The COVID pandemic has changed many marketing concepts and strategies of various brands and businesses. What worked before may not seem to work now. However, ascending in business is imperative and so is staying relevant.
These are some of the strategies that companies are adapting to stay relevant in these difficult times and also to expand their businesses, keeping in mind the current trends.
While it makes no sense that pre-pandemic marketing strategies are no longer effective, companies are adapting their marketing strategies and tactics to survive in the post-COVID era.
The use of digital media and the adaptation of influencer marketing are new choices to make. But more importantly, it is critical to keep the "why" of the business, which translates into the purpose of the business, as a priority.
The focus is now on the customer, to provide them with experiences and make their customer journey worthwhile.
Target contemporary and different audiences
Garnering more audience became essential for expansion and growth. More and more brands are becoming more aware of the benefits of introducing new age groups to their target customer base.
For example, OYO Rooms is now targeting families with its promotional content.
Expanding the product line helps in myriad ways.
In addition to simply increasing sales and thus increasing profits, the company's image is receiving a boost as an innovator, increasing its appeal to new markets. This helps existing customers see brands in a different way and increases brand visibility.
For example, the recent launch of Coca-Cola Zero Sugar.
With so much to offer, the customer cannot choose from all the available offers.
To meet their growing demands, companies are turning to an omnichannel approach to get their products into the hands of customers. Using technology and maintaining a good brand image will help brands generate sales.
Focus on environmental sustainability
With more and more customers choosing sustainable products in all walks of life, it has become imperative that brands act to be sustainable.
While this may seem like an expensive activity at first, the long-term benefits derived from it are too great to ignore. It has proven to be a win-win situation for businesses, customers and the environment.
Marico, Parle Agro and several FMCG companies are converting to 100% recyclable packaging by 2025.
One major idea and innovation that seems to be expanding at breakneck speed is the Metaverse. Many global brands like Samsung, Hyundai, and even Gucci and Adidas have a presence in the Metaverse.
NFTs are taking the world by storm. With so many companies and even individuals investing in NFTs, the metaverse and NFTS are being pushed to transform the way business is done.
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