The world is facing a crisis and businesses have been hit
worst. But they have to keep running for the economy to survive and remain
intact. Amid lockdown all over the world, operations have been held up,
companies are pivoting towards new action plans, restructuring their business
models. Among all, one of the most important is what and how they would
communicate with people to put their message ahead. Let's discuss what are the
challenges and opportunities that lie.
First, companies have a huge task to predict the change in the
behavioural patterns and act accordingly. For this, we need to get into the
customer's mindset. Well, customers change all the time. Is that change
permanent? Might be yes or might be no. Will they be more comfortable in online
now? For sure. Does that take a hit on
traditional marketing? Unfortunately Yes.
According to various research surveys, almost 60% of people
will be reducing going out. The impact of social distancing is going to stay.
Speaking about specific industries, the travel industry will surely get
affected for a long time. The Cinema theatre business can go for a toss
affecting the other stakeholders involved.
More importantly, consumer priorities will change. People are now more
concerned about their health. They are keen to invest time on education, and
would be likely to increase their savings.
Similarly, the habit of wearing masks will be there for some time now.
Suddenly, hand sanitizers have become the new hot cakes in the market. Well,
this may not be a lasting trend, but washing hands will surely become the new
norm. Overall, the spending pattern
cycle changes. But some industry veterans feel that human beings are very
strange creatures and they will sink back to their very own behaviour
gradually. What lies ahead, only time can tell.
Now the question comes, how brands can leverage technology into
communicating and marketing more profoundly. A lot of companies are moving to
the fundamental value system based marketing.They are focusing on creating amazing content, putting it across various social
media channels and levelling up their digital marketing for consumers to look
into them. During these times, human-like to be reassured. Brands are
leveraging with emotional strings to connect with consumers. The main aim is to
build trust which is definitely one of the important gateways to engage with
the crowd, but again consumers have to like you to get into consideration stage
and it takes many things to bring those consumers from consideration stage to
buying stage. On the core part, businesses have to stay real on part of their
offerings and services they give. No good marketing campaign can help if their
offerings lack in any font. Constantly client relationships are being put to
test, and brands who have their values and ethics right will sail through this.
Ultimately, if companies stick to provide value to their consumers during these
bad times, those same consumers will look after them during the company's bad
times.
P.S - Watch out for my next blog for various advertising
campaigns being run by brands during the Covid 19.
10 Comments
Very insightful. Well covered. Thanks for this!
ReplyDeleteWell said swarup
ReplyDeleteThis is really insightful! :)
ReplyDeleteGood work bro 👍
ReplyDeleteInsightful
ReplyDeleteGood work!
ReplyDeleteQuite insightful
ReplyDeleteInsightful Strategy
ReplyDeleteGreat work swarup.
ReplyDeleteThere have always been 3 constants : Death, Taxes and CHANGE!
ReplyDeleteGood article mate.