The temperature soared last week. But as a Canadian, I use up all my ‘weather complaining tokens’ during the winter. So grab a caffeinated drink and listen to this summer classic from Don Henley as you read on. Or if you want the espresso version, try this cover.
Here is what the experts are saying, and some takeaways from the past week:
How C-19 Impacted Business in Q2: HubSpot
HubSpot provides an interesting view of the market in Q2 as it reacted to the pandemic impact. Interestingly, it appears overall that marketing is doing better with increased engagement, while sales is working hard to capture interest. Let’s review a few of their findings:
- Buyer Interest – Site Traffic: Global site traffic increased by 16% during Q2 compared to Q1.
- Buyer Interest – Customer-Initiated Chat: Total chat volume in Q2 outpaced Q1 by a notable 31%.
- Buyer Engagement – Email Marketing: Email open rates have hovered around 10-20% above the benchmark throughout Q2.
- Buyer Engagement – Sales Emails: Response rates dropped 24% in Q2, even as email volume fluctuated throughout the quarter.
- Buyer Engagement – Call Prospecting: While both marketing and sales email volume went up globally, call prospecting plummeted, falling to a low of 27% below the benchmark by the week of April 6. But this has been trending up since that time.
So how do those findings stack up with what you experienced in Q2? Our clients certainly experienced an initial pause of some activities, but have become more active, driving outbound B2B marketing programs as time has gone on.
Redeploying Marketing Skills: Forrester Research
What do you do with your marketing team if the market has significantly changed or eliminated some of your previous marketing avenues? The easiest example is the dedicated events team that suddenly has no events to plan or execute. Now what?
According to Forrester’s research, companies should take a step back to assess skill sets and then redeploy to address two major areas:
- Stalled initiatives: What has stalled but still needs to get done (data and analytics, customer journey mapping, and customer reference development)?
- Shifting priorities: Given the changes in the market, as seen in HubSpot results above, where can you shift team members to grow your capacity in another needed area?
It’s almost impossible to predict the future so we all want to optimize and retain good marketing and sales talent. Are you rewriting your plan?
Opportunity: The Music Industry Needs The Video Gaming Industry
Necessity is the mother of invention, as the saying goes. And that’s what came to mind as I read the article, Why The Music Industry Needs The Video Gaming Industry’s Help To Scale Virtual Concerts.
In 2019, Fortnite held a virtual concert that proved music and gaming can go hand in hand. The show featured the renowned DJ Marshmello. Even though it only lasted ten minutes, the live music streaming event attracted 10 million viewers. Testing out a new avenue of connecting with an audience resulted in tremendous success.
In this unusual time of soaring temperatures, C-19, and no live music events, we have to look for opportunities and take a chance. Maybe take a small risk on something new and see what happens.
As always, don’t hesitate to call me to brainstorm or ask how I can help.
Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622