As more states keep reopening, at least partially, businesses look toward fixing the economic damage caused by COVID-19. Accordingly, Adlucent will provide general digital marketing and ecommerce news, in addition to relevant COVID-19 information, in our weekly digest. To keep informed as we publish the latest news, sign up for our email newsletter.
As part of a larger initiative to grow its ecommerce business, Pinterest has begun sharing real-time data and insights and added new shoppable tools to help its retailers. These shoppable “features,” which enable customers to shop directly from boards, search history, or pins, along with its expanding Verified Merchants program, have helped Pinterest to entice new brands. Furthermore, the results of the new catalog and conversion bidding mechanisms have been favorably reported in Pinterest’s first-quarter earnings. Due to the updates, some retailers have also shared in Pinterest’s recent user increase and have reported boosted traffic and spend.
Navigating through the recession and beyond will require brands to maximize digital marketing and advertising by following key steps.
- Assessing marketing expenditure - resist the temptation to cut marketing during a downturn: companies can take advantage of lower CPCs, CPMs, and higher conversion rates resulting in decreased acquisition cost.
- Taking Advantage of Social Media - usage of social media as surged during the pandemic and marketers will benefit by investing in ads that do well on these platforms.
- Comprehending OTT advertising - leverage the increase in content streaming and benefit from programmatic advertisement investments once OTT channel attribution is understood.
- Perfecting mobile - enhance the consumer mobile experience by optimizing the mobile interface of ecommerce sites and using data to determine the effectiveness of mobile advertising.
- Understanding attribution - use tools to understand the effectiveness of marketing investments.
Google Lists 5 Key Trends Shaping Consumer Behavior Amid COVID-19 – Search Engine Land
Google reported five trends that have emerged from the COVID-19 crisis as follows:
- Staying at home has led to more media content being viewed by more people over multiple devices.
- 2. An increased number of consumers have relied on Google searches to provide critical information on subjects related to health and groceries.
- Video meetings and communication, in addition to “with me” videos, have helped establish and grow virtual connections.
- Regular activities have been adjusted with “staying at home” as the priority.
- Interest in ways to take care of physical and mental health as a means of coping and “self-care” has increased.
Consumer Packaged Goods (CPG) companies can utilize Revenue Growth Management (RGM) strategies in response to COVID-19 disruptions and to position themselves for recovery. CPG businesses have seen changes in shopping frequency, brand preference, channel selection, as well as category and media consumption during this crisis. McKinsey recommends utilizing their SPRINT model to rapidly manage those changes and uncertainties. Furthermore, the “N” in the SPRINT approach is the RGM component, which advises companies to “Navigate RGM adjustments” in the key areas of trade, promotions, pricing, and assortment and portfolio with caution - keeping the customer relationship in mind. Finally, organizations can ensure RGM success post-crisis by developing strategies and defined frameworks for handling future customers, shoppers, and consumers.
A French grocery chain, Intermarche, released an ad notable for its simplicity, optimism, and lack of COVID-19 messaging. It appears the flurry of similar COVID-19 related ads at the beginning of the crisis may be losing their effectiveness. Now, as consumers adjust to a reopening America, surveys indicate many customers are switching their focus away from pandemic-related news and messaging toward a sense of hope. And, the French ad taps into this shift very thoughtfully.
The above overview highlights this week’s important digital marketing news, as the situation continues to unfold. Visit the Adlucent website for ongoing information and updates.