The majority (58%) of in-house marketers think that selling existing products and services will be extremely important over the next 6 to 12 months, while fewer (43%) say the same about selling new products. These are just some of the findings from a recent report [download page] by S2 Research exploring the impact of COVID-19 on in-house and agency marketers.
In the survey of 250 marketers and advertisers, respondents appear to be focusing on fortifying existing strengths over the next few months – a trend confirmed in other research carried out during the pandemic, which found that marketers are using social media to focus on retaining their existing customers rather than acquire new ones.
As such, reconnecting with old customers and clients has taken priority over connecting with new customers, with 76% and 72% of respondents labeling these as extremely important, respectively. On the other side of the coin, 3 in 10 (31%) respondents said that selling new products and services is a lower priority, specifically choosing either 1 (7%) or 2 (24%) on a scale where 1 = not important and 4 = extremely important.
What’s more, a majority (65%) of respondents think that increasing awareness of their company or brand will be extremely important in the coming months. Previous research from Ipsos found that 94% of Americans think empathy is important to making society work – and fortunately, 8 in 10 (81%) of those consumers believe that brands have shown empathy in response to the pandemic. With this in mind, marketers are clearly anticipating a need to continue this high standard of brand awareness and communication.
When it comes to price and demand, change is expected. Nearly one-third (32%) believe the price of their services could decrease in the coming months, while almost half (47%) think demand could increase in the next 6 to 12 months.
Where market research is concerned, the vast majority agree that it is going to be an important part of marketing in the near future (72%) and that it will help marketers understand how their audience has changed (72%).
Read the full report here.
About the Data: Results are based on a survey of 250 professional marketers, fielded in May – June 2020.