The exact marketing impact of COVID-19 is largely unknown on consumers’ behaviour on buying, selling, brands and service agencies. We do not know how these coming months are going to affect the community. Therefore it is essential to look at two important aspects i.e impact on consumers professionally & personally regarding investments.
Whenever you are stuck and have to make a business decision, always think about two things. How consumers are going to react and how its going to impact the industry
Consumer behaviour shifts and impact
Because of the pandemic, people are reluctant in leaving their home however services and products can still reach out to them at customers doorstep. Delivery companies like Amazon, Swiggy and Flipkart have the potential to increase the demand due to their ability to provide products and services directly to the consumers.
As many people opt to remain in their homes, delivery services like Amazon, Swiggy and Flipkart has the potential to increase the demand due to their ability to provide products and services directly to the consumer’s door.
With the downward change in economic situations, consumers tend to behave differently. The spending behaviour of each consumer will change according to the earnings and savings. It might result in a sharp decline in willingness to spend. People with low income, or are in the age of retirement or have already taken retirement will tend to spend less and hence, cut on luxury items. There will be more inclination of the general public to spend the money on buying basic necessities. Meanwhile, Marketers should always be data-driven and should continue to look at their performance metrics and quickly adjust campaigns as needed to engage the right audience.
How industries are affected
1. As events around the world have been cancelled, the downfall of alot of businesses tends to occur. All the major world conferences, sports gatherings, and other important events have been called off, and travel restrictions are placed globally, so all local based business and travel agencies tend to struggle with previously generated demands. There is less movement of the public into malls, movie theatres, and other public venues, therefore generating profits for these businesses becomes a challenging task.
2. While these COVID-19 times are still better for delivery agencies, other important services like Ola, Uber, Airbnb, Airlines that put people in close proximity to others will face a big challenge. Users tend to avoid close contact and prefer not to go out. This will drastically impact the company’s bottom lines and also employment status and work schedules of the employee.
3. Businesses around the world need to produce strict and clear instructions as to how they are proceeding in terms of tackling quality management and employee health. There is a huge concern for personal health all over, hence all the brands need to communicate the transparent working where consumers are satisfied with all the precautionary measures taken by the brands. In the midst of COVID-19 pandemic, all the brands must fulfil the quality assurance checkbox to retain their clients.
How to shift the marketing need?
1. As marketers, we need to adapt as per the changing demands of consumers and scenarios across the world. Since most people will be spending their time online at home, it provides you with an opportunity to capture a large gamut of consumers.
2. Marketers need to focus majorly on brand building and run ads that highlight the brand value. You need to focus on your shift more towards online advertising and televisions and also take advantage of cheaper paid ads.
3. You need to allocate a specified fixed budget. It is essential to cut down on the frequency of paid campaigns, especially if the ad campaign does not include your high priority product.
4. Make the most of the email campaigns and lead generation.
5.focus more on building relations with your prospects and customers rather than putting forth a sales pitch.
5. Stay updated with the latest trends, watch for insightful data and understand consumer behaviour.
There are difficult times for everyone across the globe, people are facing monetary losses, losing their dear ones. However, We must try to look for the silver lining and re-strategize the strategies. Realise the potential opportunity and try to connect with prospective customers. You do not need to try searching for something extraordinary, sometimes the simple methodologies work wonder.