08/02/2021
YouTube Link - https://youtu.be/FL0S-UYpntM
▻Listen to Karthik YV speaking on bringing [digital transformation] & how businesses can leverage [Digital Marketing]
Holding an MPhil in Marketing and Branding, YV started his career in one of the largest retailers in the world. Skilled at developing long-term operational strategies, has collaborated with executive level management in the development of long term operational goals. Proven ability to plan and manage operational processes by streamlining new structures and devising strategies, vision and successful in creating an ascendancy in the market. TED accredited his accomplishments and invited him to motivate and transform the audience on the TEDx grandstand
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▻How has marketing been reconceptualized as a result of the pandemic?
During the pandemic, a wide range of businesses have worked to increase their online presence. Both brick and mortar locations and online shops have done everything imaginable to generate more business and the online space is where businesses are turning to open new sources of revenue.
Music festivals, for example, have been hosting online live events. With so many more people staying in, there has been a massive increase in internet usage and thus, in audience size for online businesses.
Meghan Keaney Anderson, VP of Marketing at HubSpot, evokes striking imagery to demonstrate this process and the subsequent digitalization of marketing, “If there is one image that illustrates the fact that the marketing world is moving from offline to online during the pandemic, it’s that of empty billboards. From Tokyo to Toronto, outdoor advertising canvases that were once in high demand have been left blank as marketers pour all of their resources into online channels. And in most industries, it’s likely to remain that way.”
Why is it important to maintain this new model of marketing in post-pandemic life?
Post pandemic, businesses will be able to capitalize on digital marketing campaigns that focus on strengthening relations with consumers and building customer loyalty rather than short term profit, to generate long term profit. This will involve maintaining that digital marketing platform at a higher level of activity than before the pandemic since it is this platform that customers will have developed a long-term relationship with.
Through market research taking place in the middle of the pandemic, HubSpot has found that consumers cite “customer care” as the most important factor affecting their opinion of a company.
However, “after the pandemic” can be a misleading phrase: it suggests that there will be a time soon when we can definitively put coronavirus and lockdown measures behind us. This is unlikely to be the case for a considerable time. Digital marketing is, therefore, particularly a crucial mediating tool for businesses moving between being online versus offline, as for many this status will remain in flux.
Digital marketing systems, still able to advertise as well as update clients on this changing status, will be the only constant. For instance, an online version of a business’ event (such as the music festival example referenced above) can be produced and kept in reserve in case of increased coronavirus restrictions leading to the physical event being canceled.
In addition to this online event providing an alternative opportunity for profit, it means that all the advertising promoting the physical event is not wasted – it can simply be redirected to the online event. Similarly, for large-scale events now taking place online, businesses selling individual products are capitalizing on the advantages of inside selling. It allows workers to connect with customers at any time, and likewise from any place.
Personalized follow-up emails allow them to increase their productivity while still maintaining the personal connection which is traditionally an attribute of outside selling. This demonstrates how digital marketing enables adaptation to a fast-changing market, and therefore, will only become more valuable as time goes on.
Further to this, eCommerce statistics demonstrate that 85% of customers now research a product online prior to deciding whether to purchase an item. This would suggest it is more profitable for companies to spend their time or funds providing information catered to the needs of the individual client rather than providing demonstrations or samples in person.
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