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Last week, 3Q CEO David Rodnitzky sat down with the folks at Bowery Capital, an early-stage VC firm focused on emerging B2B tech, to talk about growth marketing during COVID-19. The podcast checks in at just over 40 minutes of great insight on how to practice fearless marketing and lead your company through a highly turbulent phase. Some top takeaways:
The Live-Event Void Sparked a Glut of Content
COVID-19’s first massive marketing impact was a tidal wave of in-person event cancellations. From SXSW to the annual Adobe summit to Google Marketing Live, in-person events for the foreseeable future were either shuttered or forced to go digital. This left marketers scrambling for options to fill the top of the funnel. As David noted, marketers pivoted to digital content, namely a huge surge in whitepapers and webinars, to bring in leads. While the content airwaves are suddenly saturated, many companies have an opportunity to gain market share through paid media if their competitors aggressively pull back spend.
The Best Data to Follow Is Your Data
Pulling from his experience in leading companies through 9/11 and the Great Recession, David explains why the daily stock market news and interest rates are the wrong metrics to rely on for your marketing strategy. Look to your own numbers, like CPC, CVR, and CPA, and remember that if CPCs plummet faster than your conversion rates as marketers spend less to compete, you may have an opportunity to grow. Pro tip: especially for new audiences, calculate your LTV to make sure you’re not overspending on less valuable customers.
Emotions Have Evolved, and Your Messaging Should Follow
David has said for years that marketers should strive to use four emotions (fear, greed, vanity, and exclusivity) in their messaging. COVID-19 has changed the emotional landscape, and David suggests adjusting messaging to meet the needs of the times: safety, ease, no risk, and flexibility. As the pandemic rolls on and emotions/needs evolve, make sure you have a comprehensive creative testing framework to adapt your appeals to your audiences’ changing desires.