Before the situation we now live with the coronavirus pandemic, advertising spending on marketing, communication and digital media was undergoing a recovery with a clear upward curve. A very positive context was expected for the sector, but everything changed.
After COVID-19 the sector was strongly affected by the massive confinement and the state of alarm decree that forced the cessation of economic activity. Its constancy over time led to new crises in the companies.
One of the main challenges in times of coronavirus is the recovery of brand confidence with consumers.
As a result of the impact of the global pandemic we find that there has been a negative shock of supply and demand. Consumption and investment are falling and many companies are forced to cease their business. Users become more distrustful and have other priorities and needs when buying any product or service.
Strategic marketing, how to adapt to the new context
Post COVID-19 Marketing is characterized by the strategic rethinking of the company’s marketing plan based on the evolution and impact of the coronavirus on the market and society. The marketing department must work on these aspects to reverse the shock of negative demand.
It will no longer be planned in the long term. From now on, we must be aware of the possible scenarios that may occur, such as the appearance of new outbreaks. Some aspects that can be reinvented from marketing are: production, customer relationship or advertising.
Crisis or opportunity?
Everyone knows that every crisis is an opportunity, if you know how to take advantage of it. One of the main handicaps for companies is that we are in a VUCA environment. These are difficult, volatile and uncertain times. We have never experienced anything like this before and this makes it more difficult to make any strategy.
It is at this point that companies have to try to innovate in terms of how they are affected by the coronavirus. They can do it in:
- Business model.
- Definition of the value proposal.
- Delivery of that value.
- The relationship with the client
The needs of customers have changed and from the marketing department must be aware that now more than ever will be key to constantly trace their needs to adapt the value proposition, message and how to get it to them.
An example of this ability to adapt can be found in festivals such as Cruïlla, an organization that has decided to adapt its product instead of postponing it for next year, as its competitors have done. In order to continue performing in this “New Normalcy”, the organizers have adapted the festival by extending its duration, offering concerts for more days and with reduced capacity of up to 400 people.
With this decision Cruïlla has reinforced its brand demonstrating a company committed to safety, hygiene while offering a quality product.
After Branding COVID-19
The value proposition of the brand must be questioned. This will cause a major shift in priorities and therefore in attitude as consumers. You must be able to answer questions that will help give greater value to the brand strategy:
– Do we have a clear vision of who our brand is and who it wants to be in the future?
– Is our value proposal a proposal on which to build a story, the story that makes us different from others?
– Is it relevant to our target audiences?
-Are our consumers concerned about the quality of our product or are they more interested in the good or good that it can do for us and our environment?
It will be key to humanize the content offered to customers by endowing it with emotional value to create a positive brand perception.
Only companies that manage to be sensitive to new needs will survive. This has been seen by brands such as Coca-Cola, which allocated its advertising budget to research, or Bacardi, which stopped producing its alcohol in one of its factories to manufacture hydroalcoholic gel.
These are actions that humanize and reduce the distance that sometimes seems to exist between the final client and the large corporation.
This can be extrapolated to many other sectors such as education. Universities like Euncet Business School have also had to reinvent themselves by offering their services with the same rigor, but at a distance.