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Impact of COVID-19 in Marketing

Updated: May 22, 2020



Although the full impact of COVID-19 on marketing, buying habits of people, brands and agencies is not completely known; there are a few facts that can help you with the immediate response to this situation. It is completely uncertain how the global economy will be in the upcoming quarter; hence it is advised to look at both the extremes before deciding your next step in marketing.


While coming up with decisions on advertising, two important deal breakers must be considered, customer behaviour and impact on individual industries. Without a clear vision on both of the influencing factors, it’s very difficult to navigate though the tough times of COVID 19 and it’s aftermath.


CUSTOMER BEHAVIOUR


Remote working has given individuals a window to roam around personal social media more than usual, as a result it adds up to the ad inventory of various media. Which adversely reduces the cost involved in advertising with such platforms.


The stay home initiative has created a huge opening for “at your doorstep” type of businesses which includes Swiggy, Amazon etc. But buyers are now very much concerned about their health and hence expect utmost hygiene from the businesses they intend to interact with.


At present the next big concern after infection is the economy and people are shrinking their expenses to face any economic downfall that might happen in near future. For advertisers this is gonna be a tough time around. However proper analysis of the buying habits of target audience and timid marketing spend adjustments are the key to keep going.



IMPACT ACROSS INDUSTRIES


Most of the events and conferences has been cancelled due to the restrictions and social distancing norms. This directly hits the businesses in and around their scope. In addition to this, malls, theaters and entertainment venues have taken a huge blow due to this infestation.


While the transit within cities is permitted with a few restrictions, the interstate and international travel has become a dream that will not happen in near future. With these restrictions, services like Uber, Airbnb, public transit, air travel are now sitting ducks in a huge ocean.


Shipment slowdown in Eurasian Markets and other affected countries will affect supply-chain based companies. Estimating product inventory and future production requirement will be the key in planning marketing efforts through the course of next few months.


As the concern for personal health and safety is increasing day by day, brands are forced to showcase their efforts on the personal safety of their employees and on their overall quality control to ensure no contamination.


MARKETING AMIDST COVID-19


Keeping all these in mind, all a marketeer needs to is “Adapt to the situation” that they always do. Keeping up with the latest trends, insights, and understanding market behaviour will be your way out of this storm.


The recession of in-store traffic can be cope up by bringing in traffic through digital media ranging from television and all the way to social media. There is a fruitful bloom in the digital marketing at this situation. Marketeers just need to alter their strategies for the “digital medium first” approach.


In the light of Coronavirus, compassion through advertising will be the turnkey factor for brands on the longer run. Being resourceful to workers, customers and other stakeholders ensures loyalty and trust on the brand.


While the impact of COVID-19 is still not completely gauged, brands needs to keenly monitor the dynamic consumer behaviour and the impact on individual industries. This enables them to be informed of new outcomes and astounding opportunities.


Having said the above if your organization is seeking support in marketing during this intense times, do reach us out at info@productvideo.in. We’ll be more than happy to help.

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