As part of our new series, ‘Marketers Playbook for 2020 Post Covid-19′, Krishnarao Buddha, Sr. Category Head, Parle Products says in the current crisis, brands will r equire innovation and creative thinking in every aspect of their marketing strategy to target consumers
Covid-19 crisis has engulfed nearly the entire world and carries severe consequences for countries and economies. Today, work-from-home has become the new norm, with people social distancing and living in the confines of their homes during lockdown while minimizing venturing out in the open. Consequently, consumers have become conscious about health and have drastically changed purchasing and spending habits giving high impetus to essential items in these uncertain times.
As the Covid-19 pandemic continues to take hold, virtually every aspect of the economy is undergoing its effect, coupled with ongoing uncertainty that is taking a toll, especially on the manufacturing segment. The damage to the job market looks likely to be deep and long lasting with a large number of workers in difficult situations, facing job losses and pay-cuts. This might directly lead to a nationwide recession whose effects could be seen till at least the third quarter of 2021.
Due to lack of income, consumers have refrained from buying products that are non-essential while worrying about facing a possible recession scenario. Marketing in such difficult times and for brands to target such consumers will require innovation and creative thinking in every aspect of their marketing strategy.
Anticipate Consumer Needs
With social distancing leading to stress, boredom, anxiety, and a sense of loneliness, now is a crucial time for marketers to identify individual consumer needs. Real-time insights and technology that anticipate consumer needs are essential for marketers and brands to create meaningful and supportive engagement with consumers. Brands now have an opportunity to deliver real time assurance. It is now more than ever for brands to be sensitive, empathetic, and innovative with their marketing strategies in order to build long lasting relationships with their consumers. Marketers need to acknowledge the change in consumer behaviour and offer help. They have to walk a fine line balance of engaging their consumers, adding value to their life, and retaining top of mind recall.
Digital Presence Is Mandatory
The increase in ‘work from home’ has given a significant rise in people using their mobile devices and online platforms. People are spending most of their time on the OTT streaming platforms, social media, e-commerce portals and so on. Even though there have been disruptions in the marketing and advertising initiatives, marketers need to keep their plans fluid and tweak their ad spends to reach consumers where they are. Brands will now have to strengthen their muscles for creating, engaging, targeted digital experiences for their buyers. Digital marketing post Covid-19 will demand that brands and companies redesign their performance game plan and develop continuous experimentation within key practices of paid advertising.
Adapting To The New Marketing Landscape
Adapting has always been a crucial part of marketing. Brands will have to be proactive in their approach by staying on top with latest trends, participating in moment marketing campaigns and understanding new consumer behaviour will be the key in driving successful marketing campaigns moving forward. Innovative performance tactics generating interest will be needed, while considering new campaigns to reassure consumers on how your brand/product can help them.
Today, early trends suggest a profound impact on the digital marketing landscape. That said, the widespread nature of the crisis also creates new opportunities to create lasting connections to your audience, evolve in terms of brand showcase, adapt, and fortify your digital marketing strategy now as it may pay dividends over the longer run. The impact and magnitude of Covid -19 seems unreal but, we will get through it and come out stronger.