2020 is a year to forget for businesses that are largely reliant on physical visits and interactions such as Airlines, Malls, Restaurants, Hotels, Theatres, etc. However, there are brands from other industries such as Financial Services, OTT, Digital Services, Gaming, E-Com, Food Delivery etc. that just rode the Covid wave to their advantage.
With the announcement of vaccines and their availability on the horizon, all brands are gearing up for the post-Covid era. Just like how the internet transformed media consumption and how the arrival of social media transformed advertising planning, Covid had brought a drastic shift in consumer behavior.
As Deloitte points out, shoppers use a mix of digital touchpoints along the buying journey during the pandemic. In the discovery part, shoppers use search engines, social media feeds, and influencers to get product inspiration outside a brand’s properties. In the buying stage of the journey, shoppers use new types of purchase points such as mobile wallets. Interestingly 14% of shoppers are making purchases through social media.
Similarly, McKinsey’s studies reveal online has become the default purchase channel and it is going to continue going forward.
Source: McKinsey and Company COVID-19 Consumer Pulse Surveys, conducted globally September 18-30, 2020
Search insights on Google Trends reveal that consumer behaviors have become increasingly digital. Since the beginning of the pandemic, search interest in “online shopping” and “how to buy online” has grown 2X worldwide. These are completely new audiences in the digital world.
Vishnu, Head-Digital Marketing at Xerago explained, “This presents a great opportunity. All demographics can be digitally targeted. Your marketing budgets can be skewed greatly towards digital media. Because you don’t need celebrity stars to endorse your brand these days, you may have an 18-year old micro or macro influencer as your Brand Ambassador on Instagram.”
In addition to Marketing Transformation, he also explained, “To weather changes like these, marketers of tomorrow have to connect digitally with audiences better than before by spanning silos. This is essential, as the same consumer who gets your push notification also sees your email, also sees your Facebook Story, also sees your Display Ads, also sees your Instagram posts.”
So, to digitally connect with customers, marketers need to develop the ability to have unified, contextual, intelligent and real-time interactions with their audience across channels that are data driven, hyper-personalized and proactive with a closed loop.
Doing one or some of Website, Direct Campaigns, Predictive Models, CRM, Social Media, Programmatic Ads, Performance Marketing, Retargeting, Big Data, Personalization, Mobile Apps, Content Management, Search Marketing, Artificial Intelligence and Experience Testing is not sufficient. Marketers need to span all these and stay connected with their audience.
And this requires Marketing Transformation.
For a long time, Marketing Transformation has largely been associated with brands like McKinsey, Accenture etc. and can be afforded by only those brands with multi-million dollar marketing budgets.
Things have changed now. The world has become flatter than ever, geographical boundaries are almost becoming non-existent, work from home has become new normal and agencies have mastered digital and remote management of tasks in a seamless manner.
If brands have large budgets, they should speak to companies like Accenture or McKinsey. And if they don’t, they should speak to companies like Xerago that promise marketing transformation for brands using their Algorithmic Marketing Platform, Acquigo. “We are sure, there are many other marketing solutions partners who can help marketing organizations get through this brave new post-Covid world. Your audience has changed. How future-proof is your marketing? said Xerago spokesperson.
Xerago is an Integrated Marketing Services Provider that helps brands with their Marketing Transformation, by setting up and running Marketing Centres of Excellence. Xerago’s mission is to help brands move from Fragmented thinking and processes to Integrated Marketing, so all marketing efforts yield maximum outcomes. Having offices in the San Francisco Bay Area, Singapore, Hong Kong, Dubai and Mumbai, Xerago has been providing integrated marketing services to some of the largest brands in the world across all verticals. Know more about them here.