Brand Marketing has Reshaped Forever or Fundamentals will Stay Unchanged
As increasing literature on COVID’s impact is available worldwide (www) web, the explanation of marketing has become quite layered quickly. Two important thoughts have risen related to brand marketing. One group of thinkers believes that this crisis has altered consumer behavior in a good way. They will no longer spend on shopping like before. Brands now have a stronger responsibility to device their products on the basis of this altered behavior and their communication to their customers also needs to be reshaped.
The basic idea has emerged from the very fact that every consumerism fabric has altered and it might not be wrong to claim that a gene mutation has taken place in the consumer’s market and an impact has made that will last for years. And by considering this view on a large scale it can be claimed that consumers will soon reject the former method of marketing and formerly available products. They will shift towards simplicity and minimalism that is surely a nightmare of every marketer.
How Will It Impact Brands?
It seems like a new market competitor of the tertiary category, but this time risk is bigger. Consumers are not paying somewhere else, they have just decided to pay less or only if strictly needed and it is a more alarming situation. Brands can choose to deal with this information the way they want, but I have some recommendations for them. Brand should embrace and accept this consumer behavior and evaluate themselves with the same questions that will arise in consumers’ minds before buying a certain product. Is this product really worth buying? Does it justify the cost? Can I find the same product at reduced prices? What is going to be the benefit of this purchase? Solution of these questions will be the only method to keep consumers loyal and bound with your brand even in this consumerism era.
While the other point of view stands with all these changes, behavior patterns, mindsets, biases, and shopping habits are just temporary changes. And after this immediate alarming situation passes, consumers will return to their usual shopping choices. However, it means that although brands have to adopt new tools and skills for varied conditions, they can still stay hopeful as fundamental approaches to consumer psychology and brand marketing are as useful as they were before COVID. So, there is no need to rule out old marketing tactics yet. This fasting period will soon change into a feasting season.
Act Wisely in Brand Marketing
Right now, marketers should focus more on the ‘act’ rather than a product. Like LV (Louis Vuitton) started making sanitizers and conveyed a positive image to the consumer market and this idea gave effective results. In contrast, McDonald’s decided to separate its logo to give a message of social distancing and ended up facing backlash. The sanitizers by LVMH were not a commercial product, but they delivered a significant effect against all marketing rules. In this situation, only real effort is appreciated, every lip service is just a facade.
Consider the Situation and Act Accordingly
Either market rules stay, the same or not is an arrogant approach related to consideration that marketing is only limited to boardrooms but not actual people that are now limited to their bedrooms. Marketing is consumer-dependent and the consumer gives priority to context. Humans search for strength when afraid, search for hope in despair and search for joy in recession. This is their nature to find things that will make them happy against the situation they are facing. In normal situations, they will behave normally and consume accordingly. So, human fundamentals shape market fundamentals and it can change every now and then or maybe never. This question is purely relative to the situation attached.
Marketing principles will always be the same. Applications and outcomes of related fundamentals might change. Between ATL and BTL ecosystems, dynamics will face a change according to the consumer’s content consumption. Old basic approaches to tap audience are not for no. right now, leveraging a mobile will always be superior to a 32 inch TV.
Relook Marketing Strategies
Under such substantial economic challenges, every business fundamental needs to relook. Challenges and changes are across each industry, and the face of the solution is yet unknown. Consumers are the same but their consumption priorities have been reshaped according to the economy, so product and marketing need to change accordingly. Consumers have shifted from prints and advertisements to one news website on their handsets, so marketers need to reach their targeted consumers differently. That’s why digital media should reinvent its typical approach, perception, and treatment. Digital companies/publishers and brands will have to approach differently, and in the coming future, Digital will be way more than just a medium i.e. ‘way of our life. Marketers are now clear on how much Digital is important and gravity holder in this difficult time and soon they will invest in Digital as their only marketing tool.
Everybody is focusing on finding new work mechanisms without knowing when things can go back to actual normal. At the moment situation is unique for Gen-Y or Gen-Z, so there can be various possibilities. So marketers have to adapt and work according to new possibilities each day. Right now this marketing crisis is global, and agencies, brands, and media persons are trying new ways. A change in perspective of common man along with customers has taken place.
Brand’s Future
For most brands, post lockdown availability will be more important than preference, and it will define their brands’ future on a new scale.
Right now, some companies are dealing with essentials while others are surely in survival mode. Marketing fundamentals won’t change, but basic game rules will not be the same anymore. How soon and how much is totally industry-centric? Some might believe in V-shape bouncing back growth that yields profit after some recession. Some might believe in U-shape, which has a longer recession time but this will also get back to track at the end. The hospitality and travel business sector might face the L-shape of growth, where long-term and difficult recovery ends. Hence, we can’t possibly generalize the recovery and impacts of different sectors.
The Role of Digital Media in Marketing
The role of digital media is crucial from the perspective of either consumer or brand. Digital media was always a side piece in the marketing of brands but now it will consume larger budgets depending on the sizes of each industry. For example, the bathroom industry never considered e-commerce an obvious choice because consumers’ doubts were larger than the provided knowledge. But now, digital media will also win this segment for marketing. Retail stores will only be final stops for purchasing rather than being whole product understanding like before. The future of the market is Digital.
Companies are indulging in an exchange system because they can liquidity everything. Non-moving products are being bartered for a vacant inventory of publication. Also, it is affecting the outlets exporting products drastically as borders are closed. If this situation remains for a long time, people will finally adjust and feel proud of local products. Brands will not either import or export their stuff due to reputation and safety measures related to consumers. Market fundamentals are the same but an approach of mixing respective businesses is crucial. Consumer choice will be the center of attention as a basic ingredient of marketing tactics. And after COVID, this situation will become more and more consumer dependent. Irrelevant services or products will not survive at all.
Analyze Consumer’s Mind
Products and services need to get benefit from consumer’s emotional side, trust and protection. The marketing strategy should surely be based on functional benefits. Network and channel will stay critical in the recent scheme, but dynamics and percentage online/offline will not be the same. Prices will also play an important role in the decision-making process of consumers. It should be more than a discount, like an additional product value offered by a brand having a significant role.
Update your Brand Marketing Strategy
This article shows that how brand marketing has transformed due to the Coronavirus crisis. Everything is changed and creating an authentic and resonant digital marketing strategy is impossible due to these unpredicted difficulties. Updating your branding strategy is really crucial if you want to stay competitive in the market and e-commerce business.
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