If there’s one rule B2B marketers have had to abide by over the past year, it’s been to be flexible. According to Nielsen’s 2021 Annual Marketing Report, many brands had to adjust their 2020 marketing mix spend to one degree or another. For example, nearly a third of technology companies significantly adapted their spend.These findings make sense: the pandemic drastically changed not only consumer habits, but also business priorities and budgets for many organizations. Marketers were forced to find ways to do more or with less or course-correct on tactics. Successful adaptation is often easier said than done though. So, what can marketers do to remain agile while still making a positive impression on their target customers?
1. Gain control of measurement
A common roadblock to adaptability for marketers is a lack of insight into how to revise their tactics. Nielsen’s report found that only 20% of large companies ($10M+ in marketing budget) are confident that they have the right marketing technology in place to measure ROI. This means that many campaigns may be underperforming without marketers realizing it. Worse yet, even if they do realize their strategies aren’t as effective as possible, they don’t have clarity into which specific elements of a campaign are underperforming. By consequence, they may elect to cut the entire strategy instead of making acute, cost-effective changes.
While ample resources are certainly helpful for executing swift campaign adjustments, so too are advanced measurement tools that illuminate changing customer behaviors in real time and enable marketers to adjust their