The CMO Survey reported that 72.2% of companies saw the role of marketing increase in importance in 2021 over the last year.
With the pandemic’s arrival, not only our lifestyle changed with spending more time online than ever, but also affected our professions so much. Technology changed every part of our lives in a striking space and with Covid-19 the pace has fastened like never before.
With the online ecosystem getting bigger day by day, how much has Pandemic changed Marketing?
1. Permanent Behavior Change & Consumption Patterns: 🛒
Covid-19 caused a great shift in the consumption pattern of information, goods, and services. People’s interaction with technology has become a regular thing and has turned into a habit in their lives now, irrespective of pandemic or no pandemic.
Marketers are recognizing the need to make adjustments, surviving by retaining existing customers and building a brand that is humane, empathetic, transparent that connects with customers.
2. Changed The Way Brands & Marketing Agencies Work: 🪛
Tell me one brand which has Not considered digital transformation & making its online presence stronger?
Brands and marketing agencies will have to continue to innovate and develop. Brands will now not spend money on infrastructure & expensive offices, but will spend more on automation, tech innovations to level up the consumer experience and make their virtual connection with consumers stronger.
They realized work can be done without maintaining full-time employees, and can also utilize the freelance economy to provide exceptional work for clients. Technology has made this a seamless process, allowing them to get highly specialist work done.
Also, shifting their budgets to promote at-home and delivery-based options.
3. Tactics That Drive Online Sales: 📣
Brands directed their investments towards online sales, while also keeping the brand-building campaigns going. And, understanding if it is a longer-term sales trend or just a short-term sales spike. Ecommerce brands not fearing retail opening. Instead, they are thinking of ways to provide even more value to your customers.
Advertisers are also preparing new plans in such a way to redeploy if any advertising event gets canceled or postponed, thus, they are controlling spending on events.
4. Data & Automation:💻
Data that is shaping consumer behavior, spending trends, and as well as crisis-specific information. Investing in advanced analytics to support decision-making. Integration of marketing channels onto a centralized platform is helping marketers to operate multiple channels with the automated task.
If we dive deep into this, Specifically, 42.8% of marketers reported investing in automation technology to improve customer communications in February 2021, up 25% since June of last year, and 42.5% of marketers now report investments in data integration, up a whopping 71% since June 2020. The Marketing Automation Software Market to reach a value of USD 10,418.6 million by 2025, register a 12.7% CAGR.
It’s crucial for brands to pay attention to how this situation is changing the Marketing space and plan scenarios accordingly, rather than wait and hope that no changes are necessary. Marketers currently see sunnier skies ahead. As more of the economy is opening up, we will know how much the strategies and changes proved to be successful.
And, stay tuned for more! ✨
