DTC Marketers: Are you haunted by your 2020 and 2021 comps?
Good news, we are almost in the clear 😅 - 2024 should mark the return to more reasonable and "accurate" comps.
Why does this excite me? Hitting this quarter's or this year's comp goal is often at odds with what's best for brands long term (this is a never-ending challenge for public companies).
So with comp pressure dialed back, how can you refocus on the long term?
1️⃣ Awareness Testing - In the current environment, every brand should be investing paid dollars in awareness efforts. Focus on reach and brand distinctiveness/memorability in these efforts. Don't expect to see immediate ROI - plan to track value over a 3-6 month timeline, minimum.
2️⃣ Revisit Promo Strategy - You should look to dial back promotion volume and weight in 2024. Explore other value and barrier removal tactics (samples, bundles, and discounted add-ons).
3️⃣ Invest in Content - Everyone should look to perform a wholesale refresh of UGC, Influencer, and branded content in 2024. Expect continued growth in VIDEO, so prioritize video investment and develop a strategy for quarterly video refreshes.
Of course, a major recession in 2024 throws a wrench into all of this. Here's to hoping we avoid that scenario!
Thanks to Benedict Evans for the data and inspo.