COVID Crisis: Marketing Takeaways For Business
With the coronavirus crisis that has impacted the entire world, many businesses have been in the wind whirl. The most prominent businesses have made decisions that are leveling up their game in the crisis.
The top management needs to adapt, adopt, and adjust their strategies and bring forward a brand that’s loved and trusted. What information reaches to customers lies in the hands of people in the business. While they might not know what HR or financial decisions you are internally taking, your marketing efforts reach them. Marketing during crisis sits in the center of operations and through your supply, ad campaigns, social media, or press releases, customers perceive your brand.
In this situation which is a health crisis led to an economic slump, one might find it as a difficult task to look for the right message and action. One must, therefore, work with full integrity and empathy and understand the implication of this crisis.
This crisis has taught everyone varied lessons but here we will show some of the key takeaways in marketing for business from the COVID crisis.
INNOVATION WILL RULE
Be it your product design or packaging, innovations will lead the market. Let’s talk about the live example. Sanitizers have been in the market for long, but automatic sanitizer dispensing machines are more in demand. Reason? One is its manufacturing but talking from a marketing perspective, it’s about the perception of people that now is going towards minimum contact with any product.
Add value through formats and build on value-on packs that drive your business. Resilient strategies need to be built to bring positive effects.
UPDATES IN SUPPLY CHAIN
With the lockdown came issues in delivering the right products and correct time on the final destination. Changing customer sentiments indicate that brand must ensure their products are on the shelf when they purchase, else they might switch to other brands. The crisis has activated brand-switchers in the market which can be dangerous for brands.
One of the major changes that will affect brands in the shift of customers towards “close-to-home” products. This means that only those products would sell that are nearby to a customer’s home. No one knows how long this crisis will continue which forces the brands to delve deeper into their distribution channels.
STRATEGIC ALLIANCES AND INVESTMENTS
There have been significant deals that have shaped the future course of many businesses. For instance, take the investment of multiple firms in JIO platforms. While you might think that these are not related to marketing, these actually are!
While the operations were in doldrums, these businesses actually evaluated the situation, chose the right way to deal with the current market, leveraged investments, and built a right frame in front of all stakeholders. Result? Brand awareness paired with stakeholder satisfaction.
HABIT FORMATION CAN BE ABRUPT
One of the key marketing lesson learned is that customer taste and preference can shift in a fraction of second and businesses who have not prepared for that suffer. A major shift in purchase habit was witnessed that can be termed as “Stock-piling”.
Everyone is familiar with people who have hoarded products so that they don’t have to go out. For marketing implications, these people take away products and build revenue, but leave the shelf empty for any new customer which means less market share.
Marketers, therefore, need to shift their focus on these sudden habit shifts and better customer management.
INSULATE PROMOTIONS WITH DIGITAL TRANSFORMATION
The current market trends show that while firms had little or no options to use promotions, be it advertisement or branding, they shifted towards digital marketing. The crisis has accelerated the go-digital format for business and is forcing brands to rewire their marketing budgets towards data and digital services. 87% increase in digital ad spend was recorded during COVID.
The marketing managers must ensure that they build a smart budgeting system and prepare well in advance for any future changes.
CONTENT WILL PLAY MAJOR ROLE- EVEN IN 2020 AND BEYOND
Podcasts and video content viewership has increased multifold and new format of content will keep entertaining customers. Brands need to hold on customers’ nerves and every new content format that gains popularity. Also, the budgets have been growing on promoting products and services through influencers. Every brand, even Instagram has understood the value of revenue through influencer marketing.
One more way that brands have been exploring is vloggers. They are a direct link between brands and new leads and turbo-charge the promotion through word-of-mouth. New modes need to be explored and created in situations where brands cannot reach customers physically.
The Last Note
Customer Engagement and Customer Knowledge will always be the key to marketing efficiency.
Brands need to make sure that they build their marketing around the “new normal” and shift towards mindful marketing. The future might be hazy but smart decisions made now will lead to accelerated growth tomorrow.
“Problems Are Opportunities”, always remember that!
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Orionators is a full-fledged digital marketing agency based in India. We are empowered by the vision of Miraj Group and are constantly working towards making brands digitally empowered. If your business needs any kind of support, our panel of experts is always available to serve your business.
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About the Author
The author is a communications graduate with a keen interest in the advertising world. She has always loved penning her thoughts and views and, loves sharing the same with everybody. With her passion for advertising and the digital arena, she sets forth her opinions through blogs working as a content writer.