Where Do We Go After COVID?
Where do we go after COVID?
What does it mean to live a life 'after' COVID? As the economic climate worldwide has failed to remain constant for more than a few days, businesses have been forced to adapt like never before.
With all the uncertainties around the world, one thing is certain; COVID-19 has dramatically shaped the marketing world we now co-exist with. In a survey conducted by the CMO, 72% of marketing leaders claimed the importance of marketing had increased in the last year.
As challenges within the business world continue to rise, opportunities of equal quantities also surface, each an opportunity for marketers to capitalise upon.
How has COVID-19 has changed the way business & marketing have worked mechanically?
COVID-19 has affected many aspects of businesses. The industries hardest hit were travel, brick-and-mortar retail, live music and health clubs. In the face of many closures, businesses have been forced to seek alternative revenue channels or business practices as a means of survival.
The consequences of social distancing and lockdowns have driven an exponential demand in "digital-first, hyper-personalised experiences". Consumers have been forced to go digital, using social media, video streaming and e-commerce at levels never seen before. This increase in digital marketing and e-commerce is inversely related to the popularity of print media, which experienced severe revenue reductions due to the pandemic.
Marketing channels have shifted from traditional brick and mortar to channels such as:
- Search engine platforms:
- Using search engines as a link between unmet customer needs and your services.
- Social media marketing
- The use of social media platforms to promote goods and services of a business and build engagement with customers.
- Affiliate marketing
- Arrangement whereby an online retailer provides a commission to an external party for traffic or sales generated from referrals
- Email marketing
- Tactic where an organisation communicates an intended message to customers or prospective customers about products, discounts through personalised emailing.
These marketing channels allow businesses to reach their target audience better and communicate a more personalised marketing message unique to their needs or situation.
Whilst there are benefits to such avenues, businesses are not simply competing against their competitors but also every other experience on the internet. The real fight lies in the consumer's attention and creating content that customers want to engage with.
How it's changed the discourse
The discourse surrounding COVID has permeated almost every aspect of our lives. It is an omnipresent ghost lurking, just waiting to be discussed.
For us in Australia, we wake up and are faced with how many cases have been found the day before. While this conversation has become a popular discussion, many customers find the sheer quantity of COVID news agitating. In contrast, others are eager to hear more about the topic. COVID-19 has become a sensitive topic and is a topic best tread lightly to appeal to all customers.
What we might begin to see after COVID
Although it is easy to view COVID as a short-term macro-environment issue, COVID is here to stay based on science. Changing the mindset of businesses from COVID scared into hopeful optimism is necessary for businesses to flourish and co-exist with COVID.
After COVID, the trend for e-commerce is unlikely to fall, as e-commerce is, for the most part, more efficient, less expensive, and easier for customers to use. Technological barriers of usage have fallen drastically due to the need to adapt to a contact-free method of communication and shopping.
As adjustments within the current economy are still fast-paced, opportunities to explore future revenue streams and expand market share are at their all-time highest. With the low entry barrier of incorporating technology into business practice, there is no better time than now to create a digital presence.
Whilst the road out of COVID is unclear, the predictions for the economy and the future marketing potential look incredibly optimistic. Marketing has become exponentially digital, with a rise in social media and e-commerce and the need for stronger customer ties going into the future, is more essential than ever before to create a digital marketing strategy.