With Coronavirus putting an temporary immediate change on our lifestyle’s; many people have had to adopt a different way of living.
As a result of this, many businesses have also had to change their day-to-day way of working. Events such as conferences, sporting events, summer events including festivals have been cancelled while global markets are confused about the long-term affect. Household names such as Google and Spotify have encouraged their employees to work from home.
Consumer behaviour is likely to change drastically during this period as more people will be forced to shop online for essentials. Online streaming services may also see a surge in subscriptions. As more people will be spending increasing time online, Online retailers will most-probably see an increase in sales. Brands that perhaps have opted for offline strategies, will now be altering their strategies for an online presence in a bid to keep business alive.
Marketers are responding to the sudden changes. Research has shown that marketers are changing their short term media strategies; with 9% of marketers making long-term strategies. Offline and traditional marketing methods such as billboards may see a dip in exposure , as consumers have been encouraged to stay indoors.
Digital display ads, social media, and online video are channels that most likely will increase in the short-term media plan.
Businesses that rely heavily on event marketing, may shift towards online advertisements or see the marketing budget decrease. As nobody knows when the pandemic is over, businesses are unsure of when or how to make next steps, but some are considering long term solutions. Services such as travel, in-store retail and events are trying to save costs, but online channels may see an increase in advertising spend.
Industries benefiting from Consumer Activity:
Healthcare and online doctors
Online streaming services
Online delivery services
Video conferencing software
Industries suffering from a lack of consumer activity:
Travel and hospitality
Cinemas, gyms & other social activities
Events and conferences
During this pandemic it’s important to keep in mind that although there is uncertainty around the future, this period will pass. Companies can capitalize on the opportunities which may arise due to the large increase in online activity, during hours marketers may not be used to. Business tone is also important during this time. Adapting to the new customer is important.
Identify your audience and how their lifestyle has changed and decide the best way you should be targeting them.
What is your target audience’s emotional context? What do they want to hear? How should you be communicating with them?
More digital solutions will have to be considered for all industries at this time. Based on the service you provide, decide how you can still provide the service without physical contact. Webinars, digital entertainment and virtual doctor visits are examples of solutions to come when physical contact is restricted.
It’s a different and uncertain time for leaders in a digital world, but opportunities are there to be seized.