A pandemic of biblical proportions, Covid-19 has wreaked havoc on human society. The disease spread like wildfire across continents and brought countless death in its wake. The aggressive nature of the infection compelled governments around the world to enforce self-isolation and social distancing.
Though the best minds that humanity has to offer are working day in & out to contain the infection and look for a cure, the horrifying nature of the contagion has caused extensive damage to the world economy. The disease forced every nation to enforce strict lockdown. Businesses, large and small, have temporarily shutdown, people are confined to their homes and the economy has come to a grinding halt.
The impending economic crisis (H2)
The pandemic put a wrench in the global economic machine. Productions around the world have frozen up; on the other hand, panic-stricken consumers are causing essential commodity demands to rise to an all-time high. Experts predict a dire economic situation in the near future.
- The World Trade Organisation forecasts a drastic drop in global economic growth.
- According to the UN, food shortages occurring around the globe have the possibility to escalate into a severe food crisis a global stocks drop due to stalled productions.
As evident from all the information, Covid-19 had an unprecedented on business and human society as a whole.
Businesses of every conceivable domain are gearing up for these tough times. They are tapping into their resources, empowering their employees, taking bold decisions and brainstorming promotional ideas to maintain their relationship with their consumers.
Thus, innovative and sound of marketing management assignment help strategies are the need of the day.
4 ground-breaking marketing strategies for these critical times (H2)
The focus of every business in these trying times should be self-sustenance through altruistic and inventive marketing strategies.
Businesses, around the world, are thus adopting the following four marketing techniques to address the current critical conditions.
- Inbound and influencer marketing
The most appropriate marketing strategy during this crisis is a complete focus on inbound and influencer marketing.
- With people confined in their houses, influencer marketing possesses the biggest potential of drawing customers towards a product or a service. Promote the strengths and unique features of your business. This is the time to invest in online paid advertisements as their reach will help you reach your niche audience.
- Digital marketing techniques are the best methods of sales enablement & revenue generation right now. Highlight your strength & qualities and draw in new traffic. As humanity maintains social distancing, the convenience of e-marketing becomes all the more relevant.
- Social media advertising, e-commerce portals, SEO content and online brand promotions can address the paradigm shift in customer buying practices. Promote and influence customers using your business best practices & meet their expectations by following up your words
2. Promote quality essentials at economical prices
Critical times such as these put a heavy strain on one’s savings & nest egg. The demand for essential commodities, such as food & healthcare products, is at an all-time high.
- Strategic segmentation of the business’s deliverables should be put into action and marketing should focus primarily on the essential products such as food products, groceries, medicinal supplies etc
- The shift in buyer tendencies will result in a focus on the quality and value for money. This is all the more likely for businesses that deal with perishables and fast-moving consumer goods.
- Business heads need to make a tough call while determining the prices of their commodities; they should see to their sustenance without exploiting the crisis market.
3. Customer-centric strategies
All marketing ideas should revolve around customer satisfaction. According to BBC, the global market situation is quite alarming. The ripple effect of such a downturn is bound to be felt at every stratum of human society.
- Maintain an open line of communication with the audience. Cut down on the gimmicks and get straight to the point. Show how you intend to help them from the heart.
- Treat your customers in the best way possible. Remember that, it was a mutually beneficial relationship all along and now all the more so.
4. Attempt business pivoting and partnerships
Around the world, the biggest and the brightest business heads have joined the fight against the contagion. Mega-corporations have realigned their business strategies to address the situation at large.
- If feasible, businesses should begin pivoting by bringing about some fundamental changes in their operations. Naturally, their marketing strategies would have to undergo a similar change.
- Another effective strategy is to develop partnerships with competent businesses and if possible, with incumbent authorities. Business partners can complement and utilise each other’s qualities for the greater good.
- Develop innovative campaigning tactics to reach out to all those in need. However, with the short supply and rising demand for essential products, make sure that your marketing does not mislead your target audience.
We all need to go above and beyond our self during these critical times. We have to use the best of our abilities to fight this crisis and bring about positive change.
The four strategies above address the current market crisis in the best way possible. Implement them to evolve your business and pull through these tough times.