By Rex Hammock, CEO
For the past few weeks, I have been reading about what marketers have learned throughout the COVID-19 pandemic. One of the most insightful articles I’ve read was “10 Truths About Marketing After the Pandemic,” written by Janet Balis and published in the Harvard Business Review.
Balis, the customer and growth market leader and marketing practice leader at EY Americas, does a great job of explaining how marketers—especially content marketers—are having to adjust their relationship to customers. In her article, she identified 10 ways in which the pandemic has challenged truths about marketing and given us new rules to move forward. Here, I’m highlighting three of those old truths and new rules.
Old Truth: Customers must sit at the heart of your marketing strategy.
New Truth: Customers must sit at the heart of your customer journey.
We write a lot about the customer journey—because we know how important it is. Imagine an infinity loop to show a customer’s life cycle. With the right content marketing, you can help prospects become leads, convert them to customers, and focus attention on them so you create a loyal relationship.
Old Truth: Relationships matter.
New Truth: Relationships are everything.
“It goes without saying that it is vital to build relationships with customers founded on trust,” Balis wrote.
In March 2020, Edelman conducted a global consumer study and found that 60% of people were turning more and more to the brands they were absolutely sure they could trust. Why? According to Richard Edelman, CEO of Edelman, trust is a “game changer for brands because it addresses people’s fears about personal safety, most notably vulnerability on health, financial stability, and privacy.”
That’s why it’s critically important to form genuine connections with your customers, listen to their needs and opinions, and help them find solutions for their problems. Without your customers, your business would not exist.
Old Truth: Marketing is important for growth.
New Truth: Marketing is at the center of the growth agenda for the full C-suite.
We’ve noticed this to be true with several of our clients. As Balis said, “marketing has been elevated within the C-suite as a driver of digital transformation, a key leader of the customer journey, and the voice of the consumer—all of which are of paramount importance to other functional leaders.”
A 2019 report from McKinsey & Company suggests that high-growth companies are seven times more likely to have a chief marketing officer who fosters robust and collaborative partnerships across the C-suite. Why? Because the CMO makes sure that the rest of the C-suite understands how marketing is driving growth and serving the company’s broader goals and objectives, the report says.
Takeaway: Balis said it best: “Marketing now has the opportunity to seize an ongoing central role in the dialogue, thereby driving the organization’s broader growth and innovation agenda.” To read the full article, and Balis’s seven other new rules, click here.
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