Uncertainty surrounding the pandemic is forcing brand leaders to scrutinize marketing expenditures more frequently, as cost optimization is top-of-mind and consumer discretionary spend is strained. These short term adjustments are starting to evolve into longer term solutions with no clear start to recovery, compounded by the potential of a recession. This new normal selling environment begs the question, which channels are the safest bets to maximize ROI?
As consumers spend more time at home, the impact of digital marketing has never been stronger. Search and social advertising remain critical to growing brand awareness and staying relevant during this time of uncertainty. To this end, retail marketing leaders are allocating an average of 30% of budgets in 2020 to search and social. Expectations for 2021 only reinforce the strength of these marketing levers. Looking to 2021, marketers are expecting to shift resources further away from offline marketing into online channels.
Search represents the top marketing expenditure for retail brands. Align search budgets to localized, seasonal, and long-term trends that have continued through the volatility of the pandemic. Invest in organic search for long-term brand visibility and use paid search to achieve shorter-term performance objectives.
Top social media apps are reaching double-digit growth in average weekly users and nimble content strategies are key to reinforcing brand equity. Look to improve engagement by diversifying content sources on brand handles; consider integrating user-generated content, corporate and store employees, and influencers to provide fresh perspectives for lifestyle imagery and at-home product use cases.
Read more on Gartner.com - Key Tactics to Maximize Digital Commerce for Retail Brands