April 29, 2020: As part of our new series, ‘Marketers Playbook for 2020 Post COVID-19″, Saurabh Garg, Co-founder and Chief Business Officer, NoBroker.com tells us how marketers will adopt technology to their advantage to sail through the year.
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While we are stranded in the middle of 2020 with a pandemic situation to deal with, it is astounding to see how marketers across the country are on-boarding processes and technologies they only imagined would only pick up pace in a far-fetched future. Every adversity is an opportunity to learn and invent. The current situation has toppled most of the 2020 forecasts we read towards the end of 2019. How marketing would evolve, how digital marketing would take shape, and how marketers would gain and retain customers does not fit into a previously written guidebook.
Now that we are where we are, let us take look at what’s hot on the marketing block and how marketers will adopt technology to their advantage to sail through the year.
- Product Innovation: The times have made minimal physical contact an imperative. In an industry as widely scattered as real estate, it means that actual property visits cannot be made. What most marketers are relying upon is online video walkthroughs. While, it is understandable that there are lesser buyers/tenants in the market right now, it also means that property prices are most attractive. In fact, if you look at it, online video walkthroughs are an efficient way to shortlist properties and save up on time, money and effort. Once the lockdown is over, buyers/tenants can quickly check from their curated pool of properties and fasten the process. As better discounts are available now, it is best to capitalise on those.
- Innovative Business Models: Aggregators from various fields have quickly invented ways to be relevant to the consumers and help them with the daily essentials. Look at the number of grocery tie-ups that have mushroomed in India in a span of weeks. Ola, Uber, Box8, Swiggy, and NoBroker have caught the bus by getting into essential needs business through various tie-ups. It is an indication of things to come. Technology and business innovations, like consolidated delivery to societies, are going to change the business models at a faster speed.
- Shift In Media Consumption: The lockdown has brought a shift in media consumption pattern amongst consumers. With the work from home scenario picking steam, people are spending more time at home, consuming more TV, more social media, more online content, etc. This behavioural change is here to stay even post lockdown because of prolonged social distancing. Marketers need to consider this while deciding the media mix. So innovative ways to communicate with them need to be thought of. Brands need to think of a more personalised messaging strategy. More TV and more OTT consumption means more engaging visual content, and that too customised as much as possible.
- Faster On-boarding: In a matter of weeks, most businesses were stressed to think of new ways to retain consumers. Timeliness is very critical. In fact, it is the most important aspect for any business that wants to stay afloat. Circumstances and customer focus can change super-fast without sufficient notice. Consider the current lockdown! A brand must know how to give customers a reason why they should not postpone the purchase decisions. If a new technology has to be on-boarded it has to be done fast; if a new messaging needs to be sent out to consumers, it has to be done fast’ if a change of strategy has to be devised, it has to be done fast.
In a nutshell, an economic slowdown post Covid-19 would negatively affect purchasing power and pattern. Marketers should allocate budgets accordingly and focus on building tactical campaigns.
We might be entering into a classic case of buyers’ market. Marketers should thus make informed decisions in devising value proposition.
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