Redefining Strategic Priorities

Insight 1: Marketers shift their priorities to the short-to-medium term

Covid-19 has had a significant impact on the media landscape with physical B2B events currently at a standstill. Left in a sea of uncertainty, third party event providers, in particular, have been caught off-guard and been forced to quickly adopt new technologies. This has had a direct impact on enterprise who still need a go-to-market plan and a means of reaching their audiences. Whether its because business customers are delaying major spending decisions or due to the halt in in-person events, long term campaign planning has definitely taken a back seat. EI's Barometer shows that 80% of our clients are now focussing on short/medium-term planning as opposed to 42% in January 2020 before the pandemic hit.

How has planning shifted from January 2020 to now?

Insight 2: Marketers are prioritising their existing client bases above new prospects

EI's Barometer shows a c.25% increase in the number of clients who have shifted their strategy to focus on current clients over new prospects since January 2020. This directly reflects firms recognising the need to be seen to support their clients in navigating the immediate crisis. As well as being reflective of the paralysis that took hold and businesses retrenching back to hone in on customer care and retention.

79% of respondents expected the focus on proprietary activity to continue for the foreseeable future. Marketers cited cost as a major factor here, but more importantly it is worth noting at the time of the survey event suppliers were yet to launch their virtual propositions to help marketers reach audiences in lieu of F2F events.

Are you focusing on current clients, new prospects or both?

Proprietary vs 3rd party

How are EI's clients planning to plug the gap created by the standstill in face-to-face events?

Whilst we are starting to see an increase in the number of virtual third party events, without the track record of proven success in the virtual environment and a lack of data, this is unchartered territory for many of EI's clients. Ultimately, businesses still need to reach new targets in order to build brand equity and trust in the long term. In lieu of the standstill in face-to-face industry events and uncertainty in virtual event success, EI's Barometer shows that marketers have shifted their focus prioritising digital content creation/syndication, and proprietary events via both webinars, and to a slightly lesser degree virtual roundtables, to engage existing clients.

EI View: It will be interesting to see how this changes over the coming months as suppliers introduce new propositions, become more adept at operating in the virtual domain, and the metrics that underpin success become more measurable and apparent.

Insight 3: Content Marketing and ABM rise as central pillars

With the majority of respondents focussed on supporting current clients, it is not surprising that content marketing and account-based marketing have risen to the top when it comes to immediate Go-to-Market strategy. For EI's clients, content marketing has the greatest focus; whilst content has always been of importance, marketers need to repurpose existing banks of content, to ensure the messaging is relevant and empathetic for the current climate. At a time where media asset owners are still developing their virtual event offerings, content marketing also seems the best way to engage new prospects with their brand as well as ensure brand loyalty from existing customers.

EI View: It is worth investing time to identify the best partners for content creation, content syndication, and digital amplification. It is evident that clients are also employing proprietary virtual offerings (webinars/events) for their account-based marketing efforts, to maintain client retention during these uncertain times. Marketers need to stay on the pulse to ensure messaging resonates.

How has COVID–19 directly affected your go-to-market focus?

Insight 4: The budget outlook is uncertain

An overwhelming 94% of EI's clients have seen a flat-lining or decrease in marketing budgets during this volatile economic climate. This very much echoes analysis done by the likes of Marketing Week who also found that the majority of marketers have been forced to maintain or cut spending in the face of business disruption. Whilst well-known industry commentators stress the need to invest in media during the pandemic, clearly the pivot to current clients, budget freezes and overall uncertainty led to an initial paralysis. However it will be interesting to see how this unfolds.

EI View: Whilst this has very much been a reactive measure in the wake of uncertainty, it is evident that those who will win are the ones with long term vision kept front of mind. Any available budget needs to be invested wisely against those opportunities that have the most impact from trusted third party providers.

Furthermore, in light of diminishing budgets, marketers need to fully understand the value proposition of virtual as part of their go-to-market plan in order to justify budgets and achieve business stakeholder buy-in.

Budget outlook

Insight 5: Seizing the opportunity: short term actions Vs. long term goals

27% of EI's Barometer respondents have had to significantly dial back their campaign planning, and this directly links back to the budgetary constraints many of our clients are facing. That being said 73% of our clients recognise the need to continue to campaign plan. Whilst in the short term the marketing mix for many has shifted to content and account-based marketing, it is imperative that our clients remain on the front foot and not lose sight of the longer-term plan that dovetails with the greater business goals.

EI View: As the dust settles over the next two months third party event providers will have solidified their virtual event offerings; it is vital that businesses move away from contingency planning and remain proactive and agile seizing opportunities that arise in this changing environment. Going forward virtual events will have to form a central part of the marketing mix to continue to engage new prospects and could have tantalising opportunities for influence and thought leadership to the wider market. EI, alongside our clients, remains committed to building our own picture of success in the virtual world based on due diligence and metrics that are defined and measurable in this new arena.

Ability to plan brand and thought leadership campaigns through to December 2020?