Blog post cover: Surviving and Thriving: 3 Key Strategies for Business Growth in Difficult Time
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In times of recession, businesses face three major challenges: reducing costs, maintaining customer relationships, and emerging stronger against the competition. Chief Marketing Officers (CMOs) play a crucial role in creating strategies for business growth; according to experts at the CMO Summit, they should focus on improving efficiency, strengthening the brand, and adopting omnichannel strategies.

First Key: Doing More with Less

With reduced budgets, CMOs must maximize the value of every dollar spent. Innovative strategies can increase brand visibility, improve its reputation, and strengthen customer relationships. At the CMO Summit, it was highlighted how CMOs in North Asia are using creative solutions to overcome challenges like the global recession forecasted for 2023. By leveraging technology and data, CMOs can improve efficiency and achieve business goals through omnichannel strategies and optimizing advertising investment.

Second Key: Building Meaningful and Sustainable Relationships

CMOs seek to personalize their relationships with consumers by gathering and understanding data on behaviors and insights. Although access to third-party data is decreasing, brands are beginning to collect and monetize their own data through marketing and loyalty programs. Unified ID 2.0 (UID2), an identification framework developed by The Trade Desk, is a solution to privacy and data usage concerns.

Third Key: Investing in the Brand for the Long Term

Despite the high pressure for short-term results, investing in the brand is vital for long-term success. Edward Bell from Cathay Pacific emphasizes that investing in the brand generates sustained demand and contributes more than short-term conversion campaigns. This involves investing throughout the marketing funnel and developing credibility and a solid customer base.

In summary, with these strategies, CMOs are well-positioned to lead the transformation of digital marketing, enhancing innovation, efficiency, and competitiveness, which are essential for business resilience.

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Written by : Camilo Buitrago

I'm Camilo Buitrago Quintero, a graphic designer at Skytop Digital Services. My passion is audiovisual production; for more than four years, I have been working on making promotional videos, video clips, and corporate videos; I am also a photographer, whether urban or professional.

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