How Marketers are Adapting to a New Way of Thinking
With marketing campaigns being the key to the success of any business model, the way marketers think in times with such uncertainty has never been more crucial. In the wake of the COVID-19 crisis, the market will never be as we once knew it. Hence, the role of marketers has never been more important in laying out the ‘yellow brick road’ for business’ success.
There are many ways in which marketers have changed their way of thinking:
Social media marketing was and always will a large tool up a marketer’s sleeve, but over the last 12 months, it’s become the biggest tool of all. Over the last 12 months through lockdowns, in Italy, whilst in lockdown, survey results showed that 52% of respondents said they spent more time social media (Facebook, Instagram, Twitter, etc) as a result.
With more time on socials, people stuck inside, the use of traditional marketing has become obsolete and social media marketing is the new norm. Marketers are being forced to think outside their comfort zones, redesign entire marketing campaigns, to suit the current situational social norm. Robotic marketer being a company of reputable status provides clear navigation on the new social media landscape.
Recession provides opportunity
Statistically speaking, recessions provide less opportunity due to reduced economic capacities. I would tend to argue, a recession although shrinks opportunity, but opens small other ones, that will then one day grow into something vast. For instance, the COVID-19 lockdown’s limited economic performance, but provided marketers with an abundance of opportunity for new ways to structure campaigns.
For instance, during the 1990-91 recession, McDonalds decided to drop its advertising budget, whilst Pizza Hut increased its budget, looking for the opportunity within the new market. As a result, of driving the opportunity within hard times, Pizza Hut saw an increase in sales by 61%, whilst McDonalds saw a decrease in sales by 28%.
Looking outward onto other markets might provide insight into opportunity and give realistic ideas about the future of certain markets. An example of how looking outwards rather than inwards to predict change is when Texas grocery store HEB reached out to Chinese retailers in January to enquire about how they should respond if the virus was to hit the US. Looking outwards in times of volatility is something marketers are being forced to adapt, to implement higher levels of fluidity into their marketing campaigns.
Understanding the needs of the customer should always be at the forefront of marketer’s mind, but the fluidity of those needs has been quite volatile of the last 12 months. Marketers are being forced to re-evaluate what the brand means to the customer.
The huge dynamic change of the marketing world has changed the views of the brands upon customers, considering a change of strategy from a push marketing campaign into a pull marketing campaign is something worth considering. Changing the advertising strategy from disruptive to immersive.
Whilst high levels of fluidity and improvisation are key for navigating the new terrain, it’s also important for marketers to remember to take time and not skim over the opportunity. Whilst it was shown from a CMO Covid-19 survey that respondents (marketers) rated their improvisation abilities on average 5.6 out of 7, only 31% of the respondents said they conducted experiments. Marketers need to spend more time exploring the landscape, rather than mapping it. Services such as Marketing Eye provide a coherent evaluation of markets, helping marketers see the opportunity within change.
Being a marketer definitely provides its challenges but implementing a higher level of fluidity and optimising the use of new and unmerging tools will provide incredibly useful to navigating the changing markets. Probing the new market opportunity is just as important as seeing it, then seizing it and utilizing it to its fullest.