Reinventing marketing strategies with changing consumer behaviour: Anuj Sidharth
We are at a vital inflection point from whereon our decisions will be influenced by the new economic scenario, changing business dynamics and the development of a post covid social order writes Anuj Sidharth, Deputy Director, Marketing & Communication, MediaTek India.
Human race is resilient and adaptive to the dynamics of change. It understands the importance of taking the next step, be it for survival, growth, or development. COVID-19 has triggered a tectonic shift in the economy and society at large and, as we continue to cope with this crisis, it’s also time to navigate the operational challenges and move towards aligning business strategies with the changing market and consumer dynamics.
Following the COVID-19 outbreak, countries across the globe have resorted to social distancing and remote working to contain the virus and, COVID-19 may be the trigger for the next wave of disruption.
Society in the Post COVID Era
The pandemic will have a long-term effect on the consumer’s psyche, therefore, business strategy and messaging need to evolve to outmanoeuvre uncertainty and adapt to this new normal, especially in the technology and business to business (B2B) domain.
Social distancing has ensured that people are adopting new habits while increasingly relying on technology, gadgets, and digital solutions, be it work, entertainment, communication, research, shopping, etc. There has been an increasing demand for smart home technology like Smart TVs, Smart connectivity, home networking solutions, Voice Assistant Devices (VADs), or smart speakers as people move towards streamlining their daily to do’s. This investment in innovative solutions is only set to rise.
In the post-COVID-19 future, there will be an increased focus on technology as a facilitator across domains and social sectors. At MediaTek, the focus is on leveraging for a 360-degree marketing strategy that involves a marketing mix for both mobile and non-mobile segments and being agile with the marketing budgets. Our focus is to develop technologies keeping humans in mind, solutions powered by MediaTek chips, like smartphones, smart home appliances, IoT and home networking, have ably supported the ecosystem during the crisis, by ensuring productivity and continuity.
According to a recent Influencer Marketing Hub research, one in four companies, globally, plan to increase their marketing activities, with 41% of the respondents keen on using the momentum generated during COVID-19 to maintain or increase their media presence. Consumers are looking at augmented and virtual reality options to assist and enhance their daily lives and requirements. The Nielsen report stated that 51% of the global respondents were willing to use A/VR technology to assess products, thus negating the need to physically visit a store before purchasing any item.
Marketing Strategies for The Digital Economy
Even as we look towards the future for insights on how to navigate a complex marketing environment, with falling conversions, marketing professionals will have to alter existing tactics and focus on mobile and digital platforms to ensure business continuity. Especially B2B Technology enterprises will have to focus on building awareness in this direction as big spending may not be a norm until things get back on the growth track. One of the foremost challenges that organisations will have to deal with is to reinvent themselves according to evolving customer expectations and changing buying decisions. At this point, the marketer will have to accordingly adapt the messaging and deliver compelling content leveraging both technology and digital new-age tools.
An ongoing study at Reach3 Insights stated that 76% of the surveyed customers have picked up new habits, behaviours and routines during COVID-19. Consumers are increasingly trying out new products during the lockdown and 36% of the respondents plan to continue using new brands going ahead.
This includes digital marketing tools, virtual meetups, strategic video content, native content, and social media to create the necessary push and pull. Marketing strategists need to alter their focus and adopt smarter ways to plan and synergise efforts to respond meaningfully. Even as organisations face financial constraints, it is imperative that available marketing budgets be invested in innovative ways to create brand recognition and recall as consumer spending patterns undergo a major shift.
Content is King
Relevant and compelling content is the cornerstone of the digital campaign and, impressively, some brands have already designed thoughtful campaigns that revolve around the pandemic and its impact. For instance, brands like Dove, Budweiser, and Burger King have crafted campaigns that propagate the courage of healthcare workers and put forth the idea of social distancing in an identifiable format, encouraging people to stay at home and prevent the disease from spreading further. In a similar vein, MediaTek is focused on enabling connectivity and productivity during COVID-19, following the adage of #StayConnectedWith Tech.
Analytics and data-driven insights will be a game-changer for marketing strategists post COVID as they will have to rebuild consumer-centric strategies with a holistic, end-to-end consumer journey approach supplemented by an optimal mix of social listening, integrated Content Management System (CMS) and Marketing Automation, to achieve an effective ROI.
Change is inevitable. We are at a vital inflection point from whereon our decisions will be influenced by the new economic scenario, changing business dynamics and the development of a post covid social order. We have to keep up with the pace.
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