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How experiments can help you grow during tough times

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How experiments can help you grow during tough times

Everywhere in the world, companies are struggling to keep up with the new normal that has been enforced upon us all thanks to the pandemic.  Hotel Email List  In Hong Kong, lockdowns have caused businesses in the densely populated city to rethink their approach in capturing the attention of their consumer segments. In the second installment of our Lessons of Resilience from Hong Kong Hotel Email List Businesses series, we invited Terence Lam, general manager of Mentholated, one of the most prominent FMCG brands in Asia Pacific, to a fireside chat with Leonie Valentine, Google Hong Kong’s managing director of sales and operations, to learn Hotel Email List more about the company’s strategy in moving forward in an uncertain economy. Leonie: Many businesses are making drastic restructuring changes to their operations in the hopes of staying above the reds, Hotel Email List what would you say is the strategy for Mentholated?

Terence: As most categories’ consumption are on a Hotel Email List steady decline, many marketers are faced with the tough choice to either radically change their marketing strategies to grow sales, or drastically reduce marketing expense to protect bottom-line. The choices we faced at Mentholated weren’t any easier. But I strongly believe that we can ride this out. Our focus, as always, never wavered from our business objectives of growing penetration Hotel Email List and market share for our brands. When we thought about how to improve marketing efficiencies, we decided to accelerate our digital experimentations. During the lockdown, there was a sharp increase in people consuming Hotel Email List digital content as well as how they were consuming it, so we stayed close and kept evolving our digital marketing strategy. We also had to optimize the money we were putting in to Hotel Email List ensure we could generate revenue with good ROI even during these difficult times.

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Leonie: That’s interesting how you kept to your Hotel Email List digital marketing strategy when most businesses would pull out as a cost-saving measure. What prompted you to continue banking on digital marketing and optimize? Terence: Firstly, I strongly believe in brand building, regardless of good times or bad. And digital marketing is such a critical element in today’s brand building exercises. Instead of completely pulling the plug on Hotel Email List our marketing efforts online, we changed the way we engage with our audience. It was the perfect time for us to turn to experimentation.  Hong Kong Lead  We put every single thing to the test and optimized, optimized, and optimized. We tested different Hotel Email List marketing content, target segments, reach models, media conversions, and more to find the right approach that will improve customer acquisition costs, sales conversion rates, and surpass our target ROI. Since everything was digital, it was easy for us to measure success, and quantify Hotel Email List our efforts with data. Plus, combined with qualitative consumer Hotel Email List research and trends watching, I’m proud to say that we kept a growth mindset in an otherwise dire situation.

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