Art Of Marketing In A Post-Corona World (Vol.II)

All that you needed to know about marketing your business in a post-Corona world, presented to you in a simple and logical manner. The dos and don'ts, the opportunities and pitfalls, the hype and reality - segregated to help you achieve clarity in your actions. Grab your seat belts, 3... 2... 1... Go!

In chess or in war, to come up with your best move in a given situation, it's important to first access the situation and determine your position - whether you're winning, losing or even. Only then will you be able to chart a course of action that'll be offensive or defensive in the context of the game. In order to fully comprehend the Covid19 situation, I'll divide the timeline from the start of 2020 into 4 periods: (1) the crisis (2) the epiphany (3) the false positive (4) the long winter

• The crisis (Present - June 2020): This refers to the current period that we're in, where many Governments across the world have urged/imposed restrictions and shutdowns of some form and varying scale. This crisis period is not to be mistaken as the duration for which the pandemic lasts and June 2020 is not to be mistaken as the end of pandemic, it merely refers to the month when most restrictions are likely to have been lifted - and that's what mattters from a business point of view. Once the restrictions are lifted, businesses will learn to function with or without the virus being around. Predicting the end of the pandemic is a job best left to astrologers and epidemiologists - and I'm neither. Unfortunately though, most brands have an eerily similar response during the crisis. Such responses from brands are not only frivolous with brand managers making a fool out of themselves, but also get lost in the noise of similar sounding advertisements. Check out this video below:

• The epiphany (July 2020): The biblical term epiphany in general usage refers to "a sudden, intuitive perception of or insight into the reality, usually initiated by some simple occurrence or experience." Covid19 has led to predictions of all sorts that can be generalized in one simple line - "Coronavirus will change X forever", with X being anything from schooling, education, work culture, media habits, tourism or anything that anybody pleases! Once the crisis phase is over, there'll be a 1 month window where all such predictions will be shattered, and a sudden realization will dawn upon people that very quietly, it's "business as usual". There'll be minor changes, but they'll be limited to the icing than the cake itself. This is a period that most businesses will realize that the 'core' is still going to be the same and the best laid strategies are the ones that are devised on a solid foundation and not a revolving core. This is a time when brands should stick to their 'core' and not get too carried away by the factors that are likely to change.
• The false positive (July - November 2020): From July until November of 2020, we'll see a revival of demand. The very simple reason being, once the crisis is over, parents will take their children out to amusement parks, husbands will take their wives out for dinner at the best of restaurants, automobile enthusiasts will give their cars a nice makeover before taking them out on the roads, gifting to loved ones will resume and so on. It's human psychology. Irrespective of how bad a situation one is in, he or she will take a moment out in his or her own small way to raise a toast for a milestone crossed. However, this phenomenon should not be mistaken by brands for a revival and plan their activation budgets accordingly. Good brands always have a 2-speed approach. This window is a good time to give up the top gear or cruise mode in favour of a more conservative and watchful approach without being carried away by a temporary spike in consumption.
• The long winter (Dec 2020 - unknown): By now, most experts across industries agree that we're headed into a long-drawn economic recession. Unlike the 2008 recession which was caused by financial markets and the sub-prime crisis in real estate lending, this recession is an exogenous recession - one caused by external factors - an act of God. It'll serve brands and businesses well to operate on low overheads and maximize efficiencies. However, brands should not lose sight of potential gains in market share that present themselves during this period. The recession will be a very good opportunity to gain market share through an opportunity to impact ESOV (excess share of voice) for the underdogs. I say this because in the present scenario, the market leader is very likely to underspend. So for the #2 brand or the underdogs, this is a great opportunity to recapture some market share from the leader by making small spends in advertising, which otherwise wouldn't have been possible in normal times. This is also an opportunity for well-funded start-ups to make a lasting impact in their categories.

#marketing #advertising #brandmanagement #coronavirus #covid19 #stayhomestaysafe

In my next post, I'll be talking about strategies and action plans for Real Estate brands in each of the 4 time windows presented above.