Marketeers would need to be agile in knowing beforehand the shift in consumer behaviours and adapting to these rapidly
By Ankur Pujari
At least for this generation it has never been more interesting times to be a marketeer. As covid-19 unfolded from mid-February in India, marketeers started getting busy in ramping up their year end sales, then came the whether to or not to scale down media spends or how to move events, meetings to virtual rooms, re-think innovative consumer engagement efforts or develop an agile marketing plan that could scale up or scale back at the click of a button.
The interesting yet challenging times for marketer are not over yet, the impact of COVID is bound to stay for a while and they will have to adjust to the new world order. This will imply relying more on data analytics led approach to marketing.
We were already witnessing a more analytics led transition in the pre-COVID scenario. But in the current scheme of things and going forward, the digitally fit campaigns will be expected to thrive under stringent budgets and the performance will be scrutinized under a strict microscopic lens. The post – COVID era is expected to be driven majorly by online sales and experiences and the marketeers would need to be agile in knowing beforehand the shift in consumer behaviors and adapting to these rapidly and rely more on AI driven models that will generate the targeted ROI for every buck spent on media.
Even in the pandemic crisis situation data driven marketing has showcased a stable if not better performance or output. Data driven marketing has been very common amongst the large marketeers in the past few years, but now it will become equally important for small and medium scale brands as well. The social distancing norms will adversely affect the offline business even post the lockdown and the most efficient way to reach out to the target audience and drive sales will be through streamlined and optimised data driven digital channels.
Brands will need further prudence in every rupee spent on different platforms and ability to have a clear view of which communication and platform is driving sales and which is driving brand equity. There will also be a shift in consumer behaviour and one of the most efficient ways to uncover the latent consumer truths would be to scrape through unstructured social data and e-commerce data, make sense of it using AI and ML to find where the brands can effectively convert their clicks to customers.
Investment in data driven digital marketing will be rising rapidly and receiving a green signal on promotions even at global scale to power prudent media spending. This will get more interesting as data will guide content strategy, personalisation, and long-term strategy for the brand.
Marketeers and agencies that are agile and practicing data driven solutions will enjoy exciting times ahead.
The author is co-founder and business lead, Hyper Connect Asia
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