{"id":155432,"date":"2020-08-12T15:00:00","date_gmt":"2020-08-12T14:00:00","guid":{"rendered":"https:\/\/www.smartinsights.com\/?p=155432"},"modified":"2020-08-31T20:57:07","modified_gmt":"2020-08-31T19:57:07","slug":"how-can-marketing-drive-business-growth-2020","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-can-marketing-drive-business-growth-2020\/","title":{"rendered":"How can marketing drive business growth in 2020?"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">The latest results from the CMO Survey, a special COVID-19 edition, give a fascinating insight into our fellow marketers' business strategy and planning to drive growth this year.<\/span><\/h2>\n<h3>Digital Marketing Strategy during COVID-19<\/h3>\n<p><span style=\"font-weight: 400;\">84% of marketers confirm they have \u2018improvised to generate new marketing strategies during the pandemic\u2019 according to the <a href=\"https:\/\/cmosurvey.org\/results\/\" target=\"_blank\" rel=\"noopener noreferrer\">CMO Special Covid-19 report in June 2020<\/a>. So what did they do? And what can we learn about managing business growth right now?<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe measure of intelligence is the ability to change\u201d<br \/>\n<\/span><span style=\"font-weight: 400;\">- Albert Einstein<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">So, by Einstein\u2019s prognosis, 2020 has been a very intelligent year for marketers. While for some of us, the changes have been less grand, others have witnessed a complete transformation in less than half a year. Naturally, there are fluctuations by industry, so for more detailed data about your industry, check out this special <\/span><a href=\"https:\/\/cmosurvey.org\/results\/special-covid-19-edition-june-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">Report of Results by Firm and Industry Characteristics<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-155439 size-full\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48.png\" alt=\"COVID marketing improvization\" width=\"1278\" height=\"718\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48.png 1278w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48-550x309.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48-700x393.png 700w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48-150x84.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48-768x431.png 768w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48-250x140.png 250w\" sizes=\"(max-width: 1278px) 100vw, 1278px\" \/><\/p>\n<p>Here at Smart Insights, we've released a special free guide for marketing planning in the midst of rapidly changing consumer spending and demand for products and services, structured by the RACE planning framework.<\/p>\n<ul>\n<li>Plan - defining your marketing communications strategy and action plans<\/li>\n<li>Reach - growing awareness and demand<\/li>\n<li>Act - generating leads using the best content and customer journeys<\/li>\n<li>Convert - increasing both online and offline conversion to sale<\/li>\n<li>Engage - improve loyalty through customer communications<\/li>\n<\/ul>\n<p>This free guide contains a checklist of 45 ways to maintain leads and sales during a market downturn.<\/p>\n<p><span style=\"font-weight: 400;\"><div class='postauthor si-guide-block'>\n                <div class='col-md-2 col-sm-12 si-icon-holder'>\n                    <a target='_blank' href=''>\n                  <img src='' alt=''>\n                    <\/a>\n                <\/div>\n                <div class='col-md-10 col-sm-12'>\n                    <p><strong>Download FREE Member resource \u2013 Recession-beating marketing tactics for growing your business<\/strong><\/p>\n                    <p>With changes in consumer in consumer spending, it becomes vital to rapidly think through new alternative approaches to prioritize marketing activities with the biggest potential. That\u2019s where this guide aims to help, by presenting a checklist of 45 ideas to review.<\/p>\n                    <p>Access the <a target='_blank' href=''><\/a><\/p>\n                <\/div>\n            <\/div><\/span><\/p>\n<h3>Marketing models for growth<\/h3>\n<p>We use marketing models to inform our strategy and planning, and planning during a recession is no different. In fact, the beauty of marketing models for growth is that they can be applied in any environment where growth is the priority.<\/p>\n<blockquote><p>\"As our marketing activities adapt to emerging contexts so these models provide a sound basis on which we can learn, relate and develop suitable strategies and tactics to help us manage in these new environments\"<br \/>\n- Chris Fill<\/p><\/blockquote>\n<p>With the landscape as it stands, there are 2 marketing models for growth which stand out for adding significant weight in driving business growth in 2020. Interestingly, the results from the CMO survey suggest that many marketers are already applying these theories to their improvised COVID strategies.<\/p>\n<p><span style=\"font-weight: 400;\">In his guide, <a href=\"https:\/\/www.smartinsights.com\/advice\/creating-a-marketing-action-plan-for-a-recession\/\">Creating a marketing action plan for a recession<\/a>, Dr. Dave Chaffey advises marketers looking for growth (or just to keep afloat) to 'tap into your existing customers as your biggest asset to encourage repeat purchase AND new purchases'. In marketing model land, this signifies a big thumbs up for the Customer Lifecycle.<\/span><\/p>\n<p>In the meantime, spending on growth during 2020 has shifted to reflect the fast rate of change in customer needs. Where possible, many businesses have experienced <a href=\"https:\/\/www.businessgrowthhub.com\/manufacturing\/resources\/blog\/2020\/07\/finding-new-routes-to-market-in-the-post-pandemic-world\" target=\"_blank\" rel=\"noopener noreferrer\">growth through diversification<\/a>. Diversification being one quadrant of the ever-popular Ansoff Matrix (more on that below).<\/p>\n<h3>Customer Lifecycle Marketing Model<\/h3>\n<p><span style=\"font-weight: 400;\">Hopefully, your digital marketing strategy already pays heed to the power of customer lifecycle marketing. Need more convincing? The numbers back it up: a <\/span><a href=\"https:\/\/blog.hubspot.com\/service\/customer-retention\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">5% increase in customer retention can increase company revenue by 25-95%<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s no surprise that 2020 signals a golden era for the Customer Lifecycle, offering bang for your buck when you need a sure thing.\u00a0 T<\/span><span style=\"font-weight: 400;\">he CMO found <a href=\"https:\/\/cmosurvey.org\/results\/\" target=\"_blank\" rel=\"noopener noreferrer\">77% of businesses prioritizing \u2018Retaining current customers\u2019<\/a> in their top 3 objectives during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By focusing on customer retention, businesses can achieve continued sales at a lower ROI, as demonstrated by the <a href=\"https:\/\/www.smartinsights.com\/ecommerce\/web-personalisation\/what-is-lifecycle-marketing\/\">Customer Lifecycle<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-155108 size-full\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing.png\" alt=\"\" width=\"1175\" height=\"693\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing.png 1175w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing-550x324.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing-700x413.png 700w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing-150x88.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing-768x453.png 768w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Customer-lifecycle-framework-ecommerce-marketing-250x147.png 250w\" sizes=\"(max-width: 1175px) 100vw, 1175px\" \/><\/p>\n<p>As a starting point, you can plan and prioritize your digital transformation around the RACE planning framework. Consider the role of digital communications across the Customer Lifecycle. As you can see in the infographic, taken from our Digital Transformation Playbook, the Reach Act Convert and Engage customer journey is punctuated by digital experience and paid, owned and earnt media omnichannel options.<\/p>\n<p class=\"p1\"><div class=\"monthly_campaign_blog_cta_banner monthly_campaign_blog_cta_banner_155793\" style=\"background-image:url(https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Boost-x2.png);\"><div class=\"monthly_campaign_blog_cta_banner_main_content\"><h3>Outpace your competition in a challenging SME market<\/h3><p>Access a complete marketing survival kit to grow your business during a recession<\/p><a target=\"_blank\" class=\"but_2019 section_cta yellow\" href=\"https:\/\/www.smartinsights.com\/content\/outpace-your-competition-in-a-challenging-sme-market\/?li=loggedin\" onclick=\"ga('send', 'event', 'Sep 2020 Content Blog Banner', 'Clicked', 'Get Results, Fast', 1);\">Get Results, Fast<\/a><\/div><img decoding=\"async\" class=\"monthly_campaign_blog_cta_banner_img\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Boost-x2.png\" alt=\"Access a complete marketing survival kit to grow your business during a recession\"><\/div><\/p>\n<h3>Ansoff Matrix Marketing Model<\/h3>\n<p>Diversification is the name of the game in 2020 and marketing managers know this golden opportunity for growth can be classified within the <span style=\"font-weight: 400;\"><a href=\"https:\/\/www.smartinsights.com\/marketing-planning\/create-a-marketing-plan\/ansoff-model\/\">Ansoff Matrix<\/a>. <\/span>In fact, <a href=\"https:\/\/cmosurvey.org\/results\/special-covid-19-edition-june-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">42% of businesses have shifted resources to 'new products and offerings'<\/a> in response to the pandemic.<\/p>\n<p><span style=\"font-weight: 400;\">A timely focus on diversification demonstrates a shift in priorities compared to similar research on business growth reported in August 2018, when more than half of the growth spend was allocated to <a href=\"https:\/\/www.smartinsights.com\/marketing-planning\/marketing-models\/what-drives-business-growth\/\">market penetration<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As recently as August 2019, the CMO reported that <\/span><span style=\"font-weight: 400;\">only <a href=\"https:\/\/cmosurvey.org\/results\/august-2019\/\">10% of the total Ansoff Matrix growth activity was allocated to diversification<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-155435 size-full\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Ansoff-matrix.png\" alt=\"Ansoff matrix\" width=\"600\" height=\"596\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Ansoff-matrix.png 600w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Ansoff-matrix-550x546.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Ansoff-matrix-150x150.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Ansoff-matrix-250x248.png 250w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Now in 2020, nearly half of businesses have shifted resource to diversification. So the implication of this shift within the Ansoff Matrix is a modified, innovative growth strategy for marketers wanting to grow their business in a changing landscape.<\/span><\/p>\n<h3>Digital Transformation for growth<\/h3>\n<p><span style=\"font-weight: 400;\">The CMO survey reported that <a href=\"https:\/\/cmosurvey.org\/results\/special-covid-19-edition-june-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">85% of businesses have observed increased customer openness to new digital offerings<\/a> whilst 84% observed increased value placed on digital experiences during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s no secret that, as champions of Digital Transformation, Smart Insights team members help businesses achieve growth through Digital Transformation every day. Our latest digital benchmarking report found that as many as <\/span><a href=\"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/digital-strategy-development\/10-reasons-for-digital-marketing-strategy\/\"><span style=\"font-weight: 400;\">45% of businesses do not have a digital marketing strategy<\/span><\/a><span style=\"font-weight: 400;\">, which means nearly half of businesses are missing out on benefits including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Growth of market share<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Granular audience development<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Effective allocation of digital marketing financial and workload resources<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-155437 size-full\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy.png\" alt=\"Digital Marketing Strategy\" width=\"1036\" height=\"790\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy.png 1036w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy-550x419.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy-700x534.png 700w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy-150x114.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy-768x586.png 768w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Digital-Marketing-Strategy-250x191.png 250w\" sizes=\"(max-width: 1036px) 100vw, 1036px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">With this CMO report, marketers are handed their Digital Transformation business case on a plate. Now is the optimum time to transform your business and grow your customer base.<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">In May 2020 more than 4\/5ths of businesses observed increased customer openness to and value placed on digital offerings\/experience.<\/span><\/i><\/p><\/blockquote>\n<h3><span style=\"font-weight: 400;\"><p><a href=\"\/membership\/basic-letter\/\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/10\/si_blog_banner.png\" alt=\"Sign up for Free membership\" onclick=\"ga('send', 'event', 'Blog link', 'Click free membership banner', 'goal setting and evaluation');\"><\/a><\/p><\/span><\/h3>\n<h3>Your Digital Transformation plan<\/h3>\n<p>Incorporating Digital Transformation into your objectives is strongly recommended for a strategy that drives growth in 2020. But what does a <a href=\"https:\/\/www.smartinsights.com\/manage-digital-transformation\/digital-transformation-strategy\/structure-effective-digital-transformation-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Digital Transformation plan<\/a> look like?<\/p>\n<ul>\n<li>Understand the channel.<\/li>\n<li>Set objectives for future channel contribution.<\/li>\n<li>Identify and prioritise target audiences.<\/li>\n<li>Encourage usage of the channel.<\/li>\n<li>Create propositions to emphasize the differences.<\/li>\n<li>Support integration between channels.<\/li>\n<li>Review how competitors use the channel.<\/li>\n<li>Develop channel partners.<\/li>\n<\/ul>\n<p>Find out more about Digital Transformation with our dedicated Toolkit, filled with resources including our Business Case Template, Managing Digital Transformation Guide, and Digital Transformation Playbook for <a href=\"https:\/\/www.smartinsights.com\/membership\/business-membership-benefits\/\">Business Members<\/a>.<\/p>\n<p>If you've experienced a fluid marketing strategy over the last few months, you're certainly not alone. Hopefully, these models will provide a framework for your forward planning. Nobody is predicting the end of the pandemic anytime soon, and as things change of course we will be required to continue to shift. Both the Customer Lifecycle and Ansoff Matrix have the flexibility to support that.<\/p>\n<p>Finally, to get it all kicked off, if you do need any assistance with your Digital Transformation or any other aspects of Business Membership we'd love you to <a href=\"https:\/\/www.smartinsights.com\/membership\/business-membership-benefits\/\" target=\"_blank\" rel=\"noopener noreferrer\">get in touch<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest results from the CMO Survey, a special COVID-19 edition, give a fascinating insight into our fellow marketers&#8217; business strategy and planning to drive growth this year. Digital Marketing Strategy during COVID-19 84% of marketers confirm they have \u2018improvised &hellip;..<\/p>\n","protected":false},"author":538719,"featured_media":155439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[29],"tags":[1566,1076,1260,1232,1086,1006],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How can marketing drive business growth in 2020? | Smart Insights<\/title>\n<meta name=\"description\" content=\"Analysing the COVID special edition of CMO Survey: Insight into our fellow marketers&#039; business strategy and planning to drive growth in the 2020 pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-can-marketing-drive-business-growth-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How can marketing drive business growth in 2020? | Smart Insights\" \/>\n<meta property=\"og:description\" content=\"Analysing the COVID special edition of CMO Survey: Insight into our fellow marketers&#039; business strategy and planning to drive growth in the 2020 pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-can-marketing-drive-business-growth-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Smart Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smartinsights\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-12T14:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-31T19:57:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2020\/08\/Screenshot-2020-08-12-at-08.54.48.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1278\" \/>\n\t<meta property=\"og:image:height\" content=\"718\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gabrielle Wright\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smartinsights\" \/>\n<meta name=\"twitter:site\" content=\"@smartinsights\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gabrielle Wright\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-can-marketing-drive-business-growth-2020\/\",\"url\":\"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-can-marketing-drive-business-growth-2020\/\",\"name\":\"How can marketing drive business growth in 2020? 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