Digital marketing trends for equipment OEM’s & dealers to master and own their digital future
Digital Marketing Trends – Preparing for 2022 and Beyond
I got into my current business to become a source of knowledge for others because there was so much going on with digital it’s practically impossible to keep up! And to REALLY know how you’re doing compared to how well you COULD be doing, against the competition requires intense, dedicated focus to stay on top of your game.
Right now, there are four main trends that most affect your business:
Rapid Change: The world is going online & virtual, but you’ve got to hold your ground
Massive Complexity: There are so many options, deciding is harder than ever
Rising Investment Costs: People, ad costs, new tools & fees are being added to the mix
The Distributed Workforce: Work-from-home & outsource options
Like it or not, buyers in a B2B world are 57% percent through the buying cycle before they contact a human, before they engage in sales. Buyers in a B2C world still do 94% of their buying at a retail location (especially true in a capital equipment world, I’d surmise a higher percentage, like 99%), but 96% start their buying process online (probably close, maybe a little less given the relationship nature of our business, which still applies). If you’re not easy to find, engage and get information from, you’re dead. How do you focus and improve those processes across the board? How sharp are you with response times and quality of information availability when THEY want?
Marketing is getting confusing and expensive. According to Chiefmartech, the landscape of marketing tools to help “efficiency” has increased to over 6,829 options, an increase of 27% from the previous year alone! https://chiefmartec.com/2018/04/marketing-technology-landscape-supergraphic-2018/ How do you know which applies or integrates to your own marketing “system”? How do you know what is right for you? Applied right, these tools help create and manage customers, but it’s easy to get lost on the options and knowing what is best.
Rising Investment Costs
It’s getting expensive to hire marketing people, with an average entry salary of $73K + for QUALIFIED marketing experts. Digital ad costs are going up, so you need to be efficient with your campaigns, KPI establishment and measurement. 2019 was the first year in history that digital ad spend outpaced traditional media spend. And with the COVID 19 pandemic, it’s only going to accelerate. 2021 has validated this, and 2022 is going to accelerate even more. It’s a maze of stuff to consider, and it’s complicated. Consider carefully a well-crafted plan with people hired as necessary when your budget allows for it, or when personal contact and culture demands it.
The Distributed Workforce
2021 saw the acceleration of work-from-home options for many industries, and this is expected to continue. We’ve worked our way through new tools, work environments, personal balance, time management issues and are finding our way to a new and improved level of efficiency. Has your company truly embraced this, and the outsource options today? From online collaboration tools, to outsource partner companies, the efficiencies we’ve gained are amazing. Less commuting, fewer meetings and in most cases, improved productivity. How well is your company prepared to understand and evaluate these options and bring a best balance to your employees, customers, marketing and sales departments? The new tools and methods to drive fast, tangible return on investment with any and all marketing, technology and sales initiatives is available today with the right plan. Contact us today and find out more about our A3 assessment process
About EquipmentFX Services
Over the years, the services we offer have evolved to meet each clients unique needs. We like to lead with our proprietary A3 assessment to really understand the gaps and opportunities. From there we can discuss follow on services we customize together. The number one question we get after assessments are “Can you just do this stuff for us”, followed by “we have marketing people, how can we make them and our processes more efficient”. And sometimes we simply deliver the road map and provide support as-needed. At the end of any engagement, you will have a formal framework and internal audit process to improve your program or build a program from scratch to create more new customers, and to sell more to existing ones. To find out more about the EquipmentFX A3 assessment, digital marketing or technology consulting services, please contact us.