Posted on: March 14, 2022 | By: Abhiraj Madan (ICFAI Business School, Pune)
During this time of pandemic as a company’s meet-and-greet function, marketing’s most important job is to recognize, capture with and convert customers into valuable strength that create long-term cash streams. Marketers have had to re-examine their strategies in a period of homebound customers, social distancing, and an unpredictable environment that has forced many companies into crisis management.
Numerous brands in market are not odd to the crisis management, but the world wide scale and continued uncertainty around COVID-19 is a first for us all.
As the consumer needs are changing, the importance of the product or service may change as well. It is dominant to emphasize how your brand is still necessary to your consumers and how it can be beneficial to their lives. This may mean shifting focus from one product to another or highlight unique ways that the current offering can satisfies the audience’s needs. Companies should focus on modifying their email marketing campaigns to address the special challenges customers are facing. Instead of sending out the standard email content it has always offered, change the tone, content and frequency to match the consumers expectations. Stay on brand, but be aware of how your emails are adding value to your audience.
1.Focus on social media marketing
Chances are a large segment of the audience is on social media, so use that to the advantage and take part in the discussion. It has often been told to focus the marketing efforts on the social media channels that drive a lot of your customer engagement (such as Facebook, Twitter or Instagram). Create relevant posts that add value, education and entertainment, instead of strictly trying to make a sale.
Marketers identify trusted link as customers’ highest priority over the next 12 months. The topmost percentage of marketers expect customers to pivot more on “trusting relationships” than “low price,” in spite of the economic downturn. This finding represents a remarkable opportunity for brands to try new products, services or go-to-market models on willing customers who trust their brand and are less price-sensitive than before. When asked which consumer behaviours they had observed during the pandemic, only 43.3% noted the hesitation to pay full
price while just 24.9% note weaker loyalty levels. Moreover, marketers believe that enthusiasm to pay full price will return to normal levels over the next six to 12 months. The strength of a trusting relationship may lie, in part, in the company’s corporate social responsibility initiatives and 79.1% of marketers believe that customers are monitoring their social boycotting, outreach and investments during the pandemic.
Online sales have enlarged to the highest level in The CMO Survey history. They now represent 19.3% of sales—a 43% increase over just three months ago. Small companies (those with fewer than 500 employees) are taking superiority of selling online, with ecommerce accounting for 26.1% of sales.
Social media has been an important tool for marketers to stay occupied with consumers. Some 84.2% of marketers utter that they have used social media for brand building and 54.3% say they have used it for customer preservation during the pandemic. Giving this focus, marketers have increased their investment in social media budgets by 74% since February—increasing as a percent of marketing budgets from 13.3% to 23.2%.
Around 62.3% of marketers reveal that marketing has become more important during COVID-19, giving back the focus on using digital tools and interfaces to connect with customers. Indicating to marketing’s priority during this period, marketing accounts as a percent of firm budgets (12.6%) and revenues (11.4%) have reached all-time CMO Survey highs, even though many companies are undergoing diminishing revenues. Still, 9% of marketing jobs have been lost, leaving marketing sector to do more with fewer people. This is anticipated to continue into the succeeding year, with prepared marketing hiring dropping to the lowest point in CMO Survey history and going negative for the first time ever (- 3.5%). These marketing organizations have proceeded their focus during the pandemic to important strategic activities.
The challenge for marketers is to maintain their strength as they continue to stretch their resources. At the same time, marketers know that rotating and agility
are challenging soft skills to learn in “normal” business contexts. Companies should consider the pandemic an opportunity to work expansion in this area. To do so, marketing training accounts will need a fresh look, given they significantly dropped over the last year from 5.8% of marketing budgets to 4.4%. Marketers may also need to focus to these internal groups to develop strong timetable or put pressure on business schools to strength up their curricular offerings and noncurricular activities to foster these important skills. The challenge for marketers will be to maintain this axis-ready mindset among their teams once things calm down.
Six months later, the industry has modified. Many supply chain disturbances have facilitated elsewhere, companies have recognized alternative vendors. Rigid health and safety measures have been put in place to keep workers safe and companies that could do so rebuild production to produce critical supplies from commercial place to personal protective equipment (PPE).
6.Strengthen your employer brand
Strengthen your employer brand is how buyers and the broader public recognize you, your employer brand reflects whether and how much people want to work for you. Marketing during the pandemic gives a hidden chance to take a fresh look at HR recruitment and messaging to ensure that it exactly meet up the
company culture. This is not restricted to how you are keeping workers safe, but the health of your working conditions, whether or not there is a crisis. To attract and keep top performing talent, you need to have a strong employer brand that you can assist externally.
7.Strengthen your community goodwill
Strengthen your community goodwill defines the place where we work is also where we live and often, where our roots are. We need community more than ever, and now is the perfect time to communicate how your company is an estimated community partner. Whether you’ve ramped up production of vital supplies, contributed resources, or have employees stepping forward at a local food pantry, it’s important to find ways to communicate what you’re doing.
It highlights the enlarging use of digital channels across a range of industries, for consumers and business decision makers. This promotes a trend that’s been growing for over a decade, potential buyers doing their homework – and making decisions about whether to even reach out – before they pick up the phone to buy.
It can be concluded that COVID-19 has shown marketers to rethink how their companies go to market and capture with customers. Those marketers who can support digital, social and trusted relationships should be well-positioned to navigate ongoing disturbances. However, marketers across all industries should move beyond crisis management to hold lessons and investigate missed opportunities to create more value for their customers and companies. To that end, the courses shared here are offered to help marketers identify areas they need to improve.