The covid pandemic causes marketers to change their approach to users. Chief Marketing Officers (CMOs) are already applying some hard lessons learned in the pandemic's early days to other crises.
CMOs have used a period of deep uncertainty to realign their brands around purpose, provide essential goods and services. Still, as things start to reopen, brands are returning to a world where almost all facets of business have been fundamentally reset, including how they engage consumers.
The fact that pandemic previews how brands will need to continue to be nimble in navigating future crises. Marketers might encounter troubles preserving momentum if resources shrink. Consumer spending will shrink, budgets will be tight, and as predicted marketing spending will be down — the extent of which will depend on how scenarios with treatments, vaccines.
A precarious direction for the economy moving forward puts the onus on marketers now to plan for multiple different outcomes. They should be guaranteed to withstand the results that will be achieved even if the future turns out for better or worse. However, some businesses are even spending more on marketing.
A remote future
Regardless of how the economy shapes up, day-to-day marketing operations will look markedly different than they did before COVID-19, potentially forever.
Remote work supported by digital communications apps like Zoom has gained mainstream acceptance, and companies including Facebook and Twitter plan to allow employees to work from home in perpetuity. Some consumer brands will follow that lead, as CMOs realize that a remote setup is not always a barrier to collaboration and can, in some cases, actually speed up production.
Catch up or left behind
E-commerce is growing faster and bigger and jumping to the top. Attracting people who are stuck at home and might remain wary of physical shopping will be a bigger part of brand strategy prior to COVID-19. The company should focus on technology investments and combine digital and physical channels together.
"As people conceptualize the future of their products, of their services, and then how they conduct customer care, we're going to see a new wave of innovation." Said Janet Balis, Ernst & Young, Global advisory leader for media and entertainment.
A new wave of innovation
While segments like e-commerce will become enshrined as new standards for marketers, other emerging channels will start to see more practical applications and consumer adoption, particularly in the mobile space. "These boundaries that we saw between the physical and digital worlds are becoming more blurred."
Contactless payments, augmented reality (AR) are providing greater utility in both consumer-facing campaigns and supply chains. The pandemic creates impacts, but if you embrace it and innovate, it will be an opportunity for businesses.