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The United Nations had said India’s economy could shrink by 1% in 2020 due to the global pandemic with national borders closed and supply chains compromised. The imposition of social distancing has led to a tight workforce. In such a crisis, it has become difficult for businesses around the world to function properly. Most have taken drastic measures to deal with the financial crisis, others have found ways to deal with the situation. While one might think that marketing in the COIVD-19 era seemed like a bad idea, one might want to consider the quote, “In the midst of difficulty, lies opportunity.”
Strategy based on spending capacity
With other branches of the business falling short, marketing becomes the most important factor in keeping the brand running.
Before initiating or blocking any marketing strategy, it is imperative to keep track of income and assess all fixed and variable expenses. This gives an idea of where and how much space is available to stay afloat and maintain until the crisis is better under control. As a result, a marketing strategy can be developed and implemented. Remember that marketing is what leads to sales.
Move with time
With consumer spending power going through curves, the company should focus less on end-of-funnel conversion tracking and more on brand presence methods. Now is the time to follow trends and adapt new means of communication. In short, do not try to sell but rather to listen and to reciprocate with your audience.
The economy has become a digital market. It was noted that India’s internet consumption increased by 13% during the lockdown. Which makes sense, since going out has become close to a taboo, going digital is the only way people can stay connected.
So with this, a business could earn more by following the masses and trying new tactics to market themselves online.
Hear what consumers want
Direct marketing to consumers is the need of the moment. Being able to connect with your consumers will help build a relationship of trust. Share content that engages and facilitates your target group in this time of foreclosure. This will help to gain sharing and generate consumer interaction.
Purchases may have been affected, but that doesn’t mean consumers will stop looking for value. It can be a discount or a service. The pre-booking service offer is one example. However, care must be taken to ensure that correct information is communicated to end customers regarding delivery times, stock availability, etc.
As this contagion has raised security concerns, highlighting the key factors in how your brand takes action to address these issues will help gain the trust of potential customers.
Ask what is needed
Another way to implement your future strategies is to ask people what they think. Understand their pressure points, ask for genuine feedback on your brand / product, get a good understanding of what they are looking for when they turn to your brand. And this information can be gathered in a number of ways: polls, surveys, feedback forms, etc. The information will help you better understand what consumers’ psyche is like today and how your brand can change to meet their future needs.
Be ready for after COVID-19
Now, how long this nuclear winter will last is unpredictable. And even more unpredictable is what the markets will look like in the post COVID-19 era. Many brands will have to change old-fashioned communication techniques and quickly adopt new methods. The analysis of the “now” and the “next” is crucial. It is imperative to anticipate the changing consumer landscape.
One thing is clear, the market scenario will not remain the same as before. Brands and marketers will need to re-evaluate their conversion funnels and consider opportunities with an open mind. As audiences move to new platforms, businesses should. It’s more about finding opportunities and making the most of them.