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A black swan , according to its creator Nassim Taleb , is a term that in the economic sphere describes those events that appear by surprise, unpredictable by analysts and that generally end up having a great impact on economies. In 2020 we had to live a black swan with the emergence of the COVID-19 pandemic and we continue in it in the middle of 2021.
During this time, we have seen how consumer behaviors have changed, digitization has accelerated and agility in decision making and the battle for attention will be key aspects in the evolution of the digital economy .
We have seen many bankruptcies, but companies and professionals that were strengthened at the time with digital technology and sought new business solutions are more flexible and adapt more quickly to radical changes. The teleworking , the e – commerce , the e-learning , delivery , etc., are examples of this and continue to grow.
We are also going to a world where browsing privacy is going to grow and where the advertising field has to reinvent itself with a world without so much cookie tracking. For example, according to Apple , only about 13% of iOS14 device users accept cookie browsing tracking. Another important piece of information, according to LinkedIn , is that only 25% of B2B buyers say they are willing to provide contact information to access interesting content. For this reason, it will be important to develop our own assets in Email databases and, on the other hand, to develop Audiences based on external platforms such as Facebook , LinkedIn , Instagram and more where we add value to the user as before and create a community. Decision-making cycles are longer in time and now users know more about the company than their brand, but that does not mean that they do not follow you and contact you when they need to. Co-creation with users is also an important factor.
Trust and social approval will always be a requirement for the purchase, but users want different brands that adapt to new scenarios. We see an example with the growth of delivery in the markets and, therefore, food companies that have adapted by offering these solutions, have been able to survive or grow their turnover.
After sales is another important purchasing factor and especially in B2B . According to LinkedIn, 61% of technology buyers in Latin America say that after-sales service is a determining factor of the brand they choose. Professionals don’t just buy a product, but the solution. Marketing does not end with the transaction, but the cycle closes with good retention, which, in addition, can bring you referrals, brand prescription, etc.
Marketing does not end with the transaction, but the cycle closes with good retention / Image: Daily Nouri via Unsplash
We need to be agile in making decisions, understanding the consumer, offering solutions and digitizing in an environment in which decision-making cycles are long, more complex and there are many more options than before on the Internet.
But, to have clients, we also need to first attract attention and be visible. According to Google, the cost to attract attention in the last 20 years is 700% more expensive. Faced with greater infoxication or online exposure of information with the acceleration of digitization, the user encounters more interruptions, brand options, etc., and we need to be disruptive or different in a matter of seconds, either because of the solutions we offer, communication, persuasive writing, etc.
Ultimately, it will depend on each market niche, but it is not about working harder, but smarter. The COVID-19 crisis not only revolutionized health, but socially and economically. We will not return to the above, but the future has drawn closer and accelerated. What you sell is no longer so important, but how you sell it. We need to stand out at all stages of the consumer and, especially, in service, agility and retention. Let’s not forget that marketing is not a battle of products or services, but of perceptions.