For the first weeks into COVID-19, it seemed like the end of the world was near. The stock market was crashing; corporations were lying off workers; people were compelled to operate from their homes, store shelves getting emptied and virtually every nation across the world had outbreaks and fatalities booming with no relief in sight. Those of us who have been through other emergencies before have not been able to help but build associations with previous such events — the dot.com collapse of 2000, 9/11 attacks, the 2008 financial meltdown, and so on. But even the most positive of us couldn’t help thinking it was different and we are in here for a long haul.
Never before, at least in our lives, had we seen a disease spreading concurrently and on a global scale, carrying a devastating blend of economic meltdown and humanitarian crisis.
By prudently examining how the consumer is reacting to the situation, several industries tried to take stock of the situation. Soon it became amply clear that this crisis was quite dissimilar to the ones we have faced till date. While some sectors such as tourism and hospitality were hit particularly hard, for many other enterprises, there seemed to be an immense need and incentive in scaling up their marketing game by involving Digital Advertising.
However, the archaic marketing strategies would need a facelift to fit in the new scheme of things and exploit the hidden potential of the market. Here are a few considerations that marketers may examine while planning for the post COVID-19 era.
Cost-effective creative/Content production
Most companies still fall back on outdated content and creative production prototypes developed for television and print advertisements, in which each work has to be manually generated, edited, circulated, and compensated for. As marketing platforms continue to expand and brands look to deliver value through customized experiences and innovation, the production costs have gone through the roof.
Owing to the imminent funding cuts for marketing, this is one field that is perfect for using technology to save millions of dollars in production. Innovative Marketing Strategies, including the latest trends such as dynamic creative technology, enables the automated versioning of creative content in several languages, packaging design, etc. without having to manually design and pay for each work separately. You can also easily adjust exclusive deals and prices without having to spend lakhs on development costs.
Digital Model for Consumer Marketing
COVID-19 has almost shut down the store sales during shelter-in-place period, but brands with e-commerce backing and having direct-to-consumer marketing models have been able to step up their number game— even during crisis times. FMCG and CPG firms that rely heavily on Television, Out-of-Home and print advertisements are now redirecting their marketing investments to Digital advertising as a new means of compelling consumers to buy through their websites and apps. The latest trend shift in marketing strategy is their response to the continued plummeting of retail sales that are not likely to recover anytime soon because of social distancing protocols— whether motivated by customer fear or government-enforced.
No wonder, digital advertising is going to be the cornerstone of marketing operations both during and post-COVID times.
