A pandemic market – and the transition in marketing

It is absolutely safe to say that the current pandemic has radically changed the world as we know it. Consumption behaviour has changed, the path to purchase has changed and supply chains have been tested. Consumers both young & old are looking at products and brands through a completely new lens. So, as marketers how should we go about navigating our brands’ stories, what should we take away from the pandemic? What can we do to help our companies grow faster? And most importantly how do we redefine our approach to marketing?

A quick synopsis first. Consumers around the world are looking at products and brands basis their new and evolved consumption habits. From watching content in OTT platforms, and switching to online grocery shopping to attending classes and sessions through virtual interfaces, things have drastically changed and as marketers, we are constantly mapping and altering the road map to address this new normal.

As a starting point, marketers can take cues from the pandemic and its impending aftermath as it has not only challenged critical theories about consumer behaviour but has also given marketing a new set of rules for moving forward.

Old theory – Product is the essence of your brand. New theory – Value is the essence of your brand

The pandemic has reinforced what we were already seeing as a community: the need for value-based marketing. In marketing terms, this means asking what customers truly value rather than what will sell. Loyalty, price, quality is still important but what is more important is trust, ethics & responsibility. P&G’s 2020 Olympics campaign ‘Your Goodness is Your Greatness’ shows that true measure of greatness is infact goodness and that is the value they want to stand for. Moreover, brands like 1 mg & Big Basket will be looked with much more admiration post becoming a product of the Tata household, simply because of the values they inherit.

Old Theory – Targeting your customer is the key. New Theory – Tailored targeting your customer is everything

We all know brands must communicate in local and precise terms, targeting specific consumers based on what’s relevant to them. But beyond geographical & demographic targeting, marketing messages need to be personalized and customized, aligned to an individual’s beliefs and values. For instance, Axis My India’s Consumer Sentiment Index shows that overall household spending has increased for 56% of families. Basis that, a durable brand, using consumer-based targeted marketing and insight platforms, can design a plan which targets only those set of customers who have been lately spending, and not the ones where household income levels have dropped.

Old Theory – You are competing against other brands. New Theory – You are competing with your own availability

Availability of your product is no longer just one of the factors in your marketing strategy, it is of utmost importance.

When the coronavirus hit the whole world, digital e-commerce accelerated overnight. This, in turn, sent consumer expectations skyrocketing in terms of what they need & how soon can it be delivered. The brand with the largest distribution network in India, HUL, recently launched ‘UShop’ a digital store to directly reach consumers.

Everyone’s favourite pizza brand, Dominos, started to deliver groceries on one’s doorstep under its new initiative Dominos essentials. Furthermore, online food delivery applications Swiggy came up with Swiggy Genie to help one get anything from anywhere without any hassle.

Old Theory – Marketing is a process which takes time. New Theory – Agile marketing is a need of the hour

We have heard, marketing is a process and brand building takes time. This theory needed to change the most swiftly when Covid stuck.

At a time when Covid affected people’s local travel plans and ruined international holiday plans for many others, brands from the travel sector had to step up to delight customers. Viator, a Tripadvisor company, launched #RoamFromHome, a project enabling tour guides and experienced hosts to bring their activities online.

Brands like Spotify & Amazon Prime Music have come up with ad-free audio streaming so that one can have a pub-like experience while sitting in the comfort of your home when one can’t go out.

Axis My India’s Consumer Sentiment Index highlights that consumption of media has also increased or remained the same for 75% of families, with the highest figures in the 18–25-year age group. With 5G stepping in and 24×7 availability of data, smartphones are supplementing TV. What is needed is screen planning especially for the younger audiences.

Agile marketing, therefore, reflects faster decision making, more flexibility across key areas like product launches, creativity, media & experiences across consumer journey stages.

These new marketing theories represent a common agenda of keeping the customer at the center highlighting the convergence of marketing strategies, data intelligence, technology & operational excellence required to drive growth in a post Covid world. Embracing them represents the path to recovery and long-term success for a brand. For companies and marketers habitual to the ways of the past, a need for constant transition is a must for these changing times.

About the author:

Girish Upadhyay, Chief Marketing Officer, Axis My India