Reshaping Lives in a Pandemic Environment
The pandemic has inevitably changed the way we live and accelerated the pace of change globally, writing a new future instead of returning to the pre-pandemic normalcy we used to live in. For instance, it is now a norm to work remotely and turn to digital channels for almost all our needs – from communication, to shopping, medical consultations, entertainment, and more. As a result, businesses have to pivot, discover key strategies that enable them to thrive in the New Normal and to some, pivoting to digital means can be a matter of survival. For marketers, with the evolving pandemic situation and changing consumer behaviours, the granular analysis of data becomes an imperative to retain consumers.
Marketing in the New Normal
Difficulty in Attracting New Customers
Amid the pandemic where economic activities slow down, consumers tend to be more prudent with spending and are exceptionally sceptical to try out new businesses. As such, it is critical for businesses to focus on the retention of existing consumers – investing in a robust marketing strategy to deliver impeccable customer experience that can turn into a brand moat to set yourself apart from competitors and maintain pre-pandemic revenue. A satisfied customer in your existing base can also become an effective word-of-mouth marketing tool for the business to attract new customers.
Intensifying Competition to Retain Consumers
As stores shut and consumers prefer to stay home during the pandemic, digital transformation accelerated overnight. Many businesses that focused solely on physical channels have created their digital presence in hopes of retaining customers. Businesses that started off being digitally native are also faced with a new challenge of creating an unique digital experience that is able to differentiate from the crowd. With a plethora of digital options to choose from, it becomes harder to attract consumers, and customer loyalty is now short-lived. Intense competition increases customers’ expectations and only businesses that can effectively analyse customer data, provide tailored solutions and thus deliver a seamless experience, stand a better chance at customer retention.
Navigating the New Normal with Data-driven Strategies
Creating the aforesaid experience requires businesses to position data at the core of their decision making process.
For instance, selecting relevant advertising messages that can effectively engage different consumer groups, recommending solutions or products that align with a customer’s preference, analysing spending trends to derive an optimal pricing strategy, capturing attention on different digital channels, and more – these are decisions that can only be made by leveraging data to analyse the behavioural shifts of consumers.
With data analytics fuelling the business, decision makers can then derive richer consumer insights and develop accurate, timely, and effective market intelligence, especially in the New Normal where the speed of change is faster than before.
Riding the Digitalisation Wave
The pandemic has reinforced the need for marketers to embrace digital strategies. New service platforms that support businesses in customer relationship management has been sprouting globally, driven by the rise in consumer demand for digital channels in the past two years.
For instance, 45% of consumers are spending more time on social media channels and other digital services such as online video streaming, food delivery applications, telemedicine, and more. As such, businesses are pushed to optimise their marketing strategies and attract and retain consumers – to have a bigger slice of the digital pie.
Crises like COVID-19 may strike us again in the future, and the ability for businesses to stay adaptable, agile, and ahead of competitors using these key strategies to make informed decisions will be indispensable to the organisation’s viability and sustainability in the long run. The current pandemic-stricken environment is an opportunity for businesses to rethink their marketing playbook and chart their paths ahead.
