CMO Minute: CMOs Seek New Agencies and Strategies for 2021

CMO Minute: CMOs Seek New Agencies and Strategies for 2021

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According to an AdWeek Intelligence survey, 40% of CMOs may seek new agency partners in 2021. Following a period of dramatic change this year, CMOs share they are considering switching agency partners who can help their brands develop new marketing strategies focused on growth in 2021.

This finding reflects brand marketers’ recognition of the importance of tracking changes in their customer segments and identifying new customers and new competitive landscapes for planning purposes. Armed with the right benchmarks, a strong foundation, and fresh positioning, CMOs will come out stronger next year.

Here are some brand strategies to consider to set a strong foundation for marketing in 2021. 

  1. Redefine Your Brand Positioning: Define your category and answer the question ‘why you.’ Become the intuitive choice for your customers by leveraging System 1 Marketing in your brand messaging and creative.
  2. Adapt to the Psychology of your Customer: The pandemic has changed consumer behavior in drastic ways. It’s important for brands to reevaluate their customer profiles to understand their customer needs at a deeper level beyond traditional demographic and media consumption. Psychological research helps to unlock customer motivations, self-concepts, and beliefs. Related to this, COVID fatigue is at an all-time high with consumers. Brands should take note and introduce new content to stay relevant and engaged. 
  3. Connect Emotionally, Not Just Rationally: Emotions contribute to the majority of decisions that we make. It’s more beneficial to leave your audience feeling good about your product (and wanting more), than it is to overwhelm them with multiple messages or calls to action. Set a single goal for each communication. A study from the University of Alberta shows a 3% drop in awareness for each additional message embedded in an advertisement. And the drop in memory and retention for that message is even bigger. 
  4. Balance Your Brand with Sales Promotions: CMOs are facing increased pressure to prioritize short-term sales growth over long-term brand awareness. Marketers should balance sales with brand awareness to maintain their market share and fuel long-term growth. The balance between brand awareness and sales differs by category, but the fundamental work of Peter Field and Les Binet recommends 60% brand awareness and 40% activation as the benchmark. 
  5. Use Trigger Points in Media Planning: When it comes to reaching the right customers at the right time, you need to make sure you have a strong targeting plan embedded within your brand strategy. Your creative messaging and media planning should be designed with the customer in mind, and you need to map out their journey from initial awareness to purchase across ‘trigger points’, i.e. touchpoints.
  6. Be Flexible: Setting new marketing goals requires effective communication and collaboration. Brands should find agency partners who understand business challenges, and needs, and are proactive in presenting new ideas and approaches and remain flexible to pivot as needed.

To learn more about Successful Marketing Strategies for 2021, check out our webinar.

If you’re looking for a new agency partner, let’s talk.