As the post-pandemic economy starts to unfold, many businesses strategize ways to capitalize on pent-up consumer spending. With remote workers, dramatic shifts in consumer behavior, and new marketing trends, today's executives have a hefty task of re-evaluating their approach to business growth.
According to a recent article from Business Insider, Americans are sitting on a ton of cash.
It's the result of vaccination rates revving up, big cities reopening, and Americans sitting on a ton of cash. Between three stimulus checks and the decline in discretionary spending that accompanied a pandemic shutdown, Americans were holding $2.6 trillion in excess savings as of mid-April, per Moody's Analytics.
And that's why so many economists are predicting that a lockdown lift will see the biggest boomtime in a generation, potentially ushering in a new era in the US economy. Moody's Analytics expects the US economy to grow 6.4% in 2021 after shrinking 3.5% in 2020.
Whether a post-covid boom of this magnitude materializes, optimizing business growth remains at the forefront of many board discussions. To help aid your strategic planning conversations, here are five reasons you may want to consider hiring a creative agency.
1. Brand pivots and strategic planning
Changing your business services, evolving your product line, and altering your position within the marketplace is a significant step for any company. In today's highly competitive digital environment, it's vital for companies to continually evaluate their business model in relation to brand perception, consumer behavioral trends, and customer demand. Strategically designing a multi-faceted growth-oriented strategy is the perfect situation to leverage agency expertise.
2. Boost business growth endeavors
[Enter familiar scenario] You have a solid strategic plan, but day-to-day operations make it difficult to also deliver on growth efforts as quickly as you need. One of the best ways for a business to double down on expansion efforts is to seek a little help from the experts. By engaging a creative agency, you get highly experienced, scalable resources – enabling you to maintain focus while executing on elements of your strategic plan.
3. Website re-designs, integrations & technical implementations
On average, a website needs to be re-designed every 2-5 years. Whether your online presence needs a complete overhaul, a custom API, or e-commerce integration – having a modern user interface and an on-brand website is a must. In addition, the words 'customer experience' has taken on a whole new connotation in recent years, as companies are now expected to leverage data to create a more seamless customer experience. By implementing robust technologies like CRM (customer resource management) solutions to gather and leverage data for decision-making, businesses track, anticipate, and provide just-in-time solutions to customer needs. The caveat, implementing new technologies often requires a specific skillset and highly involved strategic leadership to ensure there is a clear return on investment. Using an agency with the correct expertise is a great way to improve business technologies and establish a top-notch digital experience.
4. Emerging trends and techniques
Marketing trends are constantly evolving – working with a creative agency can help you leverage new techniques and gain that extra competitive edge within your industry. One of the most notable trends to emerge from the pandemic is the pull-back from traditional media and the reallocation of funds and resources towards improving the holistic customer experience. Spurred by shifts in consumer buying patterns, marketers are spending more energy on consumer experience mapping to reinforce brand loyalty. An increased emphasis on business processes, MarTech, journey marketing, multimedia marketing, lead generation strategies, and SEO best practices are just a few essential digital marketing elements. Want to read more about how consumer behavior has affected marketing? Check out this article from AdAge.
5. Develop or supplement marketing resources
Whether you have a small creative team or want to compete on a new level, working with a creative agency can be a very involved experience or more hands-off, depending on the need. For businesses looking to create or enhance a marketing team, agencies can help play an advisory role in team structure, resource needs, mentorship, or staff development. In addition, agencies can provide a scalable, financially efficient way to supplement internal resources – either by temporarily filling a gap or providing unique expertise that is not available internally.
WSD Services: We can provide everything from fractional CIO/CMO services and hands-on strategic planning to brand audits and website re-designs. As your business partners, we have a team of experts and a vast network of affiliates readily available to help take your business to the next level.
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