Marketers would probably want to invest limitlessly in new programs and experimental initiatives in a classic world. Customer funnel and retention landscape are emerging faster than ever after all. The challenge being, marketing investments are often limited around what’s proven to work. And that tends to vary from company to company.
Therefore, it is essential to gain access to industry data. Knowing where we stand against our competitors and peers, our positions seem better to expose the areas of opportunity. As long as overall marketing spend is expected to grow by 14% in 2021, you definitely want to be aware of what your competitors are doing and act accordingly.
So what do you think the marketing leaders are investing in this year? Let’s find out. The HubSpot Executive Marketing Leadership Survey posed the following question to respondents:
“What areas of your marketing do you wish your team invested more in 2021?”
Most of the respondents said that they want to invest more time in growth marketing.
Concisely, the experiments and results of processes that ventures use to build and retain a customer base over the time is called growth marketing. This can involve running A/B tests to ensure that your marketing efforts directly result from data that clearly explains your best practices in terms of converting and retaining customers. It is kind of related to conversion rate optimization, where you update your content to increase acquisition.
It can also include using fun, trendy design elements and unique content to make a connection of your brand with the audience to help you stay flexible, compatible, and identifiable to your target market. Moving forward to the data-driven approach to growth marketing, 63% of marketing leaders say that the coronavirus pandemic has impacted their teams’ productivity and responsiveness, and 11% say that responding to global environments is a barrier to productivity.
Due to this, marketers and advertising executives announced that they will be investing more time in the year 2021 in being adaptable and reacting to speed. Not only to changes within their industry but also to global challenges, which has proven to be more critical during the current pandemic. Marketers say that the main issues to reacting at speed are creating unique, creative and eye-catching content at a fast-moving pace and adapting quickly to trends.
They say that they will fight against this issue by taking stock of their current content and coming up with an action plan for future adaptations, interviewing their audience about their struggles, restructuring teams, and simply being ready to make changes when issues arise, even at a moment’s notice.
60% of marketers indicated that they are set to increase their marketing technology spending in the next 12 months. Investing in marketing technology is directly linked to the above marketing trends of reacting at speed and growth marketing, as it shall help the marketers retain and delight their customers and react at speed when necessary.
Being a refresher, marketing technology is often referred to as martech, a term that is used to describe the software and technology used to captivate and retain customers. As of 2020, there are 8000 different martech tools to choose from, ranging from data analytics platforms to CRMs, to internal team collaboration tools.
Nevertheless, a martech tech stack helps marketers streamline their processes and take a systematic approach to their day-to-day activities. As remote work becomes more unexceptional, access to these technologies makes it easy for teams to work together, regardless of physical location.
Moreover, there was continued investment in diversity marketing, as in early 2020 brought a lot of businesses to an estimated and increased attention to social justice issues that were at the forefront of conversations during the first few months of the year. Consumers pay attention more than ever about how businesses take a stand on public issues, demanding change and awareness from brands on diversity, equity, and inclusion.
Thus, marketers will make a headway and an improved effort to focus on diversity marketing in 2021 and be representative of the communities they serve that drive their revenue and keep their businesses drifitng. However, in the same vein, it’s even more critical that businesses are genuine about the diversity measures they take. A recent survey found that 59% of consumers think that companies need to follow up on their statements on diversity with concrete action, or they risk being seen as exploitative and opportunist.
To sum it up, marketers can prepare by leveraging other trends on this list – investment in marketing technology that helps you with personalization, like powerful data analytics platforms to learn about customer preferences and email marketing services that help you personalize the messages you share with customers. Additionally, a focus on and commitment to diversity marketing also ensures that your audiences are interacting with material that they can relate to and is relevant to their interests. Get in touch with digital marketing experts to gain new perspectives and give your business space to grow.