The Covid-19 has been a game-changer for marketing during confinement. With digitisation, brands have been pushed to innovate to keep up with changing customer behaviors. Customers’ shift to online media consumption has led to social media, content marketing, and videos as top key marketing channels.
According to a new study, State of Digital Marketing (Mauritius) 2020-21, done by Inbound Mauritius, brands are expected to gear up strategies to adapt and reimagine themselves. They need to understand new customer behaviors and create new value streams in the digital world while moving ahead in the new normal.
Digitisation is paving the way
These are indeed challenging times for brands. They are facing an urgency of transformation to survive amidst the economic recession. Will they be proactive enough to rethink their future? Brands’ efforts will have to focus on acquisition and retention while stimulating their digital transformation.
Indeed, they have no choice but to acknowledge that the game has changed as customers embrace new technologies and new consumption patterns at a fast pace. E-commerce is surging, and digitisation of entire industries is paving the way.
Among the 125+ local marketers surveyed, 41.4% acknowledged that their organizations had decreased their marketing budget as marketers witnessed severe impacts on sales (72%) and revenue (69%). According to the survey, 44.5% of marketers mentioned that their brands innovated with new products and services, backed by a change in customer behavior during the confinement.
According to the study’s insights, only 6% of surveyed industries, mostly related to technology and other online businesses, experienced growth during the crisis while the Covid-19 significantly impacted industries such as Marketing and Communication, Tourism and Hospitality, and Banking.
Digitisation enabled brands to navigate the outbreak’s uncertainties to reach customers and enhanced collaborative operations with employees working remotely. Marketers in the hospitality sector expect impacts of Covid-19 to last at most 12 months (41.7%), while those in the banking and financial services sector believe the effects will last up to 3 months (22.2%).
Customers shift to online media consumption
Businesses are reviewing their current marketing spending and operations. They are reinventing traditional marketing and embracing new ways of understanding and servicing customers. Companies are ultimately finding new ways to adapt to changing customer behaviors.
Businesses are pivoting to the New Normal with new parameters, new business, operation’s needs, and customers’ requirements. A whole new world is setting out there, and this requires a reassessment of products and services. COVID-19 has accelerated digitization with an increase in online media consumption.
Indeed, online media matches the need in the cost-containment approach and measures taken by organizations for marketing. 41.4% of surveyed marketers mentioned that their respective organizations decreased the marketing budget, and 30.5% decided to halt campaigns during the crisis. And online media can surely meet marketers’ requirements to reach audiences with a new mindset as e-commerce websites mushroom to cater to increasing demands.
Top marketing channels: Social media, content marketing, and videos
Customers dictate marketing strategies while shifting to “essential” and health products urge marketers to review their marketing approach. The marketing efforts will be focused on finding the right balance between lead generation and finding ways to retain existing customers.
Given the digital migration, top key marketing channels that would help organizations grow are social media, content marketing, videos, search engine, and email marketing. On this digital transformation journey, the customer experience’s importance increases with the need to retain existing clients.
Social media marketing was among the cheapest channels used during the crisis to enhance brand awareness and generate sales, says the report. Content marketing (69%) and Videos (64%) are also among the top content-intensive channels that will help brands thrive in the New Normal. These are effective ways to communicate, according to marketers interviewed.