73% companies reduced their marketing budgets since the pandemic outbreak
The report titled ‘Branding and Marketing in the New Abnormal’ assesses how marketing priorities in the Asia Pacific region are shifting
Covid-19 has presented marketers with challenges such as reduced budgets, evolving marketing mix, changing priorities and measuring marketing ROI — so much so that 73% marketers claim to have reduced marketing budgets since the pandemic outbreak, a report by market research firm GfK revealed. Titled ‘Branding and Marketing in the New Abnormal’, the report assessed how marketing priorities in the Asia Pacific region are shifting and will continue to evolve due to the Covid-19 outbreak.
According to the report, 56% marketers said digital transformation is increasingly seen as an important KPI to achieve their goals while 53% agreed there is more focus on driving short term sales. Further, 37% said there is a shift towards maximizing ROI. In India, maximizing marketing ROI remains top of mind (71%) followed by driving sales (76%) and brand positioning (36%).
“In a post pandemic environment, it is vital for brands to quickly realign objectives, measure effectiveness and lead through digital transformation,” Karthik Venkatakrishnan, regional leader, Marketing and Consumer Intelligence, GfK, said.
The study also highlighted that four in five consumers said their decision to purchase a brand in future is largely dependent on how brands position themselves during this difficult period. Therefore, in order to reach the target audience effectively, 60% of marketers across nearly all industries in Asia-Pacific have allocated their budgets for social media marketing while 58% used their budgets for mobile advertising and paid search. “In a post-pandemic environment, digital is definitely the way forward for brands in the new abnormal,” the study said.
The report also pointed that nearly half surveyed are optimistic of recovery in the next 6 – 12 months. It also explained that brands and marketers need to have an agile mindset and employ a data-driven approach to evolve with fast-changing times.