Coronavirus pandemic has started the global economy to a horrible extent, with a long recession looming across industries. Businesses are shut down, and no industry has remained unimpacted by the lockdown imposed in the world’s biggest and smallest nations. What makes things worse is that there is no clarity when the pandemic would go away, and things begin to normalize. Even though the restrictions have loosened a bit at places and life seems to come back on track, it will take a long time for the businesses to revive.
There is a global crunch of cash as people lose jobs, and best businesses suffer losses; these are the times no one was prepared for, impacting even on the largest of companies.
In the present times, the companies’ marketing strategies need to be completely revamped with an approach of more empathy and cost-effectiveness. Businessmen across industries need to re-evaluate their policies and craft a new plan of action which present marketing in the post COVID times.
Research your customer base
Instead of lessening your budget and marketing costs, you must find out newer ways to spend it. The newer ways should be more receptive and customer-centric to help your customers perceive your product as a value for their money. Since the customer base is likely facing a cash crunch in the present times, each product’s quality and utility should be of top-class so that you can compel them to buy. The spending is more on health and fitness and lesser on luxury and showoff. The marketing campaigns should tap in the essence of present times, focusing on health, fitness, and essentials.
Easy and contactless delivery
Another thing that is of utmost importance right now is the availability of services and products on the online platform and a seemingly contactless delivery. Marketing efforts should focus on the sentiments of the public towards safety, sanitisation, and health awareness.
Pricing is Key
People are not in a situation to spend a lot of money on items that are either expensive or not necessary. The services and products that are more centred towards luxury and entertainment have taken a backseat. To ensure that people are still keen to buy your products and services, you must provide them with value for money, and the pricing is just right. Indeed, businesses cannot go too low on the pricing to engage customers as it would bring losses. However, using the right pricing tactics and providing easy payment options, discounts, and unique offers can motivate users to pay out for your offerings.
Using the right marketing tactics and understanding the user spending sentiment in the present times’ businesses can revive themselves. Focusing on utility and offering value for every penny spent, making sure that the customers are getting what they want on time, some of the most crucial marketing strategies in the COVID struck the economy. Your business can thrive again with just the right marketing.