In view of the recent global business disruption, nothing will be the same for a few more weeks to come. CMOs will need to acknowledge the massive changes in their market and lay new plans accordingly
Well laid plans of industry leaders are not relevant anymore. CMOs who have been laboring to deliver the best possible market strategies will need to rush back to the drawing board- for a complete rethink. The uncertainty of the next month is unsettling at best and devastating at the worst- for any strategy.
Most have realized that the 2020 game plan cannot be executed any more -at least not in the original form, or any recognizable form. A complete overhaul of all strategies will be needed, and a full revamp of the budget plans will need to accompany it.
First of all, physical events will need to go. Most of the global enterprise events have already been postponed, but now, there is no saying when they will happen again. The virus could go, and then reappear; there have been cases of re-infection as well. The year 2020 is expected to pass in rollbacks and lockdowns since the situation is not going away for the next few months. So postponement of any physical marketing activity may well turn to cancellation.
The marketing budgets will need to move online. But then the digital marketplace will soon be a teeming, overstuffed place. Even if there is space for all, the voices will sound the same after a point. What will take your product or marketing strategy on a different path?
The trump card will be about delivering value to customers. The brand that speaks most clearly, and offers value in a relevant context, will be heard above others. Clearly strategies will need to be made around more customized conversations. While COVID-19 is certainly a conversation starter, a certain amount of sensitivity and empathy will be the need of the hour.
Data will continue to talk the loudest, but its voice modulation will need to be smarter than ever before. Analytics will still help with deep insights, but direct statements will not be useful, given the hardships most economies are facing.
The coming weeks will be about the human factor, driven by data, conceptualized by technology processes and analytical insights, the marketing strategies for the short future will be about being human. CMOs will need to develop empathy, consideration and, sensitivity.
The cheese will be moved, and CMOs will need to create news in ways to find it- most of which will not be originating in technology – but in the milk of human kindness.