We have had the distinct pleasure of working with many established brands over the 15 years we have been in business. Personally, I have had the opportunity to partner with many more established brands over the course of my marketing career.
Growing up, a shopping trip to the mall was a much-anticipated event! It meant hanging out with friends, trying on the latest fashions, and eating at the food court. But well before COVID- 19 reared its ugly head, shopping trends changed and much of that had to do with consumers’ need to connect with brands, purchase products that have been personalized for us, and the ability to get our purchases quickly and conveniently.
Show me a brand that hasn’t at least started to embrace the power of video, B2C or B2B, and I’ll show you a brand that is struggling to effectively reach its customer. Whether it’s through social media channels, on websites or as part of online and mobile ads, people are streaming videos at an all-time high. But just because people are watching, it doesn’t mean the videos are doing their job.
Mention online shopping and the first name that comes to mind for most is Amazon. What started as an unassuming online bookstore has morphed into the world’s largest Internet-based retailer. A millennial mall of sorts. In 2015, Amazon even surpassed Walmart as the most valuable retailer in the United States.
With everyone’s attention focused on the latest social media trends, many have all but forgotten about the original social network: email. Email marketing is an essential part of any integrated marketing campaign. It’s inexpensive and effective, allowing any size business to reach a large number of consumers at a rate of pennies.
Millennials have over $1 trillion in student loan debt. Surprisingly they are also the generation that travels more than any other, spending about $200 billion per year. And they approach traveling in unique ways. Brands that understand how to take advantage of this can see a tremendous upside in revenue.
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As brands try to figure out how to navigate what’s before us, I can’t help but think about how differently brands need to act today versus what they’ve done during past struggles. People who worked with me through the Great Recession heard me refer often to the “upside of down.” At that time, much of what we thought of as the “upside” had to do with pricing strategy.
Restaurant owners estimate they are losing between 20-50% in revenue due to missed opportunities with phone orders. Combine that with competitive labor markets, increased customer demand and the pandemic, and you have the “perfect storm” for brands to adopt advanced digital technology, including power assistants, to handle phone orders.