A tiny speck of a virus has turned the lives upside down globally, which only leaves one wondering about ways to cope with the dramatic change. From following social distancing to persistently being indoors, the scenario is something that none of us expected. All kinds of industries, small or large have been confronting the pandemic with most of them experiencing the rock bottom of their financial situation. Physical activities such as conferences, concerts, sports and outdoor activities have been on the decline as they all stand cancelled. The marketing industry is no exception. COVID-19 is significantly changing the way a product is promoted, bought and sold. The new normal demands a shift in strategies that otherwise used to be standard.
The consumer behaviour:
The recent times have kept everyone grounded in their homes, spending times with their loved ones. It is expected that the consumers would be more mindful of the commodities/services that they choose from here on. The focus would be more on the purpose and values instead of being opportunistic of the possessions. Hence, the large brands will have to reorient their strategies by connecting with the audience on a deeper level and being empathetic to cater to their needs.
Most of the marketers are working on short-term adaptation of strategies. As per the recent research from The Drum 61% of marketers are altering their short-term media strategy & 9% are making long term changes.
The change in the narrative:
The online platforms are the most active now more than ever, due to the significant cut-down of social interactions. This leads to the fact that the out-of-the home advertising such as billboards and posters will have lesser importance in serving the purpose. Marketing in events, print media are seeing a decline due to the current situation.
Digital display of ads, social media and online campaigns are on the significant rise making digital media marketing a savior for brand building. There are cut in budgets for more flexible channels. There is a drop of Cost per click on the platform and could be turned into an opportunity to expand the target audience at a lower expense. Hence, the revenue generated by Digital Marketing agencies saw a 30% reduction in general. However, the brands are expected to increase the expenditure on these platforms to compensate for the offline leads generated. The trend is here to stay as some of the countries like China has adopted to more online shopping services even after returning to normalcy.
The increase in contactless transactions, Webinars, digital streaming services prove a point that brands need to evolve according to the changing times in their marketing policies.
A sense of safety and trust:
The organizations that prioritize health and well-being for a greater good is sure to evolve in a post-COVID era. The unemployment and the disruption of routine has brought about a situation of saving up for future to come. The brands that are in-line with this thought process are to experience an upsurge and make it further as an organization.
To summarize, This pandemic has left its mark in history. But the query that buzz is how the situation will be in world when everything gets over. We have seen the effect of it on various industries & marketing strategies. But, how the marketers are going to react? It is important to think that this pandemic has taught us lot of things in terms of Entrepreneurship, Start-up management, Investments & Marketing strategies. Focusing on more digital solutions such as virtual classes, virtual doctor meets, webinars, digital advertisements etc. In simple, Focusing on Digital Marketing strategy may help the businesses to reduce the cost of marketing & render quick ROI. Even a time that feels like downward- there can be an opportunity to seize.
Raja Vikram (KRV) is the founder of an award-winning Digital Marketing Company KRV Guru, Located in Hyderabad, India. Passed out from premium B-school with 12+ years of expertise has led him to deliver more successful results for his clients. He writes for various Martech websites, magazines & learning websites. He loves to read, learn & share.
For More Details: https://www.krvguru.com/