How to survive the economic uncertainty
May 25, 2023
Martijn Zoetebier, Group Director Business Development at Linehub, collabed with Mediashotz, an English marketing, advertising, creatives and content news outlet. The purpose of this co-operation is to offer advice on how e-commerce firms are able to survive the economic challenges of the looming global recession.
E-Commerce Marketing Strategy in Uncertain Times
The pandemic has resulted in a rise in e-commerce businesses, with brands investing in Pay-Per-Click (PPC) and building a loyal customer base. However many businesses have hit a performance plateau; their investment in performance marketing hasn’t yielded the desired results. To overcome this, brands need to invest in the top of the sales funnel as well as focus on the early stages of the customer journey. As the future of the economy remains uncertain, marketers must invest in alternative solutions instead of solely relying on Google and Meta (Facebook). Affiliate marketing and check-out marketing are viable options for marketers to spread their risk while enhancing their brand.
Boosting e-commerce success
E-commerce brands have to focus on cross-selling, offers and discounts, which can help stimulate repurchasing. Brands must also evaluate the relevance of their products to specific customer segments and identify similar products that are relevant to theirs.
Typically e-commerce companies measure marketing success based on their internal campaign data, which provides a limited view of a brand’s position in the industry. Real-time insights delivered through platforms or market research agencies can help marketers anticipate trends and optimize their campaign to achieve a better market position.
It is essential to acknowledge that customers’ behavior has significantly changed during the pandemic, with many choosing to shop online. As a result, competition in the e-commerce space has increased and brands need to differentiate themselves from their competitors. Marketers must think outside the box and look for innovative ways to improve their customer experience, increase customer loyalty and maximize their profits. By doing so, they can stay ahead of the competition and adapt to the ever-changing market dynamics.
The next 12 months will undoubtedly be challenging for e-commerce businesses and marketers. Still, by investing in their brand, diversifying their marketing investments, focusing on cross-selling and using external data to understand their market position, they can not only survive but thrive in the current economic climate.
Linehub, an international operating collective consisting of seven innovative marketing agencies, provides a range of supplementary services aimed at enhancing our clients’ business growth. Are you interested in discovering the optimal (combination of) services that would work best for your company? Get in touch with our experts and take the first step towards reaching the full potential.