Hello again friends.
This is Part 2 of our providing insight from a recent Global Advertising Industry (GAI) Newsletter, about succeeding in this current Covid environment.
Every reseller and vendor on Amazon must personally apply the available tools and applications that best help them and their company to thrive in 2020. Covid, and the global reaction to it has changed everything.
Fundamentals have always been important, but now more than ever, these have been magnified. Let’s consider 4 areas:
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Video Streaming (previous blog)
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Digital Media (previous blog)
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Marketing
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Customer Trends
In this blog we will look at the second 2 areas.
Marketing Landscape
Sometimes a company succeeds initially almost by accident, but somewhere along the line of growth, study, knowledge, skill and expert timing are important. One of these skills is watching and learning about the people who are or would buy our products.
1. Each company must know where their customers fit in the current economic puzzle. You must understand how your brand has fared during the crisis and why it gained or lost ground?
2. Is your customer base thriving? If so, how do you keep them and sustain your current market share. After the crisis, will you need to do anything different to hold onto your market share?
3. Is your brand struggling? How then do you get your clients back? Has your brand lost customers because of shopping safety concerns? If so, how to prove that it is okay now? How to prove that delivery is coming on time?
Each brand must know their customers and slot them correctly. Only then can you take the correct future actions.
Marketing is always thinking ahead. Advertising partners can help you do that. What can you do to help your brand adjust to this changed landscape?
Customer Trends
Finally, it’s important to know the current or coming trends about your customers. This is sort of like Marketing Landscape but with a focus on the customer. ML’s focus is more on your company and it’s current customers. Customer Trends (CT) focuses more on potential customers.
1. Who controls the lion’s share of America's disposable income? 75 million Baby boomers control 70% of America's DI. Wow!
2. Coronavirus has prompted many of them to change how they shopped, and because of advanced age, they will be the last to return to retail.
3. They are the newest customers to Amazon and have more available cash that our previous shoppers. We should reach them now, before they head back to the retail shops. Once converted to your Brand, they will continue to include your store in part of their spending profile.
4. So how to reach them? Some suggestions include using deals, cash back, bargains, online promotions that match their previous retail experience and appeal to their budgets. Other ideas might be to use loyalty programs, services and subscriptions.
Experts predict that Amazon's next big categories are food and beverage, followed by health. We should also be aware of the categories that will be booming and how our brand can take advantage and diversify into those markets.
Again, what are the takeaways?
We should be watching social and search trends. The more we are aware, the better we can respond. Stay nimble and anticipate future market direction. Even if you are not an expert, knowing when to seek expertise is the hallmark of good leadership.
You should be partnering with an effective media partner who can provide (to your business) relevant insights and solutions. There are just too many moving parts to make solo decisions.
MARKNOLOGY is an Amazon Brand Accelerator Company.
(We talked about parts 1 & 2 in the previous blog.)