How COVID-19 Has Shifted Marketing Strategies for 2020
An article by SmartBrief has gone into great detail about the effects of COVID-19 on consumer behavior and marketing strategies around the globe.
Businesses that have been facing unexpected difficulties as the pandemic surfaced have been quick to make a digital migration, where business has been doing much better than anticipated. The focus to staying in business has shifted to low or no-touch product and service delivery as well as flexible and attentive marketing, including making the effort to rely heavily on digital media as opposed to print media or in-person interactions for day-to-day brand exposure.
A survey by McKinsey & Co. has provided evidence supporting the prediction that “discretionary” spending is in a slow recovery; however there is shocking data showing 77 percent of Americans are trying new shopping behaviors. Development of brand loyalty has never been more important for companies and marketing departments looking to expand, recapture, and solidify their consumer base.
Even with the significant change in business growth, Deloitte has reported uneven levels of growth in digital commerce between varying goods and services:
- DIY and home-related goods were up 70% in Q1 2020
- Luxury and general apparel grew around 10% in Q1 2020 (lower than Q1 2019 performance)
- Toys and learning and active apparel experienced growth over 35% in digital orders in Q1 2020.
Overall the recommendation for businesses to effectively utilize their marketing strategy during COVID-19 is this:
Make the digital migration. Develop a marketing strategy through online means and optimize budget spends to ensure necessary adjustments are made to the newly changing consumer behaviors.
Deploy campaigns quickly (from home if necessary) and keep marketers engaged with apps and collaborative communication.
Use real-time data to better understand customer needs and actively engage with customer concerns.