortable questions: Is your company ready for this new era? Can you handle consumers of all demographics living their lives completely online?  

The use of first-party audience data will become necessary to identify consumer preferences, customize user journeys and effectively communicate as a brand. With big budgets shifting to the digital world, tracking campaign results will be essential. Are you prepared to adjust marketing efforts to the new “normal”? Visit Wagawin to learn more about how you can collect data, track marketing ads and be successful in a digital world. 

Source: Forbes June 11th