Rejuvenating Marketing in Post Covid Era
As covid-19 is rampant, it's time to start ruminating on the ways of redefining marketing. 2020 and 2021 have already been taken over by Covid-19, and it’s sure that things won’t revert back to normal the next year too. People are on pins and needles due to the desolation caused by the pandemic. In this lamentable state, marketers must do some swotting on the question of what can be done to ensure that companies recover faster and then flourish too?
Marketing should be led scrupulously so as to not highlight this predicament whilst still acknowledging it.
First we must apprehend that the contemporary principles of marketing will not apply in the post- pandemic era. Customers have switched to the online mode and would plump for e-commerce in the future as well. So marketers not only have to shift to the online mode, but also need to scrutinize customers’ likes, wants, needs and preferences. Erstwhile situation has shown that customers may no longer be blown away by majestic marketing strategies, but will surely sit at the heart of the “customer journey” that marketers must devise. Customer- centralization is not a new concept and marketing is just a first step to attract customers. The job does not end after making a sale, a “customer-engaging” strategy should be framed so that they receive a wholesome experience and retain the trust. Marketers need to cogitate more on processes, technologies, key performance indicator (KPI) etc. to garner data and align their objectives of furtherance with customers needs.
To go steady with customers has now become like online dating. For yonks, marketing has been more about buying mass reach or targeting from a mass that basically involves vis-à-vis with people. Now finding a perfect match (customer) is less of a mere serendipity and more about data and algorithms, which is a mine of gold for companies. Third-party sources are being thrown out of the line due to privacy concerns but first-party data is now copper-bottomed more than ever which can help marketers to concentrate on a one-to-one basis. Advancement in engineering has facilitated new ways to manoeuvre data to strategize factually.
Cognizance of the customer segment carries weight for successful marketing. Contrary to popular belief, it’s not all cost that matters. In an era of consciousness towards the environment, health and society, people want hard-wearing upshots. The EY Future Consumer Index has classified five squadrons of customers: who desires affordable products(32%), who chose health above all(25%), who prioritize the well-being of mother earth(16%), who put society first(15%) and the ones who prioritize experience(12%) and like experimenting with new products and services. Harnessing customer segmentation can be remunerative and help ameliorate media strategies to provide the best customer journey.
It’s more about competing with one’s previous self rather than with competitors. Customers have become more demanding than ever and their expectations have skyrocketed. Companies must coordinate to offer smooth transactions, an easy delivery system, an astute complaint centre etc. There are three modus operandi that can help make marketing lucrative. First, utilizing refreshed and real time data opposed to relying on precursory data, and focus on italicizing KPI. Second, building a captivating GUI and improving technology to support use cases to overall customer journey. Third, aligning organizational goals with individual customers’ that can make oojah easy for both.
People want more humane companies popping up that abstain from marketing ploy. Pandemic has literally challenged brands’ allegiance. Brands must not stand by substantial products but by inordinate values. It’s now a great opportunity for C-suite to educate themselves with the right marketing strategies and impart social values that can make an organization stand out. As rightly said by Michael Porter and Mark Kramer -“Shared value is not social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success.”
Marketing is not something to retrench on.
“Saving money in marketing is like stopping your watch to save time.” — Henry Ford
Marketing has been a cost centre within an organization chiefly explicable for
getting maximum returns with optimum investment. But also, it’s the most vulnerable to cost cuts of all the departments. It is now the center of growth for executive-level managers within a company because focusing on digitalization and technology is of paramount importance during the pandemic. Uneducated zeitgeist of marketing can make the C-suit unable to manage the future of the firm and grasping the opportunities pandemic has provided. Hence, Covid-19 can be successful in creating a culture of shared leadership and pressing need for resilience where there is more scope for growth and innovation.
It’s a challenge for marketers to embrace the blend of art and science, to make a balance between humanness and automation, to avail oneself of AI and analytics and to understand the nebulous difference between brand marketing and performance marketing. Conscientious marketing is what will go a long way. Understanding what ideas need to be centralized and what needs to be bespoken should be a requisite art.
Retaining customers has now become more important than ever and as crucial as getting new ones. Customers’ perspective should be prioritized first and foremost which may not give instant lucrative benefits to the firm, but has overriding benefits in the long run.
*This article was originally written for Mantra-The Marketing Club of IIM Raipur for their Annual Magazine ‘IMPRESSIONS’, backing the position of SECOND RUNNER UP*
