The Coming of Covid-19 has changed all aspects of human life from 2020 onwards. Causing marketers to ponder the marketing strategy in a situation that has never happened before.
The year 2022 will certainly not revert back to the old normal. So, as marketers, think about building brands during this year and beyond, what should we take away from the pandemic? What can we do to help companies grow faster? And how is marketing being redefined in the age of Covid-19?
We’re just beginning to gain a better understanding of the impact of these changes in the short and long terms. And just how brands must adapt to the new normal. If you’re wondering what the scope of digital marketing worldwide looks like, then reading this blog may be a good headstart!
Digital shopping is here to stay
Physical distancing and stay-at-home customs have forced whole consumer segments to shop differently. The dramatic rise in the adoption of e-commerce and omnichannel services sees no sign of abating.
The latest data suggests that there will be a huge increase of 169% in e-commerce purchases, from new or low-frequency users post-outbreak. And what’s more, the vast majority of consumers who have increased their use of digital and omnichannel services, such as home delivery, curbside pickup, or shopping via social media platforms, expect to sustain these activities in the future.
Brand loyalty is eroding
This general change of behavior in response to COVID-19 has also been reflected in a shattering of brand loyalties. Almost half of the consumers are trying new brands. And a third is incorporating new private-label brands into their shopping repertoire.
For marketers, this highlights the need to quickly become aware of when shoppers are migrating between brands. The recovery cycle will favor those brands that increase promotional activity to reinforce relationships with consumers.
According to Forrester Research, business-to-consumer (B2C), marketers will increase their spending on loyalty and retention marketing by 15% in 2022. All the while cutting back on product or performance-based marketing.
Both consumers and providers have changed behaviors
It is essential to understand that both consumers and providers have changed their behaviors and interacting accordingly as per the new norms. There may be a greater demand for digital marketing going forward, but this will be balanced out by greater competition and to stand out, one will have to develop a strong brand and invest in business flexibility that works better with clients.
Undoubtedly, the future is bright for digital marketing agencies, but as ever, only for those that are able to convert pandemic to an opportunity and adapt accordingly.
While no one knows what the exact contours of the next normal will look like, we do know that things will not go back to the way they were. Marketers will need to systematically monitor trends and indicators, commit to bold changes in marketing strategy and investments, and build agility into the organization for the world that emerges.