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What now? Marketing leaders currently face that very question for 2021 marketing strategies after a tumultuous 2020 that saw record layoffs, marketing budget cuts and dramatically-shifting buyer habits.
2020, right? How do marketers respond in 2021 which still, letâs all agree, has a very 2020 feel to it about 30 days in: no major economic recovery in sight, and COVID-19 still remains a huge threat to global health in spite of vaccine development.
Do you still be bold, exploring new markets, product innovation and new customers? Or do you revert back to the tried and true existing-customer playbook, upselling, cross-selling and investing deeper into customer loyalty programs?
A Tale of Two Years
While we continue to absorb and understand the worldwide pandemic shockwaves of 2020, trying to encapsulate the vicissitudes of the past year in an annual recap is daunting. Early weeks of the pandemic created an almost inconceivable shift in dealmaking – lawyers and advisors conditioned to stand shoulder-to-shoulder in the trenches with clients were suddenly staring at each other’s faces on (interminable) Zoom calls. As pandemic life realities set in, the much anticipated drop-off in dealmaking was surprisingly fleeting. While initial deal flow was merely a trickle (although notably included Alexion’s $1.4 billion acquisition of Portola and Sunrun’s $3.2 billion combination with Vivint Solar), the remainder of the year played host to a steady stream of acquisitions, with many $10+ billion acquisitions in the second half of the year. Although global deal value was a subdued $966 billion in the first half of 2020 (down nearly 50% compared to the first half