COVID-19: A sunny side to marketing?
By Henrietta Igbekea
Since the emergence and spread of the coronavirus all over the world, there has been changes to life as we know it and experiences of much unpleasantness like social distancing, restricted travelling, decline in businesses, food shortage, border closure, and high mortality rate, to mention but a few.
The coronavirus also known as Covid-19has triggered changes not only on how businesses are carried out, but on how they grow and sustain their brands and consumer base, attract customers, promote their products and services. These changes have caused them to re-evaluate their approach to marketing campaigns to enable them to reach a wider audience while maintaining a steady stream of income.
At the mention of the coronavirus, thoughts stream towards the negative impact the pandemic has wrought, with little reference to the evident benefits especially in the marketing and promotion of businesses and their brands. What benefits you ask! Well, below are some of the positive sides to marketing in this era of the coronavirus.
Firstly, brands have been challenged to engage strategic marketing. The pandemic has caused businesses engage in innovative marketing campaigns to promote their brands, resulting in the creation of some of the most amazing campaigns. A good example is the “Play inside, play for the world” marketing campaign by the athletic brand, Nike. The campaign encouraged consumers to observe social distancing during workout while attracting them to purchase and wear their products. Brands now consider and show a sense of community and health consciousness alongside profit making during this period.
Secondly, there is a considerable change in consumer behaviour. The effect precipitated by Covid-19has caused people to redefine their priorities – moving purchasing power from the mundane to the essential. This has led to shifts in consumption between product categories and has given rise to new values and spending criteria. These shifts most likely will become the new norm. Family, self, and health are now areas where people are no longer reticent to spend.
Lastly, while most brands have been forced to cut down their advertising spend, businesses and brands in health, self, and family, have understandably increased their advertising budget as there has been a need to reach a wider audience with their product and service offering. Increase in advertising spend is therefore a big win for marketing. Unilever in 2020for instance, committed to investing about €7bn (£6bn) into marketing ahead of the coming year. This was to properly support its biggest brands and confer it a Top of Mind (TOMA)in the face of rising inflation and price hike.
In the final analysis, things are yet to return to normal, and I dare say they never will. Businesses and brands will have to find ways to adapt and function, as the future foretells market alteration, increased competition, and demand for creative and aggressive marketing practices.
In as much as Covid-19 has afforded businesses and brands these opportunities for marketing their products and services, worthy of note is that in the bid to thrive in these changing times, brands must keep their eye on sustainability and good business practices. Purposeful brands will likely go the long mile of customer preference even when COVID-19 may have been over.
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