1. Focus on customer retention

For businesses struggling to recover from the events of 2020, focusing on existing customers may be wise.

“In an uncertain economy, most brands should focus on existing customers,” said Jonathan Frey, CMO of electric bike retailer.

“Keeping existing customers happy is cheaper than acquiring new ones because brands have bypassed the early stages of the customer journey and have more data to work with for personalized messaging”

2. Start selling on social

In 2020, Facebook launched Shops for both Facebook and Instagram, allowing users to shop directly on the platforms.

It brings a whole new opportunity for business owners and marketers to put their products in front of potential clients,” “Retailers are working hard to reduce the friction from product to purchase, using in-app shopping on social media channels.

3. Build trust

Meanwhile, the pandemic accelerated a trend in which consumers are looking to spend money with brands that not only share their values, but brands they trust.

“As consumers have become even more selective of where they spend their money, they want to know the businesses they support have their best interests in mind,” said Colin Palfrey, CMO of espresso equipment retailer Majesty Coffee. “Building trust doesn’t require a big budget. All you have to do is make a promise to your customers and keep it.”