As part of our new series, ‘Marketers Playbook for 2020 Post Covid-19′, Sonia Notani, Chief Marketing Officer, IndiaFirst Life Insurance pens down evolving marketing strategies that might be here to stay for a while
Charles Darwin knew what he was talking about when he said that it is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change. The same goes for marketing now – you may not want to launch new products, but you will want to reinforce what your brand really stands for. It’s time to evolve and reinvent to cope with changing consumer landscapes. Our reality is now virtual!
Here are some evolving marketing strategies that might be here to stay for a while.
Brands Are Going To Have To Listen More
Social listening is not a new trend but was previously reactive. It is now time to be proactive and listen to the real requirements and fears of your customer. Now is not the time to manufacture needs promoted through superficial marketing campaigns. A post Covid-19 era would mean catering to what people really want by actively listening and then soothe them through responsible storytelling.
A Little Less Conversation, A Little More Action
A truly human reaction isn’t “what should I say?” but “what should I do?” Take the example of the Burger King vs. McDonald’s marketing strategy during this crisis. While McDonald’s made a creative post using its iconic logo to show social distancing, many hailed Burger King instead for offering free food to those bearing the brunt of the crisis. May be one can do both, but just talking, will not be enough.
It is fascinating to watch how different companies are responding to this completely different world. Nobody likes being rendered helpless. Customers too want to see their trusted brands not only engage in witty & funny conversations but to have more action. Action oriented marketing strategies are here to stay. We, at IndiaFirst Life, too made it a point to immediately ease touch-points for our customers thereby making sure we were always around to help with queries or even settle claims.
Customer First, The ‘Need’ Of The Hour
We are living and coping in ‘unreal’ times and must go back to basics. ‘Need’ overpowers the ‘want’ in today’s environment. As brands, we need to empathize and communicate accordingly. With uncertainty comes the fear of the unknown. Customer outreach, simple communication and engagement, providing comfort are all critical and appreciated. At IndiaFirst Life, we have committed to claim pay-outs arising out of Covid-19 on priority, offered grace periods and deferment of payments, suggested staying invested in falling markets. Customers have been contacted, comforted and given options they may choose to exercise.
Health And Well-being:
Health as a topic will dominate even after this crisis is long over. Every business will need to understand how it can be part of a new health ecosystem that will dominate citizen thinking. This mental process may be overt or subconscious, but it will apply to self and loved ones. As a life Insurance company, we will continue to build on insurance pegs like ‘protection’ & ‘security’ but will also have to step back and participate in preventive measures that ensure Health and Well-being.
Re-Look At How You Sell
Retail has come to a grudging halt in the current scenario & brands with e-commerce capabilities have to step up to increased demand. As an organization if you have not explored e-commerce yet – you should do so immediately. At IndiaFirst Life, we launched the Ghar Baithe Insurance initiative for our customers to secure the lives of their loved ones from the comfort of their home with no medicals bolstered end-to-end by digital processes.
Is Your Marketing Agile?
If you had a 3-6-month marketing calendar in place, it is time to get back to the drawing board and soon. How fast can you reinvent and evolve, will be the difference between your business thriving or truly struggling.
As consumers approach the future with a ‘wait and see’ mind-set, it is on the marketers to adapt by standing atop all trends that come their way. Keeping a close eye on the changing patterns can help businesses foresee opportunities and means to capitalise on them. This is the time for a brand to be Anti-fragile; in the words of Nassim Nicholas Taleb, ‘Anti-fragility’ is beyond resilience and robustness, the resilient resists the shocks and stays the same; the anti-fragile gets better.
Social Distancing has made consumers crave meaningful connections, as marketers it is up to us to not let them down.