By Jessica Wong
Over the past two years, the economic landscape has changed dramatically because of the Covid-19 pandemic. As the global economy is preparing for a — hopefully — post-pandemic future in 2022, businesses need to adapt to the changing landscape to survive and thrive.
Here are ten changes you need to prepare for now.
1. Purpose overrides product features
Companies no longer exist simply to make profits. Leading brands are competing and excelling because they have a clearly defined purpose. According to Deloitte’s 2022 Global Marketing Trends, having a purpose has changed from “aspiration to strategic priority.”
Brands growing at a rate of 10% or above are turning purpose into action in a more comprehensive manner than those growing at slower rates. Consider why you are doing what you are doing. For example, many startup founders have a big idea or a problem they set out to solve. This is your purpose.
Related: Brand Activism: Turning Your Purpose Into Action
2. Customer knowledge is redefined
The most successful brands understand that their customers are at the center of every decision they make.
To be able to reach customers efficiently and cost effectively, businesses need to understand their customer segments. Few companies have only one type of customer whom they can address in their marketing. Clarifying customer personas and dividing them into clear segments allows your business to target each segment specifically.
3. Increased customer expectations
Never before have customer expectations been this high: Consumers expect a seamless experience from your business as soon as they choose to connect with you.
Creating these experiences is only possible if you utilize the power of technology and data. Both will help you create a personalized and relevant customer experience when existing and prospective customers interact with you.
4. Marketing strategies turn into customer journeys
Businesses may still talk about marketing strategies, but they are really trying to understand customer journeys.
This holistic view of the business means taking into account all interactions customers have with you. From the first advert someone sees to searching for information on your website, making a purchase and navigating after-sales service — all are crucial parts of the customer journey.
Customers having a bad experience with one step in their customer journey are less likely to become repeat customers or recommend your business.
5. Marketing needs to be at the center of your growth strategy
The pandemic has elevated marketing from one of many cost centers of the organization to the heart of everything your company does. To secure the organization’s growth and prosperity, marketing needs to be firmly at the center of your growth strategy.