CORONAVIRUS (COVID-19), a Pandemic that has taken the world down.
Little did we all know that the year 2020 would usher in such a catastrophe?
The COVID-19 outbreak, originated in China, has infested thousands of people across the globe. This Pandemic has left businesses panting and global shares have been sinking. It is really a dark age. 3 months into surviving this outbreak, it is easy to forecast how the impact will be for businesses and their marketing strategies. Certainly, the lockdown period insists us to keep a tab on businesses, forecasts, and trends while being glued to our gadgets. Millions of people are home-bound, which makes digital marketing and branding more relevant than ever.
Audience behaviour has changed across all platforms. As per a current market research conducted by Moody’s, the highest hit industry sectors are Apparel, travel and tourism, automotive manufacturers, education, healthcare, consumer durables and the least affected industry include construction, defence, packaging, pharma, FNB, telecom, etc.
As we adjust to this new reality, advertising and media industries can re-adjust their strategies and be ready in these unprecedented times. Thus we see how the digital marketing industry currently is and how it could look ahead as the nation battles the lockdown due to COVID-19.
Digital media is likely to take a hit as companies will take this time in hand to amp up their social marketing, content marketing, and SEO campaigns. Health clinics have taken the online consultation route as the contained would rather video call or message a doctor than risk picking up the virus in a surgery. Brands like Skin City India and Royal Lush clinic, Delhi were quick to resort to online consultation which has boosted their brand value and proposition. Speaking of Academia, online learning was one of the most preferred modes of learning. Today, it is the only way to stay relevant for students to keep up with their learning. Schools, colleges and Universities too cannot push their academic structure any further which leaves an option of remote learning during the coronavirus pandemic.
In lieu of attending class in person, many parents are seeking out online resources, apps and games to keep their kids’ minds engaged at home.
Many companies have been forced to rethink the way they do business. More than 30 retailers —including Apple and Nike have announced closures of all stores until the government launches a re-start. The Covid-19 threat could dampen household spending particularly on retail, eating out, recreation and leisure—which together account for 6% of the country’s GDP,” said Anshuman Magazine, chairman & CEO (India, southeast Asia, west Asia, Africa) at CBRE, a global real estate consultancy firm.With Covid-19 cases rising by the day, Indian retailers are in for a harsh summer.
Smart retailers and other businesses can take proactive steps to prepare for this, including:
Dozens of brands have paused, delayed or shifted planned marketing campaigns in the light of coronavirus. Agencies are running low as they navigate through this uncharted territory. Certainly a loud branding would backfire as brands should respond with empathy and sensitivity to the world’s concerns.
Companies in healthcare, online learning, business technology, etc will likely be in even greater demand. While retail, FNB, real estate and such consumer brands alike will need to tone down on their messaging.
Customer’s buying potential is considerably dipped; brand can still manage to stay relevant by considering their needs and provide a value through these pressing times. Brands like Big Basket, Grofers, Big Bazaar and Reliance Fresh are still operating and providing services under tight check to the consumers. Similarly, education content will always be in demand. Inspiring videos, creative designs and innovative ideas shared Academia brands will strengthen brand community and gain a significant impact on business.
Thus, it is said, in adversities one finds opportunities. Companies can still find plenty of opportunities for customers and prospects through the crisis. Although face-to-face interactions have significantly limited, one can offsetthat impact elevating the online presence.
If you need help planning your next move or revisiting your marketing strategy in response to the coronavirus crisis, we’re here to help.