2021 Global Marketing Trends: Navigating the ‘new normal’

2020 will not be looked back on as a good year for businesses... but perhaps unbeknownst the management, their customers were still watching them attentively.

“Maintaining trust is essential for customer retention, however CMOs cannot achieve this alone. Developing customer trust requires C-suite collaboration and crossfunctional teams to ensure that trust-related goals are in place and that every part of the business aligns with the goals and KPIs of the overall company. “

In the previous article, we looked at purpose, agility and human experience as being three important themes from Deloitte’s Global Marketing Trends 2021 report, drawn through a series survey of customers and C suite executives.

Despite the global pandemic having an impact on businesses in 2020, respondents to Deloitte surveys have shown that customers are still keen to learn how businesses are adapting to their evolving needs in these changing times preferring agile brands that they can trust and that take a holistic approach in meeting their needs, including collaborating with other businesses or departments.

For businesses, such insights into their customers is key to understanding how to respond to future ways of doing business rather than risk of becoming irrelevant. Deloitte’s annual Global Marketing Trends report identifies seven key themes that can guide businesses on their strategy for the way forward. The report is based on two surveys; the first is a sample size of 2,447 customers and the second is based on 405 C-suite executives including CEOs, CIOs, CMOs, COOs, CFOs and CHROs. Successfully competing in a changing competitive landscape requires functions and leaders to crosscollaborate and work together to address evolving customer needs with a more holistic approach. Thus, the report’s insights are meant to provide insights to all members of the C-suite and not only marketing officers!

Trust

Remember earlier we said customers are paying very close attention to brands? It turned out that many brands that acted in their own interest over the customers’ or did not fulfil their promises, ended up losing their customers’ trust. 66% of our survey respondents could name a time when a business chose to act in its own interest (e.g. by increasing the prices of essential items) and a quarter of them agreed that it caused them to dissociate with the company. The key takeaway here for marketers is that they can make stronger relationships and influence customer behaviour if they segment their customers based on their values instead of demographics.

Maintaining trust is essential for customer retention, however CMOs cannot achieve this alone. Developing customer trust requires C-suite collaboration and cross-functional teams to ensure that trust-related goals are in place and that every part of the business aligns with the goals and KPIs of the overall company.

Participation

Now that interacting with a brand is quicker than ever with digital technologies, it has never been easier for a customer to write a review or post content about your business on social media. Our survey showed that 56% of respondents engaged in a digital interaction with a brand in the last year. This level of engagement suggests that there is an opportunity for brands to form deeper connections with their customers by understanding them better. Who are they? What channels are they using? Why are they participating? We found that most respondents felt motivated to engage with a brand when they got the feeling that it would help others. The better you know your customers, the better you can interact with them!

Fusion

It comes as no surprise that customers favour companies that can meet their needs. Nowadays, companies are beginning to partner with other businesses outside of their industry to create holistic solutions which can better meet their customers’ needs. In the last few months, collaboration has become essential as businesses are relying on their partnerships to be able to adapt to the unstable business environment and improve their service to retain or gain customers. One example of this is a bank that partnered with a wellness provider to raise public awareness about mental health issues and to spread resources for anxiety specifically for people who were experiencing financial issues. 78% of executives say that even after the pandemic is over, their businesses will maintain the new partnerships to some level.

Talent

The role of CMOs and other marketing executives has changed in the last few years, with marketers taking on responsibility for a range of areas, from customer experience to digital strategy. At the same time, employment trends have been changing. The use of technologies like artificial intelligence (AI) is growing and people are increasingly working in the gig economy rather than having traditional 95 jobs.

This is an opportunity for marketers to create a competitive advantage for their brand by incorporating these talent related trends into their strategy. They could implement AI to automate repetitive tasks, develop an in-house creative model and use contract workers for tactical roles and upskill employees with in-house marketing learning opportunities. Again, CMOs cannot achieve this alone and successfully capitalizing on these trends requires strong backing from the C-suite.

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The 2021 global marketing trends serves as a guide for executives looking to define their business and marketing strategy to meeting their customers’ needs holistically. The trends are not intended to predict the future, but rather as a suggestive road map to help companies to navigate their way forward and remain relevant even in trying times.