The global shutdown caused by the Covid-19 pandemic has put a significant strain on American businesses. As marketers, we can’t help but notice the effect the pandemic has on marketing plans across a wide range of industries.
There are companies fortunate enough to be well-positioned for such a widespread emergency, such as food services. But, even they have had to dial back marketing efforts because they have reached the capacity to fulfill orders. The majority, however, are reducing or stopping their marketing spend entirely to address other more immediate needs caused by the shutdown.
Rekindling Marketing Goals
However, there are reasons for optimism, as some early affected countries show signs of recovery. Companies in the U.S., if not already started, will soon make their own marketing plan outlines for returning to normal operations.
Their marketing teams also will begin to think about how to restart their marketing strategies and re-engage their target audience. I think this is a perfect opportunity to revisit these programs and ensure they have the best chance for success.
Predictive Models for Budget-Friendly Marketing Plans
As a model developer at Speedeon, I naturally think a good starting place for improving marketing programs is – surprise! – to build a predictive model. Programs built on “business rule” selection or some other manual market research method for determining whom to target almost always lead to a suboptimal solution.
Using a predictive model, trained on examples of historical customer data, can yield better results for less money spent. If the marketing budget is tight during the first phases of the recovery, using models for your marketing campaigns can be a great way to show cost-effective results.
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