COVID-19 Marketing Strategies – Adapting To Evolving Situations
The pandemic outbreak has ushered in a new set of challenges for business, demanding a massive transformation in trade culture. In light of it, we spoke to Madhusmita Panda, Head of Marketing, KredX about the impact of the pandemic on an organisational level and the shift in marketing strategies for businesses. Here’s an in-depth article co-authored by Madhusmita Panda & the KredX Editorial team.
The pandemic outbreak has toppled the world upside down with economic repercussions predicted to be worse than World War II. With a total stoppage of businesses and disrupted global supply chains, businesses around the world are facing challenges like never before. True to its name, the Black Swan event is creating havoc across the world, leading to unemployment and a consequential collapse in customer demand as well. Just like the health crisis, businesses, as well, need ways to navigate through the murky waters, demanding a shift in the marketing strategy. Heading to such situations, knee jerk responses won’t work; organisations must lay the groundwork for their recoveries now.
The impact of the pandemic on the business community is multifold. The events prior, in the Indian financial set up coupled with the global pandemic has completely shaken the world, while businesses are completely in halted or shut down mode with logistics and inaccessibility being the biggest hassles. While the market talks are that the business community will bounce back faster and hopefully stronger considering this time around not just the government, but the whole globe will be working towards the same single goal.
The Role of Marketing In Driving Business Growth
Considering the current situation, a large part of the job of the marketing function will revolve around educating consumers about the company and product offerings, technology, and processes. Hence, maintaining a consistent online presence will take the front seat of the marketing strategy. Due to the ongoing lockdown, most of the populace are restricted in their homes, leading to a rise in online content consumption – A crucial time, which marketers should harness. A steady online presence would benefit from creating a strong consumer base. Planning and strategising content as per the current market conditions remains prudent, as this is the time when businesses have all the attention of their consumer and can utilise the same to reap maximum benefit.
At KredX, the adaptation on the investor side of things will now be more in lines of gaining the trust back while also educating that segment about how overall market dynamics will and have changed. The vendor community will have to be made aware of options and opportunities beyond the traditional formats. A more humane approach which already is a part of how KredX functions today will take the forefront in terms of how we reach out to the audience rather than just pushing a product.
With social distancing norms and crunch on demand and supply, businesses should take a lean approach, use analytics and accurate forecasting to optimise their supply chain and predict consumer demand. As per a recent study conducted by the Global Web Index, over 80% of consumers in the U.S and U.K are consuming more content, whereas there has been a significant plunge in spending patterns due to the pandemic outbreak.
Digital marketing will boom on the business side, which had not been that advanced so far. Going forward, content marketing will become all the more crucial, as information, knowledge, learnings and opinion will be very sought after. Account-based marketing will foster since the approach will be more personalised. Partnerships & alliances will see a surge as the world now realises how working as a community is the need of the hour and the future as well. As a function, one of the bigger cautions that the businesses need to take care of is the marketing expenditure. While keeping cost to the minimum has always been a goal, it becomes all the more important now to lean on organic marketing. For the days to come, relationship building, strengthening, educating, and partnerships will take a front seat.