2021 is shaping up to be an even more interesting and challenging year than 2020. SMEs are looking at managing activities during a sustained recovery alongside all the frequent updates to guidelines and regulations that come with it.
Governments and economies globally are praying for good results coming from the approval, distribution and use of vaccines in markets such as the UK and the US. An effective vaccine execution will add confidence to markets. Challenges with cross-border trade, international travel, and delays associated with in-person and onsite decisions will diminish. It might truly mark the turning of the tide in our battle against COVID-19 in 2020.
Closer to home, the Singapore Government has adopted a risk-management approach tied to conditional criteria to determine our response at each stage towards re-opening (and potentially exposing) the economy and population both domestically and regionally.
Given this landscape, and the delayed 2021 planning phase that many SMEs are experiencing this year, how should a brand go about preparing for 2021?
In previous articles, we have shared that brands (and strategy teams) should adopt the mindset that the business will survive. This is even more apparent now that the business has gone through the tougher Circuit Breaker as well as the Phase One and Two months. It’s time to remind management that 2021 will require investment budgets for marketing tied to a marketing approach, content, assets and distribution plan. If not yet done, focus on debating about whether past values are still relevant. If not, make new ones that reflect the business currently and for the future.
Here are 3 marketing trends we think will matter for Singapore SMEs in 2021.
1. Get to know your customer again
It’s inevitable that the customer has adapted to their life in the new normal regardless of demographic and work environment. This means their expectations of companies they buy from has also evolved with each Phase Singapore enters.
It’s worthwhile thinking about research to determine whether their preferences in interacting and engaging with your brand has shifted in the past 6 months. These personas identified will at least help with determining where to allocate resources for efficient outcomes.
Start conversations with your customers, ask them what matters to them and why. Create and test solutions to problems they have identified and make creating value for them an anchor of your plans.
With the access provided by many digital and social media platforms – both B2C and B2B – it has become simpler to reach out and survey or poll customers, fans and followers to get a snapshot, or indication. It’s far too good an advantage not to make use of.
2. Events will return but won’t look like how they used to in the past.
Blended events – a combination of onsite and online formats – will quickly find its niche area within the overall event and MICE sectors.
Pre-pandemic, video as a format was already rapidly increasing in usage. It was constrained by the impression that in-person events and meetings were a priority for relationship-building activities. This was rapidly disproved over the 10 months of remote working and work-from-home situations.
As a means of communicating a message and educating an audience through a holistic medium, video is one of the quickest and most effective formats. Customers have been trained by the attention economy and want their information quickly.
Events will identify areas such as AMA sessions, roundtables, and masterclasses, fireside chats that are small, scalable and interactive by nature to experiment with through blended formats.
Content will need to be more interactive yet provide facts and information in easy-to-consume formats. The advantage lies in customers becoming more proactive to engage with the brand to speak with subject matter experts if they are interested in a topic and that means more one-on-one time with a warm lead.
Costs associated with travel, hospitality and transport will be reallocated into making the customer experience – where they are based out of – more personalised resulting in a more positive engagement with the brand, and hopefully end with a sale.
3. Social media platforms to help with engagement and retention
The use of social media platforms and connected marketing tools – content, influencers, community groups – will step up and help with engagement and retention.
Digital touch-points such as advertising, and content won’t go away. They just move earlier in the customer journey. Interactive content and formats that influencers and people are involved in will help with the middle and end of funnel activities.
This means that social media influencers and key opinion leaders will have even more influence on the customer. We might observe these influencers going niche and becoming experts in areas they have strong following in. In this manner, they are reflecting a ‘traditional media 2.0’ journey by moving from general newspapers or lifestyle titles into specialist hobbies and subject matters.
Brands have to be clear about selecting and developing relationships with influencers that actually are knowledgeable in their areas. They should not dilute publicity and awareness efforts by working with generalist influencers because of potential reach but fall flat on the appeal and relevance of the message.
Customers don’t convert because they saw an Instagram Story or a sponsored Linkedin Ad. They convert because they realise the brand can offer value to them through the product or service. The tools change and evolve, but the fundamentals remain the same.
In this environment, don’t forget the role traditional media and blogs play. Many publications are setting themselves up as guardians of factual reporting based on their approach to research, journalistic practices and organisation integrity. One simple way to make use of this insight is to repurpose content across all the different channels you have access to. Since you are already creating high-quality, interactive and engaging content, repurpose in order to reach as many customers as possible.
2021 calls for SMEs to demonstrate that they know their customer (as best as possible) and deliver value through differentiation.
Start to prepare for recovery and focus on building a long-term structure that includes clarity, alignment of direction.
Remember to take care of your most important ‘customer’ group – your team and employees – by instilling confidence and trust across the management team.
When ready for 2021, aim for a fast start. This means – from a strategic communications and marketing perspective – being clear about your objectives, outcomes and roadmap. This will provide the brand with clarity, which in turn provides space to plan and position your brand for opportunities that will come up.
And they will turn up.
We are Brand Utility is a business consultancy. We work with brands in the corporate, professional services, retail, travel and technology spaces. Our principal founder is a registered management consultant, certified and recognised by the Institute of Management Consultants Singapore.
We offer strategy and tactics to support growth outcomes - revenue, scale, regional expansion and market entry – for our clients.
Areas of support include:
· Strategic communications: Approach to market, brand concept and map, positioning, messaging, story and narrative, thought leadership
· Marketing: Campaign/programme planning, story-based marketing execution, digital marketing, community amplification, content planning and production, go-to-market execution
· Lead generation: Digital advertising, social media advertising, social commerce, e-commerce
· Integration of marketing with business operations: We plan and execute as a seconded marketing and/or PR lead for your brand
Discover more about our services at our website or book an exploratory consultation through this link.
Photo by Daniel Cheung on Unsplash
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